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A Housing Dimension to Forbes’ Recent Projection
Madison Inselmann / Metrostudy / August 20, 2013
Forbes magazine recently released an infographic showing the top markets for expected job growth in the coming years. As has been the case for about eighteen months now, Texas continues to lead the way. The fact that Texas owns 7 of the top 10 spots is no surprise considering the energy boom that took off during the recession as well as the housing recovery that began about a year ahead of the nation’s residential return. This expected growth is encouraging for the local markets involved. Interest rates have shaken some of the consumer confidence that took so long to manufacture, even within markets that weathered the recession better than others. Below is a look at the Top 10 and Bottom Top markets in terms of expected job growth.
It should be no surprise that the markets with positive economic outlooks are also experiencing healthy new home markets today. Six of the markets listed in the top 10, Metrostudy has an active new home survey presence (Santa Cruz, CA is just south of our Northern California coverage) and shows that each of those markets listed are in the Top 15 in terms of new home starts (note: Ocala is part of the overall Central Florida Market). In examining the Top 20 List below, there are two encouraging finds: (1) 8 markets experienced 10,000+ new home starts, and (2) the list is quite geographically diverse in terms of strengthening markets.
Job growth will always be the most immediate indicator on new home demand. For those markets Forbes has rated favorably, it appears you have something to look forward to. For those markets outside the top ten, the economy is still working to find its identity and its footing, on a national-level. The new home growth experienced in the last year brought us off of the bottom but in no means indicates the new potential. It’ll be exciting to see what this top 20 list looks like a year from now.