Looking for a little good news about the housing industry? We found a bright spot, courtesy of The National Association of Home Builders. Actually, a dozen bright spots.
Recently, the NAHB took the temperature of local housing and job markets across the country and found 12 that are feeling a little better:
- Alexandria, La.
- Anchorage, Ark.
- Bangor, Maine
- Bismarck, N.D.
- Casper, Wyo.
- Fairbanks, Alaska
- Fayetteville, N.C.
- Houma, La.
- Midland, Texas
- New Orleans, La.
- Pittsburgh, Pa.
- Waco, Texas
NAHB put the dozen metro areas on its new Improving Market Index, which seeks communities where employment, housing, and housing permits have been rising for at least six months. The IMI is set to become a regular statistical offering from the NAHB.
Having 12 recovering markets is a big deal because a year ago, not a single metropolitan area was showing consistent growth in all three categories, says NAHB economist David Crowe.
If you’re in the oil, gas, or mining industry, you might be quick to notice many of the towns have local economies that are heavily influenced by energy production.
With salaries rising in oil, gas, and mining due to a shortage of workers, and employment growing by as much as 7.1% in some of these areas, the outlook for stable or rising home prices is good for these 12 towns. Here’s hoping that your metropolitan area makes the list in coming months.
How are employment, housing prices, and housing permits doing in your town? What do you think of your community’s chances of making the Improving Market Index?