US Metro Housing Markets – October 2009 – Cities 201-300
This chart features U.S. Housing Permits per 1,000 population based on the latest 12 months and residential permits for cities ranked 201-300.
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This chart features U.S. Housing Permits per 1,000 population based on the latest 12 months and residential permits for cities ranked 201-300.
This chart features U.S. Housing Permits per 1,000 population based on the latest 12 months and residential permits for cities ranked 101-200.
This chart features U.S. Housing Permits per 1,000 population based on the latest 12 months and residential permits for cities ranked 1-100.
Although Houston’s unemployment rate (8.5%) is below the national average (10.2%) and it lost fewer jobs (-3.0% year over year versus -4.2%), the Magnolia City has been hit hard by recession.
Based on the fact that employment in Milwaukee contracted by 6.1% in September, faster than all but three of the 50 largest metro areas in the U.S., it is clear that the Brew City is still firmly in the grips of recession.
Construction materials production inched up 0.6% during the summer on the strength of a 0.9% rise in sales and a 1.8% improvement in orders. Inventories held by manufacturers fell a substantial 4.2% but still remain excessive and will be a restraint on production growth into the winter, says Reed Construction Data chief economist Jim Haughey.
There is not yet a consensus on three key components of the economic environment for construction in 2009. One is the impact of the new President and the new Congress. A second is the cost of crude oil and natural gas that are the raw commodity source of many construction materials as well as key determinants of income and confidence, says Reed Construction Data chief economist Jim Haughey.
New home construction has been approximately steady since the large jump in June spurred by federal pump priming with the $8,000 first time buyer tax credit and a variety of programs to delay foreclosures and reduce monthly mortgage payments for existing homeowners. Resumed recovery is expected around yearend with an extension and expansion of the homebuyer tax credit, says Reed Construction Data chief economist Jim Haughey.
Only the Dakotas and Vermont have an expanding economy in the three months ending in September. These small states were impacted very lightly by the housing, mortgage and manufacturing recessions. They are not leading the country out of recession. They simply avoided most of the recession.
This chart shows the ranking of states by recent economic performance, including data on the last three months (annualized – September) and changes in economic activity for the latest three months (annualized) versus the previous year.