Jobs are everything to the economy. Period. Job growth, however, is not uniform across the country. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market. Nor is job growth the same nationwide. But where job growth is strong, so is the demand for real estate. …Read more
While the U.S. added just 157,000 net new jobs in July 2018 (preliminary), year-to-date the country created 1.503 million new jobs compared to 1.291 million a year ago for the same period – a gain of 16.4 percent. The total gain in the prior 12-months of 2.40 million represented a 1.64 percent annual job growth …Read more
Jobs are everything to the economy. Period. Job growth, however, is not uniform across the country. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market. Nor is job growth the same nationwide. But where job growth is strong, so is the demand for real estate. …Read more
Jobs are everything to an economy. Period. Job growth, however, is not systemic across the country by state. Variability in state job growth is akin to the movie The Good, The Bad and the Ugly. Some states are excelling, others just average, and a few ugly. As usual, I invoke the TINSTAANREM axiom — There …Read more
Jobs are everything. Period. Ongoing good news is that job growth continues to look up. The U.S. added 213,000 net new jobs (preliminary) in June 2018. The unemployment rate edged up from 3.8 percent in May to 4.0 percent as 204,000 added reentrants came back to the job market. Reentrants are people that previously worked …Read more
Jobs are everything to an economy. Period. My favorite economic axiom! The ultimate demand for real estate is driven by people with money in their pockets – hence the focus on jobs. The demand for almost all real estate is local in nature (forgoing natural resources and geographic factors). Where robust job growth is found, …Read more
Back in the 1960s and 1970s there was magic in the word MILLION. Median home prices were less than $30,000. When I graduated with a Master’s degree in 1978 there were just 450,000 Millionaires in the country. There are almost 11 million today. Things change. So does the impact of some words. Many people now …Read more
My number one Axiom is: Jobs are everything to the economy – period. This includes the demand for real estate. Axioms are statements that are so evident they are accepted as the truth. Where job growth is the greatest directly correlates to strong demand for real estate. The first table shows the Top-10 job gainers …Read more
Millennials have made up the top-homebuyer demographic since 2016 and are likely to the primary demand segment for housing for decades to come. With a current force of 71 million in the population cohort, where Millennials end up moving and working may change the destiny of cities and states across the U.S. – both those …Read more
Affordability is the new battle cry across the U.S. as home prices continue to escalate at a rate much greater than the corresponding growth in incomes. This particular affordability issue is being driven by demand simply outstripping supply. From a construction perspective, the U.S. continues to under-build housing. In the 12-months ending April 2018, a …Read more