Cities Across Country Show Sustained Economic Growth

Some good news for the housing industry: several cities in the United States have shown steady improvement over the last six months in housing permits, employment and housing prices.

Washington, D.C.—Some good news for the housing industry: several cities in the United States have shown steady improvement over the last six months in housing permits, employment and housing prices, according to the First American Improving Markets Index (“IMI”). The National Association of Home Builders (“NAHB”) created this index.

Areas that have shown improvement include:

  • Alexandria, La.
  • Anchorage, Ala.
  • Bangor, Maine
  • Bismarck, N.D.
  • Casper, Wyo.
  • Fairbanks, Ala.
  • Fayetteville, N.C.
  • Houma, La.
  • Midland, Texas
  • New Orleans, La.
  • Pittsburgh, Pa.
  • Waco, Texas

The specific number reported in the IMI refers to single-family units; however, David Crowe, NAHB chief economist, tells MHN, “The reason we didn’t use multifamily is because the statistical accuracy in the metropolitan areas is worrisome, but the housing indicators are generic.”

The IMI tracks housing markets throughout the country that are showing signs of improving economic health.

“By examining key indicators of home prices, employment and housing permits data, we are using a comprehensive, but conservative method in determining which markets are improving,”  David Crowe says in a statement. “Last year at this time, there was not a single market that showed improvement using these criteria, and now we can point to 12 examples of growth.”