The economic recovery is not just confined to one region of the United States, according to a recent real estate market news article.
Evidently, a recent report from the U.S. Conference of Mayors noted that almost every city in the country is expected to see economic growth in the New Year!
This is great news for everyone because it shows that our economy continues to strengthen after the recent recession.
Why You Can Expect Great Things in 2014
According to the recent report from the U.S. Conference of Mayors, most cities in the US are expected to see economic growth and job gains in 2014.
Here are the cities that are expected to lead the pack:
- Naples, Florida
- Raleigh, North Carolina
- Atlanta, Georgia
- Austin, Texas
What’s more, those cities who were severely affected by drops in manufacturing or by the housing market crash are also expected to see gains in the new year:
- Youngstown, Ohio is expected to see economic growth of 1.6 percent
- Buffalo, New York is expected to see economic gains of 1.5 percent
- Shreveport, Louisiana is expected to grow by 1.6 percent, after the community saw a 5.2 percent decrease last year.
Experts say that part of the key to economic growth has been the stabilization of housing. Job growth has also helped to encourage spending.
They noted that college towns (such as Lawrence, Kansas or Austin, Texas) are expected to make strong gains while the larger cities (like New York and Chicago) are expected to see more modest growth.
Here are some more highlights of the recent report:
- 340 of 363 metro areas will see economic growth by at least 1 percent.
- Last year, only 183 metro areas saw such growth.
- In addition, experts predict that 69 of those 363 metro areas will see growth exceeding 3 percent.
- And only seven of the 363 metro areas will probably not see economic growth, according to the report.
- While that’s unfortunate, it’s still exceptionally better than last year when 97 metro areas didn’t see growth.
A New Year, A New Economy
With a New Year comes new opportunity. We’re thrilled to know that the local economy in almost all major US cities is expected to grow in the coming year.
Check back here soon to learn about more about national trends that may affect your efforts as a home buyer or seller.