According to Reuters, and every credible source for that matter of late, the Real Estate market is in a healthy position as it is heading in the right direction. So much of our blog posts are concerned with the state of the construction industry as well as the strength of home prices and the frequency of their sales. Higher sales, prices, and building, albeit modest so far, are a welcome boost as other drivers of the economy falter, Reuters shared in a statement. Of course on a Nationwide scale these improvements have only been gradual, however the fact that the bottom of the market has already been hit is a wonderful realization for the Country. We can only go up from here, and up we have gone.
Although real estate is proving to be quite the formidable force aiding in the overall recovery of the economy, it still is not much of a contributor to GDP. The third quarter of this year only accounted for 2.5% of the GDP, much less than when the real estate industry was booming in 2005 where it instead contributed 6%. Still, these are nonethelessminusculefigures in the grand scheme of things although experts are anticipating an additional two to three tenths of a percentage point boost in 2013.
Some overwhelmingly exciting news is the job situation in the housing industry. Those jobs related with this field of work in 2011 averaged a job loss decline of 1,000 every month. Thus far in 2012 a complete transformation has occurred as every month 11,000 job positions are added to the workforce. Thinking it cant get any better? 2013 is already projected to continue this trend at an even more staggering level by providing an additional 30,000 housing industry jobs every single month. In order for the unemployment rate to be steady, the United States economy will roughly require 150,000 total jobs to be created each month. The notion that next year around 30,000 will come from just this one sector of society is something truly exceptional and leaves us all with the inkling that even the unemployment rate can be drastically reduced as well. The future indeed is looking brighter for the Nations economy, and not many industries are shining quite as well as the Real Estate industry.
More Information: National Association of Realtors