Housing Starts up in Charlotte- and Other Good Economic News!
Housing Good News in Charlotte, More Jobs, and Charlotte Skyline is Changing again…
Housing permits jumped 9 % in Charlotte in June, compared to 6% nationally, according to the department of commerce. Banks reported much higher profits than expected, and the Dow climbed 500 points on stronger than expected earnings. All in all, it was the first week since September that the economy was just about all good news.
Earlier in the week, the Charlotte Chamber announced that 7500 jobs were created in Mecklenburg County so far in 2009, ahead of 2008 levels. Like the Charlotte economy, they were diversified additions, finance jobs led the way with 300 from GMAC, more than 300 from furniture manufacturer Ethan Allan, and more recently the announcement from Apple computer.
There was also the significant announcement from Wells Fargo: There will be no more significant job reductions in 2009- and that’s good new as many bank observers thought their might be thousands of layoffs this year as the banks merged operations. Total job losses to Charlotte may be under 500.
Job creation is a key to housing demand. It’s long been recognized that housing demand is based on jobs, for every two new jobs created, there is increased demand to buy one home. It makes sense.
Has the market turned? We won’t know for several months, perhaps a year, but it was a great week buoyed by a better than expected quarter. Since the fight today is over consumer confidence, it has to help, and lets hope it is the beginning of the recovery all have hoped for in the 2nd half of this year.
Charlotte’s skyline is changing again. Progress is being made on Charlotte’s new south corridor- at the edge of Uptown, the former Wachovia cultural center, now the new Duke Energy headquarters, takes shape.
My summer writing break is over.
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