How do we know when our market has reached the tipping point and becomes a self sustaining driver of the local economy? Here are a few key indicators:
A reduced supply of distressed property and a lack of supply of existing inventory have led homebuilders to ramp up production. This leads to new jobs being created throughout all of the trades and home related categories, as shown in this money quote:
“So far in the metro area we have increased the number of housing we have built by approximately 800 units,” Whiton said. “That is over 2,500 new jobs. Those are just construction jobs. Overall, it is probably has created 2,800 to 3,000 new jobs,” when spin-offs are included.”
This means more money in people’s pockets and more money put back into the local economy, and the cycle of growth begins….
My feeling is that we have reached escape velocity.