Housing comeback prompting economic growth

Housing market driving economy - Boomfish Wealth GroupMore often than not, the media portrays doom and gloom with regard to the economy and the fate of Americans. However, I don’t believe this to be the case. With every entrepreneur and forward thinker that I meet, I am increasingly convinced that the economy is not as bad as the media depicts and that it is still possible for every person to create the reality that they want.

A recent article in CNN gave some rare good news showing the economy on the upswing. According to the article, the housing market, which caused the recession, may now be what gets us out of it. 

A survey of economists by CNNMoney found that more than half pointed to the housing recovery as the “primary driver of economic growth this year.” The sale of homes increased to high levels last year. In addition, a decrease in foreclosures, low mortgage rates, and climbing home prices have brought back buyers.

The economists also predicted that almost one million homes will be built this year. Moody’s Analytics is even more optimistic, estimating a 50% rise and one million associated jobs created—including jobs in industries including construction and manufacturing. The renewed demand for housing in combination with the dwindling supply should also drive up the values of homes approximately 3.7%, which is good news for homeowners.

A “modest rise” in the economy was predicted for this year, at 2.4%. This is a good sign overall—but whatever the state of the economy, there is always room to seize opportunities and take action to reach your goals.

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