If job growth & housing numbers are related, today’s news is not a great sign for the real estate market in Big Bear.
Employment figures released this morning show that the economy has now shed 3.6 million jobs since December 2007, included close to half that in the last 3 months alone. The Unemployment Rate is now 7.6%.
But jobs aren’t fading in every housing market equally.
As reported by Ajilon Professional Staffing, there are still areas around the country in which unemployment rates are low and job outlooks are strong.
Led by Madison, WI, Ajilon calls them “10 Cities For Job Growth in 2009” and they are:
- Madison, WI
- Washington, D.C.
- Boston, MA
- Richmond, VA
- Milwaukee, WI
- Pittsburgh, PA
- Baltimore, MD
- Seattle, WA
- Houston, TX
- Dallas, TX
Where do the buyers for properties in Big Bear come from? Predominantly the cities of San Diego, Orange County, Los Angeles, and Las Vegas, which are not to be found on this list.
There’s no common denominator uniting the list — cities are buffered by industries as varied as healthcare, energy, and technology. However, it’s worth noting that — in each of these 10 towns — housing markets seem to be performing above-average versus the rest of the nation.
Clearly, there’s a link between jobs and housing.
(Image courtesy: Forbes.com)