Raleigh NC Market Update

The real estate market, and the broader US economy, is on its way to recovery. But it is not there yet. Construction is still showing signs of softness throughout North Carolina and has been shedding jobs for the better part of the year. However, signs of an upturn in 2010 are becoming clearer. In this context, it is interesting to look at what the housing market might look like in Raleigh in 2010 based on the most recent data.

Construction is still on the wane… for now. The indicator measuring construction projects recorded in August 09 in the Raleigh area was less than a percent lower than that of 2008. Business-related building was understandably more affected than residential building, as companies continue to control their expenses.

The sector also continued to lose jobs and has yet to show definite signs of rebound. However, it looks like industry professionals are pretty optimistic about a turnaround in the coming months, predicting that 2010 should be more prosperous.

Forbes places Raleigh at top spot for business Earlier this year the renowned publication published a study that crowns Raleigh, NC as the best place to work in the country. The triangle in general and Greater Raleigh in particular are often hailed as one of the best places to conduct business and work in.

 The city seems to be ahead of the rest of the nation when it comes to most crucial criteria people look at when they are about to relocate (those include cost of life, security, schools and colleges, job availability and culture/entertainment for example).

 That is definitely good news in the context of a recession, as the region will be more likely to attract and retain workers and thus fuel its housing market activity.

Study shows that North Carolina is well positioned to enter into 2010 According to a study performed by the University of North Carolina, the state is expected to grow at a higher rate than the rest of the country as it heads out of the recession. With a real estate market on the rebound and relatively encouraging unemployment data, North Carolina should be in a favorable economic position towards the end of the year.

The Raleigh NC real estate market is – like anywhere else – closely tied to the economic situation in the region. If market data don’t yet show strong signs of an imminent recovery, it appears that 2010 could mean brighter days; and that the Greater Raleigh area is set to take full advantage of them.

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