Oh how we have missed the role housing used to play in driving the national economy. It used to create jobs – from construction workers to home stores to lenders to furnishing stores. Then BAM! The housing market sank and the whole nation went economically sideways. It looks like housing may be making a modest comeback as a force to drive the economy, though. From CNN Money,
“Homebuilding activity will likely remain the strongest growing component of the economy in 2013,” said Keith Hembre, chief economist of Nuveen Asset Management. “After several years of excess supply, demand and supply conditions are now in much better balance.”
Home sales rebounded to the strongest level in five years in 2012, as home building bounced back to levels not seen since early in the recession.
Well well well, isn’t this great news! Let’s hope the economists are correct with this positive outlook!