Here's some good news to start off the week. Smart Money Magazine put out by The Wall Street Journal has an article in the November issue on 25 cities that they expect to rebound the fastest, in fact that are "poised to rebound" from the housing slump. Columbia, SC is in the top ten, at number seven.*
This is great news in an area where state legislators have met and downsized budget estimates by some $414 million dollars. Tax collections are way down, to the tune of $554 million, or 8% of the state's July 1st budget, as consumers have slowed their spending in our state.
The Greater Columbia Association of Realtors' battle cry is "We don't boom, but we also don't bust." Columbia is different, and the magazine points to the military, state government, University of South Carolina employees and retirees as driving the positive numbers here. Columbia has not drifted into the negative numbers as so many of the other cities have. The magazine says "all of the cities show signs of life on the job and home-sales fronts, suggesting their worst days are behind them."
The Top Twenty Five Cities Ready to Rebound
- Albuquerque, NM
- Birmingham, AL
- Buffalo, NY
- Charlotte, NC
- Cleveland, OH
- Colorado Springs, CO
- COLUMBIA, SOUTH CAROLINA
- Dallas, TX
- Denver, CO
- Des Moines, IA
- Houston, TX
- Indianapolis, IN
- Kansas City, MO
- Little Rock, AR
- Louisville, KY
- Memphis, TN
- Milwaukee, WI
- New Orleans, LA
- Oklahoma City, OK
- Omaha, NE
- Philadelphia, PA
- Pittsburgh, PA
- Raleigh, NC
- Salt Lake City, UT
- Seattle, WA
To view the rest of the top 100 visit their website.
*Source: The Wall Street Journal Magazine Smart Money, November 2008
(One side note, I believe the picture in the article that is included with Columbia, SC is from the Battery in Charleston, so as with all media, take it with a grain of salt.)
Copyright © 2008 Charlie Harden - All Rights Reserved. This blog is opinion in nature. Information deemed reliable, but not guaranteed, and is subject to change without notice.
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Well that is a pleasant surprise. Some of these on the list are very surprising to me. Like Buffalo, NY at #3. Also I'm rather surprised that Charleston, SC and Atlanta, GA did not make the list. Also, Florida doesn't have a city on the list. Was Houston, TX included before or after Hurricane Ike, because it would seem New Orleans would be higher than Houston at this time? Like you said I guess you have to take it with a grain salt.