"How's the economy in your hometown?"

By
Real Estate Agent with HER Realtors

US map from Moody's Economy

Is the US in a recession?

"Is your state in a recession?"

According to the legend on the map in USA TODAY the red states are "In Recession"... yellow states are "At Risk" and the green states are "Expansion."

The linked map is interactive, go to USA Today and click on your state to see how your state breaks out by metropolitan area. The map for your state will tell you what communities are "In Recession", which areas are "At Risk" or those deemed "Expansion" as well. There are also white according to the map although no states are white for "Recovery." On a statewide basis in Louisiana, New Orleans gets a white dot. Looking further I found some more white dots, Bangor Maine, Biloxi Mississippi... some town in Minnesota.

Ohio

Good news for Columbus, in Ohio, Akron, Columbus and Weirton - Steubenville (I've never heard of Weirton) are green dots. Again green dots mean "Expansion."

Other Ohio cities? Only Toledo gets a red dot for "In Recession." Cleveland, Cincinnati, Dayton, Youngstown get yellow dots for "At Risk" as do many of the smaller cities in Ohio.

The USA

The USA Today article "How's the economy in your hometown?" from Barbara Hagenbaugh says:

"While business owners and workers in parts of the country for months have weathered recession-like conditions — job losses, home foreclosures and slumping consumer and business spending — others have been doing well. Some areas are likely to feel very little effect from the slowing economy.

That's mainly because a marked contraction in housing is leading the overall economy down this time. Housing had been instrumental in boosting many regions, particularly the Southwest, in recent years.

During the housing expansion, job growth in related industries flourished, and consumers tapped their growing home equity to buy everything from cars to couches.

But in many parts of the country, housing never boomed, so now there's not likely to be a corresponding bust. And a number of other elements of the economy are still doing well, helping to keep some regional economies above water."

Columbus is one of the areas where housing did not boom like other parts of the country.

According to the USA Today article California, Nevada, Arizona, Florida and Michigan account for a quarter of the US "nation's total economic output" and were already in recession at the beginning of this year. The article breaks down the economy by tourism, motor vehicle production, exports, agriculture, housing and automobile manufacturing and breaks each industry out by states. In example "Top 10 states with motor vehicle production as highest percentage of gross state product in 2006" Ohio was 4th... of course our neighbor Michigan was number one on that list and "Top 10 states with agriculture as the highest percentage of gross state product in 2006."

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Information is deemed to be accurate but should be verified to your satisfaction.  Information provided herein is supplied by several sources and is subject to change without notice.  Opinions expressed are solely those of Maureen McCabe.

 


 

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Rainer
14,372
Roby Robertson
Mooresville, NC

Hey Maureen,

Thanks, that is an interesting article.  I am in the Charlotte NC area and we are still growing rapidly.  Home sales are down but we can't complain compared to other areas of the coutry.

 

 

Mar 10, 2008 01:50 AM #1
Rainmaker
1,478,261
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

 

   I envy your market... ours is better than some so I can't complain.  Thanks for the comment.  

Mar 10, 2008 03:13 AM #2
Rainer
80,366
Latonia Parks
Top Bragg Realty, Fayetteville NC, Home of the 82d ABN DIV - Fayetteville, NC
Certified Military Relocation Expert

I have to agree with Roby.  While things are slower, we still have alot of movement with the arrival of new families constantly.

Mar 10, 2008 03:18 AM #3
Rainmaker
1,478,261
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate
Same market Latonia?
Mar 10, 2008 03:27 AM #4
Rainer
139,950
Jay McGillicuddy
Berkshire Hathaway HomeServices Verani Realty - Exeter, NH
Real Estate Broker
We are busy but not setting the world on fire by any means. I think with oil prices rising like the tide it makes for a slower economy and with food pices rising things don't look all that great. It's an election year and I was optimistic earlier on but I am not sure now.
Mar 10, 2008 01:57 PM #5
Rainmaker
1,049,106
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
Great article Maureen. It is no surprise to me that Massachusetts is at risk. It is one of the only States that has more people leaving than coming.
Mar 11, 2008 12:24 AM #6
Rainer
1,606
Bernadette Friberg
Badger Realty - North Conway, NH

After reading the NH state stats in a report generated by NHAR it looks better on paper then it does in reality.  Things are a bit slow here in the White Mt area of NH and western Maine.   On paper we were down less then 2% for median sales price from the previous year.  It seems to be the # of units selling that has taken the hardest hit however as we are down 10% from last and 17% from last to the year prior.  I did read some very optimistic news however that said by June of July of this year we may see some recovery.  Any good news is welcome.  Thanks for sharing the report and I will use that in my portfolio to help me analyze the overall economy. 

Thanks also for noticing Jay's introduction to me on Active Rain.  It seems like some very helpful professions are involved and I look forward to keeping up with all of the news.

Cheers, Bernadette

Bernie@badgerrealty.com

Mar 11, 2008 04:36 AM #7
Rainmaker
380,128
Don Fabrizio-Garcia
Fab Real Estate - Danbury, CT
Owner/Broker/Trainer - Fab Real Estate
My part of Connecticut is in an "expansion."  Woo Hoo!
Mar 13, 2008 09:27 AM #8
Rainmaker
1,478,261
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate
Thanks for the comments Bernie and Don.  Bernie I am going to email you through AR,  be on the look out for the email.  Thanks.
Mar 13, 2008 08:22 PM #9
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Maureen McCabe

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