Good News Everywhere You Look
Oh really, you say with a tone of disbelief. How can that be when the media is filled with nothing but bad news in Washington and other world capitals? The answer is that, despite recent budget cutbacks, cities and states are scrambling to build their economies in order to attract new businesses and residents. Consider the following:
· Cities are nurturing public-private partnerships to build critical masses of businesses in specific economic niches. This week The Wall Street Journal cited seven examples including cybersecurity firms setting up shop in San Antonio, outdoor sports in Ogden, Utah and nanotech companies in Albany, N.Y. Click here for the full article.
· Research and publishing firm Kiplinger identified five regional economies set to take off, led by North Dakota – admittedly not a hot spot for real estate investors but a state working to develop its energy resources. Portland, Ore. (“Hip, Smart, Green”), Maryland (bioscience), Minneapolis-St. Paul (medical devices) and Ohio (advanced manufacturing) made the list, too. Read the full article here.
· The venerable list of “Best Places to Live” published annually by Money magazine lists suburbs and towns with populations of 50,000 or less offering the best mix of economic and lifestyle advantages. The top five in this year’s just-released ranking are all suburbs of larger cities: Louisville, Colo. (near Denver), Milton, Mass. (near Boston), Solon, Ohio (near Cleveland), Leesburg, Va. (near Washington, D.C.) and Papillion, Neb. (near Omaha). Click here for the full list and discussion.
Gridlock may be the order of the day in Washington but not among these and many more communities looking to rebuild the U.S. economy from the bottom up.
Have a great weekend.
SVP, Chief Economist
Grubb & Ellis
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