Good News Friday . 11.18.11

On the Mend

The economy may be sluggish, but Grubb & Ellis researchers have been anything but as we crank out our year-end Forecast reports. We’ve been uncovering some upbeat market intelligence along the way. For example, the West South Central region – Texas, Oklahoma, Arkansas and Louisiana – has recovered 82 percent of the jobs lost during the Great Recession compared with the national average of 25 percent, giving it the strongest momentum of any region in the country. Oil and technology, big drivers of global growth for the next few years, are powering the region’s metropolitan areas including Houston at 92 percent and Austin at 121 percent, making it the nation’s only large metro to surpass its pre-recession peak.

Even in slower growing regions, there are overachievers. San Jose (think technology) leads the Pacific region with a recovery rate of 48 percent. In the East South Central region, Nashville has recovered 59 percent, and in the East North Central region, it’s Madison, Wis. at 63 percent. Education and health care have boosted the outlook in both of those markets. In the Middle Atlantic states, Pittsburgh leads at 71 percent – think energy, education, health care and manufacturing. And in the South Atlantic states, ravaged by the housing bust, Myrtle Beach, S.C. has regained 46 percent of its lost jobs thanks to a rebound in tourism.

There are other success stories around the country where local economies and markets show promise heading into 2012, and we will uncover those opportunities for you in our Forecast. Watch for it on January 3rd.

Have a great weekend.

Best regards,

Bob

Robert Bach

SVP, Chief Economist

Grubb & Ellis

312.698.6754

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About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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