The National Association of Home Builders has started a new data series called the NAHB/First American Improving Markets Index (IMI). This is new so there is not a detailed history to get much perspective. They did however identify 12 areas that are improving first. These are as follows:
Unfortunately Minneapolis/St Paul didn’t make this first list… I was curious about why these Cities are recovering. Judging by the locations, most of them being in oil producing fields, I suspected employment was behind this. So I pulled together the unemployment rates in the Cities highlighted. This isn’t scientific, but of the 4 I looked up, they were all between3% and 6% unemployment rates. Nationally we are around 9.1% and Minneapolis/St Paul is around 7.2%.
Again, this isn’t “scientific” proof, but it sure supports the theory of correlation between housing and employment…
Marty Andrade wrote an interesting post about unemployment rates, he also broke it down to the Twin Cities level in the comments section.
I will continue to watch this and keep you updated. This information may be of value, hard to tell right now with so little data available so far.
- Minnesota Unemployment Rate up to 7.2% August 19,2011 (craigkamman.wordpress.com)
- Hennepin County & Minneapolis/St. Paul, Minnesota Unemployment Rates August 31 2011 (craigkamman.wordpress.com)