Real Estate is Driving North Carolina's Economic Recovery

North Carolina’s economy is coming back from the recession and it is going strong – driven by an upsurge in real estate home sales and commercial development.  The Wells Fargo NC Economic Report published in April, 2014, showed there was a 2.5% growth in the home construction market with significant increases seen in the urban/metro regions across the state.

"North Carolina's housing market continues to gain momentum, as improving job and income prospects boost household formation and encourage increased in-migration. Sales of existing homes increased 20.4 percent in 2013," stated the economic report.

“While builders have been cautious about getting ahead of demand, a larger problem has been the lack of available lots and a dearth of new land development. Inventories of new homes remain relatively tight, particularly in the Charlotte and Raleigh areas, where job growth and population gains have been the strongest. Building activity should ramp up in 2014,” stated the Wells Fargo Economic Report.

Over the past year, the real estate economy has strengthened significantly and spring and summer home sales figures in all regions of the state have been robust – driving new job growth and new investments in our local economies.

Real estate and the construction industry continue to have a profound impact on our state’s economy.  The real estate sector provides nearly 400,000 jobs in North Carolina or nearly 10% of the state’s total non-farm workforce, according to the NC Department of Commerce Labor & Economic Division, Labor Market Report published in April, 2014. 

Affordable housing, private property rights and protecting the tax advantages for homeownership are paramount concerns for the North Carolina Homeowners Alliance.  That’s why it’s important to lend your voice and support to an organization dedicated to advancing your interest in the State Legislature.

"North Carolina’s 32,000 Realtors are proud to be working with the NC Homeowners Alliance promoting homeownership and the important role that real estate plays in our state’s economy,” said Tomp Litchfield, president of the NC Association of Realtors.  “Your participation and support is critical to keeping the lawmakers in Raleigh informed about the key role homeownership plays across North Carolina.”