Our Triangle economy will be one of best metro areas in the US for growth. That’s according to an article by WRAL Tech Wire on January 20, 2023. The American Growth Project report from the Kenan Institute of Private Enterprise at UNC-Chapel Hill forecasts that “the Raleigh and Durham area to experience the fourth highest GDP growth rate among the 50 most populous extended metropolitan areas during 2023. The region outpaces San Antonio, Salt Lake City, Dallas, Denver, Oklahoma City, and Nashville. Overall, the Kenan Institute continues to predict that a recession will come during the second half of 2023 or early in 2024,” the report notes.
What does this mean for you in the Triangle?
Positive GDP growth means our regional economy is growing. Businesses are producing and selling more products. The housing market figures into the GDP in two ways: with the construction of new single- and multi-family homes and the remodeling many undertake, as well as all the money spent on housing services, such a rent and utilities.
Positive growth will likely lead to an increase in pending home sales across the Triangle. As the market shifts and evolves, it becomes even more important that home buyers and sellers work with experienced REALTORS, because with the right price, the right marketing, and the right agent that puts YOU first …your home buying or selling experience doesn’t have to be stressful. Give us a call at Carl Johnson Real Estate to learn more about how we can help get you to where you want and need to be in any market. Call us TODAY 919-880-0904.
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