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Home building index shows how far Rockford economy has to go

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Home building index shows how far Rockford economy has to go

The Rockford-area economy still is far from a full recovery, according to a quarterly economic index created by the National Association of Homebuilders.

Boone and Winnebago counties ranked dead last out of 337 metropolitan area in its latest Leading Markets Index (LMI) quarterly report.

The NAHB calculates the index by comparing home building permits, home prices and employment rate with pre-Great Recession levels. At the end of the second quarter of 2017, employment locally was only 95 percent back to pre-recession levels, home prices were 97 percent back, but home building permits were only 8 percent of where they were at peak. Local home builders haven’t topped 100 new home permits in a year since 2007.

Out of the 337 metro areas, only Kankakee had a lower level of building permit activity. Rockford was one of just metro areas where none of the three indicators have recovered to pre-recession levels. The Midwest in general continues to struggle, six Midwestern metro areas are among the bottom ten.

Here’s a look at the top 10 and bottom 10 markets:

Leading Markets Index (LMI) – Top 10

Rank

Area

Overall

Permits

Prices

Employment

1.

Odessa, Texas

2.07

3.10

2.15

0.96

2.

Midland, Texas

2.03

2.69

2.40

1.02

3.

Walla Walla, Wash.

1.85

2.79

1.74

1.01

4.

Muscle Shoals, Ala.

1.81

3.08

1.36

0.99

5.

Ithaca, N.Y.

1.78

2.45

1.82

1.07

6.

Baton Rouge, La.

1.75

2.73

1.51

1.02

7.

Kingston, N.Y.

1.71

2.72

1.40

1.00

8.

Gadsden, Ala.

1.70

2.85

1.22

1.03

9.

Manhatten, Kan.

1.68

2.43

1.60

1.02

10.

Grand Forks, N.D.

1.66

1.99

1.97

1.02

Leading Markets Index (LMI) – Bottom 10

Rank

Area

Overall

Permits

Prices

Employment

328.

Bloomington, Ill.

0.78

0.26

1.12

0.94

329.

Albany, Ga.

0.77

0.25

1.07

0.99

330.

Jacksonville, Ala.

0.76

0.23

1.16

0.87

331.

Bay City, Mich.

0.75

0.37

0.91

0.98

332.

Flint, Mich.

0.75

0.33

0.92

1.00

333.

Atlantic City, N.J.

0.75

0.15

1.22

0.87

334.

Muncie, Ind.

0.75

0.20

1.05

0.98

335.

East Stroudsburg, Pa.

0.73

0.22

0.99

0.97

336.

Kankakee, Ill.

0.72

0.05

1.09

1.02

337.

Rockford, Ill.

0.67

0.08

0.97

0.95

 

 


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