June 19, 2012 (Jeff Alan)
A fragile and uncertain economy took its toll on the list of improving metropolitan areas in June as the Index fell by 20 markets this month, dropping from 100 to 80, according to the NAHB/First American Improving Market Index (IMI).
Utilizing data from almost 360 metropolitan statistical areas (MSAs), the index measures three independently collected or calculated indicators of improving economic health.
The three indicators are employment growth from the Bureau of Labor Statistics, house price growth from Freddie Mac and single family housing growth from the Census Bureau. Each MSA must see improvement in all three indicators for at least a six month period after their respective trough before being categorized as improving.
For this month, the 80 MSAs that met the criteria include:
|Grand Junction,CO||Houma,LA||Grand Forks,ND||McAllen,TX|
|Cape Coral,FL||Barnstable Town,MA||Rochester,NY||Odessa,TX|
|Deltona,FL||Bay City,MI||Syracuse,NY||San Angelo,TX|
|North Port,FL||Detroit,MI||Columbus,OH||San Antonio,TX|
|Punta Gorda,FL||Saginaw,MI||Tulsa,OK||Wichita Falls,TX|
|Iowa City,IA||Kansas City,MO||Florence,SC||Parkersburg,WV|
|Boise City,ID||St. Joseph,MO||Greenville,SC||Casper,WY|
There were 28 new MSAs added to the list this month while 48 were dropped. The 28 new metro areas added to the Index were Tuscaloosa, AL, Fayetteville, AR, Jonesboro, AR, Hanford, CA, Grand Junction, CO, Anderson, IN, Columbus, IN, Muncie, IN, Owensboro, KY, Houma, LA , Bay City, MI, Monroe, MI, Hickory, NC, Fargo, ND, Syracuse, NY, Sandusky, OH, Florence, SC, Greenville, SC, Clarksville, TN, Jackson, TN, Knoxville, TN, Austin, TX, Dallas, TX, San Antonio, TX, Texarkana, TX, Wichita Falls, TX, Parkersburg, WV and Cheyenne, WY.
Forty-eight MSAs were dropped from the list in June, up from 11 in May, and include Little Rock, AR, Denver, CO, Fort Collins, CO ,New Haven, CT, Crestview, FL, Jacksonville, FL, Panama City, FL, Hinesville, GA, Warner Robins, GA, Des Moines, IA, Dubuque, IA, Sioux City, IA, Waterloo, IA, Coeur d’Alene, ID, Elkhart, IN, Indianapolis, IN, Lafayette, IN, Lake Charles, LA, Cumberland, MD, Hagerstown, MD, Lewiston, ME, Ann Arbor, MI, Flint, MI, Lansing, MI, Muskegon, MI, Niles, MI, Greensboro, NC, Rocky Mount, NC, Winston, NC, Ocean City, NJ, Buffalo, NY, Glens Falls, NY, Poughkeepsie, NY, Bend, OR, Corvallis, OR, Portland, OR, Altoona, PA, Reading, PA, Spartanburg, SC, Chattanooga, TN, Johnson City, TN, Kingsport, TN, Nashville, TN, Amarillo, TX, Longview, TX, Lubbock, TX, Tyler, TX, and Burlington, VT.
Barry Rutenberg, the Chairman of NAMB, stated, “Though today’s IMI reflects a decline in the number of improving markets from May, the list continues to show significant geographic diversity, with 31 states represented and roughly one quarter of all U.S. metros included.”
Tags: NAHB, First American, Improving Market Index, employment growth, house price growth, single family housing growth