Is Economic Recovery Beginning in Ann Arbor?
In an article published in the Annarbor.com Business Review, according to University of Michigan economists George Fulton and Don Grimes, the Ann Arbor area will be adding more than 8000 new jobs in multiple sectors over the next 3 years. They estimated that Washtenaw County added over 4000 jobs in 2010 after 4 consecutive years of job losses, supporting a slow, but steady economic recovery. The unemployment rate in Washtenaw County is expected to decline to 6.7% by 2013 from an average of 8.6% in 2010.
A few of the major sectors slated to add jobs include:
- Local Manufacturing, including Automotive
- Health Care Service Providers
- Private Ambulatory Care Services
- Regional Government
- Professional & Business Services
- Restaurant Services
Many small businesses are beginning to hire, but still remain very cautious. While we are far from a full recovery, these are steps in the right direction for the Ann Arbor area. You can view the full report here: The Economic Outlook for Washtenaw County in 2011-13.
We are beginning to see recovery in the Ann Arbor real estate market as prices begin to stabilize and even increase a bit under $400k. Spring is right around the corner, housing inventory remains low, and mortgage interest rates are at historic levels making this a great time to sell your home. To learn more about what’s happening with prices and inventory in your specific Washtenaw County neighborhood, visit our Subdivision Hotline or contact us today at 734-761-3060 or email@example.com.