B/CS Economy Expected to Continue GrowingFeatured Stories, News Monday, January 28th, 2013
The 500 who attended last week’s Bryan/College Station Chamber of Commerce economic outlook conference heard there’s much to be upbeat about the future. Economist Jim Gaines at the A&M Real Estate Center says one example is a rebound in home sales and construction of new single and multifamily structures.
Gaines looks for higher home prices as employment increases over the next several years due to the creation of more private sector jobs, especially in the health care industry.
Ten years ago, more than 1,100 new homes were built in Bryan/College Station. Since then, it’s been a roller coaster of alternating up and down years in building permits. Gaines estimated more than 780 permits were issued last year. That’s the most since 2008.
Gaines says interest rates should start rising later this year.
Gaines also expects the sale of existing homes to continue rising. Last year was the first increase since 2006.
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