Local Housing Market Takes Big Dip

September 13, 2016|

New home construction framing.The Labor Market Index in Augusta increased by 0.3 percent from June, according to the Hull College of Business at Augusta University.

The index grew because of 100 more jobs, an additional 1,000 people employed or seeking jobs and an increase in weekly earnings.

The Leading Economic Index (LEI) decreased, however, dropping 0.3 percent since June. But that is still a 0.6 percent increase from a year ago.

The month of July was brutal for the housing market, though. It showed a drop of almost 50 percent from June, and a 40 percent reduction from July 2015. It is the biggest drop since December 2007.

“I don’t think this indicates the start of the next recession, but it is certainly something to keep an eye on,” said Simon Medcalfe, associate professor of finance at Hull College.

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