Jun 22 2009
Omaha Weathering the Economic Storm
BusinessWeek – Local residents joke about the real estate market in Omaha. “We didn’t get invited to the party,” they say, “and we don’t have a hangover.” The proof: Prices slipped less than 1% in Nebraska’s biggest city last year, compared with an 18% drop for the U.S.
Now Omaha looks poised to tromp the U.S. on the upside. While responsible lending practices and a dearth of speculation have supported the market in recent years, jobs will make all the difference in the future. Unemployment in Omaha hovers around 4%, less than half the national average. Last year Omaha added 2,700 new jobs as the U.S. lost 3 million. The continued strong prospects for job growth in Omaha means prices should rise faster than the U.S. average.
Meanwhile, high-tech companies are flocking to the Omaha area, which boasts an abundance of land and power, an extensive fiber-optic network, and a favorable tax regime.
Related posts:
