As individual members of the Detroit Regional Relocation Council Relocation America attended this year’s DRRC winter business meeting on March 7th. The theme for our meeting was Destination Detroit: Economic Impact for 2012. Our very own Stuart Elsea, President of Financial Services, Real Estate One, Inc. was one of three distinguished speakers who participated on a panel of experts. Joining Stuart on the panel was Peggy Black, President of the Michigan Economic Developers Association and Maureen Krauss, Vice President of Business Attraction for the Detroit Regional Chamber of Commerce.
Our panel of experts provided analysis and projections for the southeast Michigan economy and real estate industry for 2012. Their presentations all showed a Michigan economy that is starting to grow after a long period of decline. Positive economic indicators include a declining unemployment rate, increased auto production (68% in 2 years) and a purchasing manager’s index increase from 28 to 66 (an index number below 50 indicates an economy in decline).
The real estate market also looks poised for a comeback. With fewer homes on the market being viewed by buyers empowered by historically low interest rates, prices will eventually start to move higher. Don’t expect a dramatic improvement, just a continuation of the long climb back to normal.
All of this good news should translate into an increase in relocation activity to southeast Michigan. As Peggy Black said it best “it’s all good!”
For more information about the DRRC or to become a member click here