Posted by: union03g | December 24, 2009

Maps: How Housing Is Preventing Mobility And Recovery

The Journal recently detailed which states are experiencing a mass exodus and where everyone is moving. It looks like the past five years people have been leaving California due to their local economy and Florida isn’t nearly as attractive today as it was during its boom in 2004 and 2005. Michigan is losing people steadily for all the reasons related to Detroit and unemployment and Illinois is strengthening (boomers coming back from FL?). Housing is a huge factor in migration trends.

“People’s immobility could become an obstacle to the restructuring needed to sustain an economic recovery, as tighter credit and depressed prices make buying and selling homes a more daunting prospect. The flexibility of the labor market, underpinned by a relatively mobile population, has long been a crucial factor in the U.S. economy’s resilience.”

Who’s the big winner? TEXAS. They have relatively inexpensive homes, no income tax and an 8% unemployment rate compared to the 10% national average. The theory is the faster we can mobilize people to get where they want to go, the faster our nations recovery will be.

[Migrate]

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