Source: Candy’s Dirt —
The country is already in the midst of a “mild recession,” but local job growth is outstanding and inflation has peaked, an economist told Dallas builders last week.
National Association of Home Builders Chief Economist Rob Dietz emphasized that next year is going to be difficult, but 2024 will be a year of housing rebound and stabilization of home prices.
The U.S. economy is now experiencing a labor shortage that began in the construction industry — so local builders already have dealt with and adjusted to the brunt of the declining economy, he said.
Dietz joined expert panelists including NAHB Vice President for Government Affairs Lake Coulson and Texas Association of Builders Executive Vice President Scott Norman for the discussion at the Dallas Builders Association State of the Industry summit.
Dallas Builders Association Executive Officer Phil Crone acknowledged that what’s happening across the nation affects the Dallas-Fort Worth market.
“We’ve got a lot of things working in our favor with the strength of the market here in Texas and specifically here in this region, but regardless of that, the things that are happening nationally will [impact] and have impacted this area,” Crone said.
Dallas Housing Market Numbers
Dallas has solid job growth numbers, the best Dietz has seen all year, the economist said.
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