Maryland’s Economic Outlook & Housing Market Daraius Irani, Ph.D., Executive Director The Governor’s Housing Conference 2013 | Opening Session.

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Exhibit 1:Summary Table

Presentation transcript:

Maryland’s Economic Outlook & Housing Market Daraius Irani, Ph.D., Executive Director The Governor’s Housing Conference 2013 | Opening Session

© Towson University, Division of Economic and Community Outreach Maryland’s Economy National Picture

Source: US News © Towson University, Division of Economic and Community Outreach

Sources: Bureau of Economic Analysis

© Towson University, Division of Economic and Community Outreach Sources: Thomson Reuters, University of Michigan

Source: Bureau of Labor Statistics © Towson University, Division of Economic and Community Outreach 7.4% (U.S. Unemployment, July 2013)

Source: Mortgage Bankers Association © Towson University, Division of Economic and Community Outreach

Maryland’s Economy National Picture Forecast

Source: US News © Towson University, Division of Economic and Community Outreach

Source: Bureau of Labor Statistics © Towson University, Division of Economic and Community Outreach

Sources: Bureau of Labor Statistics, Regional Economic Studies Institute © Towson University, Division of Economic and Community Outreach

Sources: Bureau of Labor Statistics, Regional Economic Studies Institute

Maryland Indicators Historical & Projected Annual Figures (2011 to 2015) © Towson University, Division of Economic and Community Outreach Total Non-Agricultural Employment (annual growth) 1.2%2.4%1.8%2.4%2.8% Total Personal Income (annual growth) 2.9%1.6%0.4%3.6% Sources: Bureau of Labor Statistics, Regional Economic Studies Institute

© Towson University, Division of Economic and Community Outreach Maryland’s Economy National Picture Forecast Housing Market

Source: Truthdig © Towson University, Division of Economic and Community Outreach

Source: Maryland Realtors Association © Towson University, Division of Economic and Community Outreach

Sources: Freddie Mac, Maryland Association of Realtors © Towson University, Division of Economic and Community Outreach

Source: Maryland Realtors Association © Towson University, Division of Economic and Community Outreach

Source: Maryland Association of Realtors © Towson University, Division of Economic and Community Outreach

Foreclosure Activity by County Percent Change (2010Q2 to 2013Q2) Sources: Maryland Department of Housing and Community Development, RealtyTrac © Towson University, Division of Economic and Community Outreach 3-Year Change Foreclosure Activity in 2013Q2 0 to to to 1,000 to 1,500 1,500+

Source: US News © Towson University, Division of Economic and Community Outreach

Source: Census Bureau © Towson University, Division of Economic and Community Outreach

Source: The Pew Institute © Towson University, Division of Economic and Community Outreach

Maryland’s Economy National Picture Forecast Housing Market Real Estate’s Reach

Source: Truthdig © Towson University, Division of Economic and Community Outreach

Affordability Rankings Closing Costs and Down Payments 19 th for most expensive closing costs – $2,441 for $200k Mortgage 16 th for highest down payment rate – 15.7% down on average Sources: Bankrate, Lendingtree, MarketWatch © Towson University, Division of Economic and Community Outreach

Recent Homebuyer Preferences in % undertook home improvements 41% added or replaced lighting 37% added or replaced appliances Spent $4,550 on improvements Source: National Association of Home Builders © Towson University, Division of Economic and Community Outreach

Economic Impact of a Home Sold in Maryland +$21,033 real estate industry income Durable and nondurable goods +$5,647 +$4,934 home remodeling Source: National Association of Realtors © Towson University, Division of Economic and Community Outreach = SOLD

Economic Impact Analysis | Policy Analysis | Fiscal Impact Analysis | Survey Development and Analysis | Economic Forecasting | Market Feasibility Analysis | Workforce and Commuter Analysis | Tax Policy Solutions | Economic Development Planning & Strategy | Cost Benefit Analysis | Environmental Policy Analysis | Stakeholder and Community Engagement | Zoning and Land Use Analysis | Real Estate Analysis | Community Impact Analysis | Economic Impact Analysis | Policy Analysis | Fiscal Impact Analysis | Survey Development and Analysis | Economic Forecasting | Market Feasibility Analysis | Workforce and Commuter Analysis | Tax Policy Solutions | Economic Development Planning & Strategy | Cost Benefit Analysis | Environmental Policy Analysis | Stakeholder and Community Engagement | Zoning and Land Use Analysis | Real Estate Analysis | Community Impact Analysis | Economic Impact Analysis | Policy Analysis | Fiscal Impact Analysis | Survey Development and Analysis | Economic Forecasting | Market Feasibility Analysis | Workforce and Commuter Analysis | Tax Policy Solutions | Economic Development Planning & Strategy | Cost Benefit Analysis | Environmental Policy Analysis | Stakeholder and Community Engagement | Zoning and Land Use Analysis | Real Estate Analysis | Community Impact Analysis | Economic Impact Analysis | Policy Analysis | Fiscal Impact Analysis | Survey Development and Analysis | Economic Forecasting | Market Feasibility Analysis | Workforce and Commuter Analysis | Tax Policy Solutions | Economic Development Planning & Strategy | Cost Benefit Analysis | Environmental Policy Analysis | Stakeholder and Community Engagement | Zoning and Land Use Analysis | Real Estate Analysis | Community Impact Analysis | Economic Impact Analysis | Policy Analysis | Fiscal Impact Analysis | Survey Development and Analysis | Economic Forecasting | Market Feasibility Analysis | Workforce and Commuter Analysis | Tax Policy Solutions | Economic Development Planning & Strategy | Cost Benefit Analysis | Environmental Policy Analysis | Stakeholder and Community Engagement | Zoning and Land Use Analysis | Real Estate Analysis | Community Impact Analysis | © Towson University, Division of Economic and Community Outreach Learn More About RESI’s Projects and Services

© Towson University, Division of Economic and Community Outreach Thank You Presentations, Panel Discussions, and Networking Opportunities with a Focus on Maryland’s Burgeoning Film Industry