Talking about the impact of forestry on South Carolina’s economy, why the economy stinks in the first quarter, Realtors expect the next 6 months to be good and more…
South Carolina Forestry Commission officials announced the economic impact of the state’s forestry sector in grand fashion today, unveiling a large backdrop depicting the industry’s $21 billion contribution to the state’s economy. The new economic impact figure, revealed in the findings of a Clemson University study commissioned by several forestry organizations, was disclosed at a press conference on the State House grounds as a part of “Forestry Day,” as proclaimed by Gov. McMaster. The occasion was also a celebration of the Forestry Commission’s 90th anniversary.
Forestry is the state’s #1 manufacturing sector in terms of jobs (84,000+) and labor income in South Carolina. Also forestry represents the #1 harvested crop in the state and forest products represent the #1 export commodity from the Port of Charleston.
I am amazed that many people don’t know the tremendous impact that forestry has in South Carolina.
Many years ago, when I first moved to South Carolina, I rented a place at the end of a dead end road. Well, I lived where the pavement ended and there was a gate.
On the other side of that gate was hundreds of acres used for timber. It was paradise with deer and turkey in the front yard. When the logging trucks came through, that feeling of paradise was gone. Thank goodness I was renting and only lived there for a few months.
Always check the mineral and timber rights when you are buying a tract of land or home on a large tract of land!
Once again, the first three months of the year were a dud for the US economy. Gross domestic product — the headline metric on the economy’s output — increased by just 0.7% in the first quarter, according to the Department of Commerce. Growth hasn’t been that sluggish since the first quarter of 2014 when it actually shrank.
But every first quarter report in the post-financial-crisis economic recovery has been weak. In fact, GDP has averaged a 0.6% annualized rate since 2013, despite trend growth rate of 2% to 2.5% over that same period.
That’s because the Commerce Department has not yet fully resolved how to deal with residual seasonality, or how to adjust for spikes and plunges that distort what’s really going on in the economy. It could be one reason even Federal Reserve Chair Janet Yellen recently dismissed GDP as “a pretty noisy indicator.”
I just briefly mentioned this pattern of weak GDP in the first quarter in yesterday’s post. But is the economy doing better than what the weak GDP numbers would have us believe?
I sure hope so…
In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members, “What are your expectations for the housing market over the next six months compared to the current state of the market in the neighborhood(s) or area(s) where you make most of your sales?”
With spring and summer rolling in, the REALTORS® Confidence Index—Six-Month Outlook for single-family homes, townhomes, and condominiums each registered above 50, indicating that more REALTOR® respondents expected market conditions to be “strong” than “weak” over the next six months compared to current conditions, based on the March 2017 REALTORS® Confidence Index Survey Report.
We do have some pretty good reasons to be confident about the coming months. Home are selling very quickly! Check how quickly homes are selling across the US:
Nationally, homes went under contract in an average of 34 days in March! Homes sold in 60 days or less in 36 out of 50 states, and Washington D.C. If we look at our area, we see that home were on the market for an average of 77 days in March 2017. Not quite as impressive as the national average but still not too shabby.
Remember both of these statistics are averages. You may be able to sell faster IF you select the right REALTOR to help you price your home correctly and market it properly, etc etc etc. If you have any questions about selling a home in the Anderson SC area, please contact me!
Is it a new era for HUD? Pam Patenaude was nominated by President Donald Trump to become deputy secretary of Housing and Urban Development, according to a White House statement released on Friday. The move has been met with resounding applause—and perhaps a collective sigh of relief—by industry insiders who think her background could serve as the perfect complement to HUD Secretary Ben Carson, who entered his role without any experience in housing or government.
Patenaude, currently president of the J. Ronald Terwilliger Foundation for America’s Families, was formerly an assistant secretary for community, planning, and development at HUD, under President George W. Bush. She also served as director of housing policy at the Bipartisan Policy Center’s Housing Commission. Patenaude’s nomination must be confirmed by the Senate.
I am sure many will find fault with Patenaude simply because they hate Trump. This is an excellent choice in my opinion and I wonder why Trump didn’t select her to lead HUD instead of Carson. Her background is VERY impressive…
The Conventional Single-Family Serious Delinquency Rate decreased seven basis points to 1.12 percent in March; the Multifamily Serious Delinquency Rate remained flat at 0.05 percent in March.
Heck yeah! Just yesterday I reported that Freddie’s Serious Delinquency Rate had declined and now this good news.
Artificial intelligence is already transforming the world of work, but the future is hard to predict. Some see most jobs at risk of automatisation, while others argue robots will only take on a narrow range of tasks in the coming decades. Nevertheless, we need a broad debate to prepare the appropriate economic policy response to the new industrial revolution.
A must read! We have no idea what the impact will be and many of the predictions are not very pretty. Remember to always hope for the best but plan for the worst.
That’s it for today! Remember, awesome people share!