With gross domestic product (GDP) increasing 2.3 percent last year, many metropolitan areas across the country are experiencing big gains in industry and business — will real estate get a boost in those cities?
It’s quite possible, taking a look at Howmuch.net’s latest graphics on how the economy is faring in many markets. Using 2014 data on GDP by metropolitan area from the Bureau of Economic Analysis, the cost information website has built a map to provide a 3-D visualization depicting GDP growth across the country.
House prices do tend to rise in areas experiencing industry expansion, and higher competition could mean fewer days for homes to sit on the market, as well. In addition, the Fed’s upcoming interest rate hike is a reflection of the health of the overall economy.