Future Population Growth and the Economy in 2007

How will the USA cope with unprecedented growth?
from the USA TODAY, reports that the USA is growing faster than any other industrialized nation in the world and is expected to add 100 million more people around 2040. The next 100 million people will create 73 million new jobs, about 70 million new homes and 100 million square feet of non-residential space, according to the Metropolitan Institute at Virginia Tech. The article discusses where all these new residents will live and the growth patterns that will come into play. Urban town centers was one of the growth trends discussed, so that people can work closer to where they live. Redeveloping brownfield sites, promoting infill development, going vertical and increasing rail lines and transit villages were also cited. The article states that the percentage of American households that will want and will get their single-family detached house on a lot will remain high.

Luxury-home sales soar around Valley
from the Arizona Republic, reports that luxury homes are selling well and at higher prices across the Valley. There has been a sharp spike in the number of million-dollar properties sold since 2000, but the bigger story is the increasing number of deals for $3 million, $5 million and much higher. Land is a key piece of the price equation. With land prices rising and larger, more elaborate houses set in super-elite areas, the entry level for luxury in now more like $3 million. Many of the most desired areas are built out or have few available lots. There were 440 sales of houses costing at least $1 million in 2000. Through Oct 10th this year, there were 2,031, an increase of more than 360 percent.

Housing fall likely to be felt broadly
from the Arizona Republic, reports that the unexpected rapid decline of the nation's housing market will mean an overall drop in construction spending next year, with spillover effects in such areas as job growth and real estate development. McGraw-Hill Construction, in a report to be made public today, will forecast the first overall decline in construction spending since 1991. The decline is attributed to the fall in the construction of single-family homes. "Single-family housing has fallen more steeply than we had anticipated and the correction is taking place faster," said Robert Murray, vice president at McGraw Hill Construction. At a news conference in Washington last Thursday, David Seiders, chief economist at the National Association of Home Builders predicted average prices for single-family homes will drop next year. Seiders blames a number of factors for the anticipated declines, including overbuilding, prices that have outpaced incomes, and rising inventories of unsold new and resale homes.

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