Regional Rebound?

Tuesday, April 27, 2010

For the forth month straight, billings for firms in the Midwest are showing the strongest uptick of the four regions tracked by the AIA. And for the first time since the recession, in March billings in the Midwest have moved into positive territory, breaking the 50 mark, making it the first region to do so since the recession began. (Anything below means billings for work are falling, above rising.) In the graph above, the Midwest region is represented in red, the East in blue, the West in green, and the South in orange. According to the numbers, the recovery has arrived.

In other positive economic news, home sales in the Chicago area were up 45% in March over the same period last year. Within the city of Chicago the gains were even greater, posting a 50% increase over the same period last year, according to Crain’s Chicago Business. The glut of unsold condos has put a damper on many development projects, so it’s encouraging to see the market moving again.

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