Local economy looks bright in Sacramento
Potential homeowners looking to move into a metro area featuring a strengthening local economy may want to consider checking out homes for sale in Sacramento. The California metro is a premier hot spot for quick economic development and could see potential improvement in its retail market in the upcoming year.
Positive economic indicators such as housing prices, unemployment rates and new business can further improve the local state of affairs for new residents. Consequently, the Sacramento economy may be the ideal metro for people looking for an improving economy.
Here are three examples of the forward momentum of the metro’s economy:
1. Marshal Medical Center Expansion. The expansion of a trusted-Sacramento medical facility has stimulated the local construction market. The entire project is expected to cost $62 million and is currently in progress, the Sacramento Business Journal reports. The new four-story addition will feature an emergency room, women’s center and intensive care unit and should be completed by fall 2012.
2. Retail storefronts gain business. According to a new CBRE report, 213,435 square feet of vacant retail store space was filled in the second quarter of 2012. More than 410,000 net gains were completed as big box stores start buying up retail locations, especially in the area of Citrus Heights. In addition to new retailers, more restaurants will also be moving in to accompany the premier shopping districts and tempt consumers to take a break and load up on food between stores.
3. Folsom Dam improvements. One of the nation's largest dams is located on the American River in Folsom. The damn is roughly 26 miles from Sacramento, yet construction on the man-made structure will boost the local economy by providing jobs. Construction is currently in progress and is expected to be finished completed by 2016. Included in the plan is the addition of an auxiliary spillway that will boost the reservoir’s release capabilities and raise the dam by 3.5 feet for greater water storage, the Sacramento Business Journal reports. The public construction project is expected to cost $840 million by the time it is completed.
As the Sacramento economy continues to improve and construction projects reach fruition, profits will enter the local economy. Residents considering a move may want to check out the MLS listings in Sacramento to find a new home.