Summary:
The decline in housing is currently sitting at 21.8% from September 2006 to September 2007, while the value has declined 17.7%
Good news, however is that the net taxable sales for the state as a whole has actually increased nicely despite the downturn, it is sitting at a 5.5% increase over a year ago.
This means that the downturn in the housing market is not going to gravely effect Nebraska's economy like it has in other areas of the country, and the state coffers are seeing an increase in tax revenue.
Another good note:
Nebraska exports are still seeing huge increases, and the exports in 2007 have seen a 18.9% increase over 2006.
Personal Income:
With a larger percentage of a rural population per capita than most states our per capita income is, of course, going to lag as a whole, in another report it shows that Omaha has an average income of $4,200 higher than the average metropolitan area while displaying a near 12% lower cost of living.
The cost of living in this report also reflects this and shows that while Nebraska as a whole has a 6% lag in income, it is nearly 11% below the average cost of living, making Nebraska overall a much better than average state economically.
Omaha, has recently been noted as having the #2 most powerful buying power per capita 'after' the cost of living is taken into account.
I am very pleased with this report, I am not surprised by the housing market slump here as the developers here have backed off a bit, everything else is exceeding expectations and I do not see a downturn in our economy in this state so far.
Link to the PDF file
Latest Monthly Nebraska economic trends courtesy of NEDED
Moderators: Coyote, nebugeater, Brad, Omaha Cowboy, BRoss
The bad:
Local and national Housing slump
A non-substantial, however higher-than average inflation in the CPI both nationally and regionally
The good:
State Exports still increasing by 15-20% annually
State Still seeing increases in lodging tax revenue in 2007
State Still seeing better hotel/motel occupancy rates in 2007 than 2006
State Wages only increasing at just above the national rate
<a href="http://www.neded.org/files/research/monthind.pdf">More selected economic indicators by NEDED</a>
Local and national Housing slump
A non-substantial, however higher-than average inflation in the CPI both nationally and regionally
The good:
State Exports still increasing by 15-20% annually
State Still seeing increases in lodging tax revenue in 2007
State Still seeing better hotel/motel occupancy rates in 2007 than 2006
State Wages only increasing at just above the national rate
<a href="http://www.neded.org/files/research/monthind.pdf">More selected economic indicators by NEDED</a>