12 | 24 | 2012
We’re starting to see a recovery take root, particularly led by the residential sector. This recovery is starting to be accepted broadly and is well-tracked by statistics from the Case-Schiller Index. Residences are stabilizing and rising in value and the health of the homebuilders has never been better. They used to be very highly leveraged but now their balance sheets have a lot more cash and a lot less debt. The criticism that people have been husbanding cash, with no hiring or expanding, is starting to change. We’re seeing the multiplier effect—if you hire more people, they will spend more money—in some of our target markets.
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