Boston, D.C., Dallas lead US in job growth
http://www.boston.com/business/articles/2011/02/03/boston_dc_dallas_lead_us_in_job_growth/?sudsredirect=true
WASHINGTON — Jobs are hard to come by in every US city, but you stand a better chance of getting hired if you live in Washington, Dallas, or Boston.
Those three metropolitan areas topped the nation’s cities in jobs added in 2010.
And all three are home to industries that are poised to hire this year. Information technology companies, biomedical research firms, and government contractors are growing industries that are likely to add to their payrolls — and the federal government has plenty of jobs listed, too.
The unemployment rate fell in 207 of the 372 largest metro areas in December, the most to report a decline since September. It rose in 122 areas and was the same in 43, the Labor Department said yesterday.
Nationwide, the jobless rate dropped sharply in December, to 9.4 percent from 9.8 percent. About half that decline was because more unemployed workers gave up their job searches.
The largest generators of net jobs were Washington, Dallas-Fort Worth, Boston, Phoenix, and Minneapolis-St. Paul.
Boston, Dallas, and Washington are among the top 10 areas with the most online job ads in January, according to the Conference Board.
All three have benefited from growth in the information technology sector, economists said. Companies such as Intel, which has a plant in Hudson, Mass., are producing more semiconductors, and computer makers have also boosted output. That’s helped companies such as EMC Corp., which is based in Hopkinton, Mass., and makes data storage network equipment, and Dallas-based chipmaker Texas Instruments.
The Washington metro area, which includes suburbs in Maryland and Northern Virginia, has benefited from accelerated hiring by the federal government.
That doesn’t include jobs created indirectly by government contractors, which are prominent in Washington’s Virginia suburbs. And Maryland is also a burgeoning source of biotech and medical research jobs.
The airline and shipping industries have given a lift to Dallas Fort-Worth, home to Southwest Airlines Co. and AMR Corp., the parent of American Airlines. Package delivery company UPS has a hub at the Dallas-Fort Worth airport. It has benefited from a rebound in business travel and shipping, said economist Steve Cochrane.
Boston has also benefited from growth in biotech firms such as Genzyme Corp., in Cambridge. The Boston metro area added 32,600 jobs last year, the third-most of any city. Its unemployment rate plummeted to 7.1 percent in December 2010, down from 8.3 percent a year earlier.
© Copyright 2011 Globe Newspaper Company.
Home Improvement Tax Credit Expires Dec 31, 2010
http://www.marketwatch.com/story/what-you-need-to-know-about-home-improvement-tax-credits-2010-11-30
Nov. 30, 2010, 10:58 a.m. EST
What You Need to Know About Home-Improvement Tax Credits
By Mara Lemos Stein , The Wall Street Journal
As winter approaches, you may be looking for ways to cut your energy bills. The good news is that the U.S. offers tax credits for many energy-saving home improvements. The bad news: You have to act fast—some of those credits are expiring on Dec. 31. What you need to know:
What improvements are covered by the expiring credits?
Homeowners can get a tax credit for installing certain wood or pellet stoves; energy-efficient furnaces, water heaters and air-conditioning systems; insulated roofs, windows and doors; and wall and ceiling insulation. The tax credit covers 30% of the purchase costs, up to $1,500. (For a full list, check the Energy Star website at www.energystar.gov.)
Is the installation cost covered?
The cost of putting in heating and air-conditioning systems, water heaters and biomass stoves is, but installing new windows, doors, roofs and insulation isn't.
Can I use the tax credits for improvements in a vacation home?
Sorry, no. The improvements qualify for an existing home that is your primary residence, even if it is a houseboat or mobile home. But rentals, vacation homes and new construction aren't eligible.
With time short, what improvements make the most sense?
Upgrading your heating and cooling, which can be as much as 50% of the average home's energy bill. If your furnace or boiler is more than 10 years old, this may be the ideal time to replace it. All improvements must be in place and equipment in service by Dec. 31 to qualify for the tax credits.
What improvements can be done relatively cheaply?
Adding insulation. If you choose to insulate just the area where your family spends most of their waking hours, for instance, the cost will be low but your family will be much more comfortable. And often insulation is a do-it-yourself project, so you save on labor costs.
Am I going to have trouble finding a contractor on short notice?
Not only are contractors available, but many of them are using the expiring tax credits as a marketing tool, according to the National Association of the Remodeling Industry. You can find qualified contractors at the association's website, www.nari.org. Many of the contractors have the equipment and materials ready to go, and you'll be helping workers in an industry badly hit by the recession.
Will a new dishwasher get me some tax credits?
Appliances don't qualify, but appliances carrying the Energy Star seal will help reduce your energy bill. Also, many states and local utilities are offering direct rebates—no need to wait for tax returns—on some appliances. Check www.energysavers.gov to see details of programs in your state.
Might the program be reinstated for future tax years?
Legislation has been introduced to extend the tax credits, but experts say it is unlikely Congress will pass it before the end of the year.
Will I be able to handle this on my tax return without having to call on an expert?
The form is simple. Just make sure you save the manufacturer's certificate that states the equipment or service is eligible under the program. If not available with the product, the certificates can also be found on the websites of the manufacturers.
I'm subject to the alternative minimum tax. Will I still be able to qualify for this tax credit?
These credits can be used to offset the AMT, says Gary R. Price, tax partner with Sensiba San Filippo LLP, an accounting firm in the San Francisco Bay area.
Are there any tax incentives for rooftop solar-power systems?
Yes, and they are far more generous. Federal tax credits for solar-energy, small residential wind turbines and geothermal pump systems cover 30% of all costs—installation included—with no upper limit. These are good on both primary homes and vacation homes, new construction or otherwise. And they don't expire until 2016.
Ms. Lemos Stein is a reporter for Dow Jones VentureWire in New York. She can be reached at mara.lemos-stein@dowjones.com.
Copyright © 2010 MarketWatch, Inc. All rights reserved.
By using this site, you agree to the Terms of Service and Privacy Policy.
Rent vs Buy Index
TRULIA’S RENT VS. BUY INDEX REVEALS TOP 10 CITIES FOR RENTING, OWNING HOMES
Miami, Phoenix and Fresno Rank Among Most Affordable to Own vs. Rent, Renting is Cheaper than Buying in New York, Seattle and Fort Worth
http://info.trulia.com/index.php?s=43&item=99
SAN FRANCISCO, October 8, 2010 – Trulia.com (www.trulia.com), a top site for homebuyers, sellers and renters, released today results from its Rent vs. Buy Index, which tracks whether buying a home or renting is less expensive in America’s 50 largest cities, based on current market conditions.
“Choosing to buy a home or continue to rent is a highly personal financial and life decision that many people are grappling with right now,” said Pete Flint, CEO and co-founder of Trulia. “In the wake of the foreclosure crisis and ongoing struggles in the industry, we created the Rent vs. Buy Index to provide a bit more context about current marketplace conditions to help prospective buyers make the right decisions for their own personal situations.”
Trulia calculates the price-to-rent ratio using the average list price compared with the average rent of two-bedroom apartments, condos and townhomes listed on Trulia.com. To create the list, Trulia analyzed the largest 50 U.S. cities by population.
High foreclosure rates, falling home prices and widespread unemployment have led to multiple Florida and Arizona cities reporting homeownership as more affordable than renting; Detroit and Columbus also made the list of Top 10 Cities for homeownership affordability compared with renting for similar reasons. On the other end of the affordability spectrum, owning is significantly more expensive than renting in national and regional job centers like New York, Omaha and Seattle.
“Higher prices of homeownership in cities like Omaha and Seattle reflect the fundamental real estate truth that people want to live where jobs are relatively plentiful,” said Tara-Nicholle Nelson, consumer educator, Trulia. “Workforce demand has kept prices in these cities at a higher level, relative to other large American cities with less healthy job markets – Omaha, for example, has reported unemployment rates significantly lower than national averages.”
The Lone Star State reported interesting complexities with regard to statewide figures for the relative affordability of homeownership, as four Texas cities fell within the top 20 cities where owning is more affordable than renting. In fact, Arlington topped the list of large American cities in which buying is more affordable than renting; El Paso wasn’t far behind at number nine. However, Fort Worth ranked as the nation’s third most rent-favorable city.
Trulia.com Rent vs. Buy Index - Interpretation Key
Price-to-Rent Ratio of 1-15: It is much less expensive to own than to rent a home in this city.
Price-to-Rent Ratio of 16-20: It is more expensive to own a home in this city. The total costs of ownership of a home in this city are greater than the costs of renting, but it might still make financial sense depending on the situation.
Price-to-Rent Ratio of 21+: The total costs of owning a home in this city are much greater than the costs of renting.
Top 10 Cities to Rent vs. Buy
Price: rent ratio
1. New York, NY, 35
2. Seattle, WA, 31
3. Fort Worth, TX, 30
4. Omaha, NE, 25
5. Sacramento, CA, 23
6. Kansas City, MO, 23
7. Portland, ORm 22
8. San Diego, CA, 21
9. San Francisco, CA, 21
10. Boston, MA, 20
Top 10 Cities to Buy vs. Rent
Price: rent ratio
1. Arlington, TX, 7
2. Fresno, CA, 8
3. Miami, FL, 9
4. Mesa, AZ, 9
5. Phoenix, AZ, 10
6. Jacksonville, FL, 11
7. Detroit, MI, 11
8. Columbus, OH, 12
9. El Paso, TX, 13
10. Nashville, TN, 14
Download the graphic for above data chart here.
To see how the largest 50 cities in America ranked on this month’s rent vs. buy index, click here.
Methodology
Trulia calculates the price-to-rent ratio for the 50 largest U.S. cities using the average list price compared with the average rent on two-bedroom apartments, condos, townhomes and co-ops listed on Trulia.com. This Index considers both the total cost of home ownership against the total costs of renting (examples of costs for both home ownership and renting outlined below).
Sample Price-to-Rent Ratio Calculation:
Average List Price: $90,445.60
Average Rent: $936.30
Price-to-rent ratio: $90,445.60 ÷ ($936.30 x 12) = 8.05
Definitions:
Total costs of home ownership include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of homeownership include an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions.
Total costs of renting include rent and renter's insurance.
|
