Any business observer who believes U.S. manufacturing is dead in America only needs to visit the Elmira, New York area in Chemung County to find it in thriving existence. Top employers in the area have prevented the region from plunging economically like many other areas, shoring up housing prices in a town that manufactures everything from flat-screen monitors to railroad equipment to unmanned aircraft.
Home to Fortune 500 and global corporations, its stable economy is anchored with companies that have called the county home for more than 100 years.
The diverse economy has created an environment of a stable housing industry that is moving up in price on a quarterly basis, as well. Quarter over quarter, the home prices in Elmira have grown over the last year, according to the National Association of Realtors. Trulia.com measures the prices flat for them month while home sales have dropped compared to year over year.
At $105,000 for the third quarter of 2008, home purchasers have paid an average of 12 percent more than a year before.
Just like its economic consistency, the housing market has regularly sold about 1,200 houses per year. Only two years over the last decade there have only been two periods when home sales have deviated from this norm -- the third quarter of 2004 and the past third quarter of 2008.
The city is confident on its real estate values and tax revenues, passing a 2009 budget that will include an average $25 increase per year for real estate taxes to shore up the budget and prepare for infrastructure redevelopment.