Location, Location, Location: Manufacturing and House Price Growth

Nir Jaimovich, Stephen Terry and Nicolas Vincent

No 15409, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Exploiting data on tens of millions of housing transactions, we show that (1) house prices grew by less in manufacturing-heavy US regions and (2) that this pattern is especially present for the lowest-value homes. Counterfactual accounting exercises reveal that regional di↵erences in the growth of these lowest-value homes more than fully account for an observed increase in overall house price inequality. We conclude that the relative economic decline of manufacturing- heavy areas extends far beyond income and employment flows to include shifts in important local asset prices, a pattern which matters for total house price inequality.

Keywords: Manufacturing decline; House prices; Housing inequality (search for similar items in EconPapers)
Date: 2020-10
New Economics Papers: this item is included in nep-ure
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