Homeownership rises in spite of slower economy

The projected homeownership rate in the state of Missouri for 2000 is nearly 7 percent higher than the national average, according to statistics released Feb. 7 by the Missouri Department of Economic Development.

The projected homeownership rate of 74 percent for the state is in spite of sluggish economic growth, according to a news release from the Missouri DED. The home-ownership rate was 73 percent in the Midwest.

Missouri ranked No. 10 for home-ownership in 1999, and homeownership rose steadily in the United States in 2000, according to data from the U.S. Census Bureau.

According to the Missouri DED, a major reason for the increase was a 13 percent increase in new home sales in December 2000, to a seasonally adjusted rate of 67 percent, which was 8 percent higher than analysts anticipated.

"It was a bit of a surprise. With many indicators weakening, you don't expect a particular sector to surge upward. I think it shows that, even though our economy is retooling itself, the economy's foundation is fundamentally strong in the Midwest and here in Missouri, in particular," said Missouri DED Director Joseph L. Driskill, in the release.