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Department of Labor statistics show Binghamton’s economy recovering faster than New York’s

first_img(WBNG) — While the coronavirus has continued to wreak havoc on our economy, the Binghamton-area is doing better than most. Even though the unemployment rate dropped about four and a half percent over the past month, since May 2019, unemployment has skyrocketed by more than 175%. The average unemployment rate in the state was 14.5%. Other industries that added jobs over the past month include leisure and hospitality, trade and non-farm jobs as a whole. The public sector, including government and education, lost jobs in the Binghamton Metro Area in May.center_img The New York State Department of Labor says the Binghamton Metro Area had an unemployment rate of 10.6% in May, which was the third lowest unemployment rate of the 18 metro areas in New York. While the Department of Labor told 12 News it couldn’t say for sure why Binghamton had a relatively low rate, department statistics show the area did see a big boost in service jobs from April to May.last_img read more

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Growing numbers of homeowners are focused on property upgrades

first_imgJohn and Emma Stubbs renovated their home in Annerley. Photo: JACK TRANYoung Brisbane homeowners are leading the way in renovating their properties to accommodate growing families, according to a new report.Three quarters (76 per cent) of Australian homeowners are on a home renovating journey, up 12 per cent since 2015, Westpac’s Home Ownership Report shows.Of those, almost half (47 per cent) are considering renovating their home, one in five (20 per cent) are now renovating, and 70 per cent have undertaken past renovations.The nationwide study commissioned by Westpac found renovating was now the highest priority for nearly one third (32 per cent) of homeowners considering a house-related activity in the next five years.Gen Y was found to be the generation most likely to be considering renovating in the future (46 per cent), compared with Gen X (39 per cent) and then Baby Boomers (31 per cent).Annerley’s Emma Boddington-Stubbs and architect husband John Stubbs, both 39, have been renovating their home for the past 10 years.“The previous owners wanted us to buy it over others because we planned to return its architectural character rather than a new development,” Mrs Boddington-Stubbs said.“While it is our home and John’s place of business, it is also an investment for the future.”Mrs Boddington-Stubbs said they had lived in several apartments and wanted to own a home so they could have some dogs and put items on the wall where they wanted.She said renovating the house had involved “a lot of work”. We made a rookie error and started renovating before asking the bank for a loan,” she said.“They took one look at the house and said they would give us a fraction of what we wanted to finish it.More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours ago“As a result, our renovations have been self-funded, which, while tough, will mean a far greater profit for us when we come to sell.”Ray White Indooroopilly agent Desley Arnold said many Gen Ys were wanting to get their foot in the door, and get off the rent cycle.“Inner suburbs are providing excellent opportunities to pick up an older property with the right address, school catchments etc, and then allowing them the time to be able to renovate when affordable,” Arnold said.“Units and apartments are also proving popular as a first home, with the option to renovate for themselves, or use as equity to purchase a house in the same area.“Suburbs in the inner west are ideal for these buyers as many owners are original, having been in the area for 40-plus years and the homes are solid and perfect for renovation.”She said if seeking the right address for schools and easy access was important, then buying a new house was not usually an option for the Gen Ys in these areas, due to the high end asking price, however purchasing an older home and renovating was.Westpac Group head of home ownership Chris Screen said the competitive housing market had inspired a surge in home renovations.“With rising property prices and intense competition for property in metro areas, many homeowners are looking to renovate their existing property rather than sell and risk losing their position in the market,” Screen said.last_img read more

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