Two new reports out Tuesday indicate Lansing is experiencing a mini economic recovery.
First is a report from NBC’s “Today” show listing Lansing as being the third best real estate market to invest in. Lansing Mayor Virgil Bernero told Michigan Messenger that the city was facing an average of 10 foreclosures per week. “Today” reports that real estate prices have dropped an average of 25.1 percent, but have seen a modest 2.4 percent increase in value in the last quarter. The average cost of a house in Lansing is $81,200.
And while Lansing’s real estate market is a good place to eye for investments, a new report from the Lansing Economic Development Corporation shows Lansing’s gross domestic product has been on a steady incline since 2005.
That report showed that Lansing had a GDP growth between 2005 and 2008 of 9.2 percent, putting in par with Battle Creek. That number was topped by Kalamazoo which saw an 11.2 percent increase, while Ann Arbor and Grand Rapids did not fair nearly as well. Ann Arbor posted a 3.2 percent growth, while Grand Rapids posted a 5.5 percent increase.