Triad Business Index holding steady

The Triad Business Index for November 2008 was unchanged over the previous month, but over the past 12 months, the TBI was up 2.4 percent.

Some of the highlights of the November report:

• Residential building permits, which reflect planned construction, were off 8.4 percent

• Existing, single-family homes sold in the Triad totaled 1,719 in the 4th quarter (seasonally adjusted), down 12.8 percent

• At the end of the 4th quarter, inventory of homes on the market was 7,801, or 5.2 times the number of homes sold. At the current sales pace, it will take 15.6 months to exhaust the existing inventory.

• The average quality-adjusted price of an existing home in the Triad was $168,107

• The number of foreclosures was down 2.1 percent

The Triad Business Index is a monthly newsletter that focuses on economic trends in the Greensboro MSA. It’s compiled by Donald Jud, professor emeritus and research fellow at the Bryan School of Business and Economics at UNC-Greensboro.