October 2015

 

Greetings!

U.S. economic indicators reported in August 2015 show positive movement with unemployment rates down, consumer confidence up and existing home sales at their highest pace since 2007. This points to positive growth in the mobility industry.  

 

The average cost to move a homeowner is down nearly 12% since 2011. This is due to the fact that employees have regained much of their equity lost during the recession and are no longer reluctant to move as a result. This is indeed good news for our industry! Read on for more highlights of the Worldwide ERC survey results!  

 

Warm Regards,

Susan 


Each year the Worldwide ERC® examines trends in relocation volume, mobility policy, and the costs associated with mobility within the United States.  The following are some of their key findings from the most recent U.S. Transfer Volume and Cost Survey:
 
  • Current employee relocations were up 4% in 2014 and new hire volume increased 7%.
  • Home ownership rates dropped to 63.4% in 2014. The last time the rate was this low was in 1967 when the rate was 63.3%.  
  • Reluctance to relocate is at 35%; down significantly from the high of 78% in 2012. Up until 2006, the primary reason for the reluctance was due to employee/family resistance. With the onset of the recession and the depressed housing market, the primary reasons were related to home value depreciation and negative equity. In 2015, employee/family resistance is again the predominate reason and is a positive reflection on the health of the housing market.
  • Corporations allow the employees an average of two weeks to decide on the relocation and another month to report to the new location.
  • The overall average cost to move a homeowner peaked in 2011 at $97,166 when losses on the sale of real estate surged.The average reported cost in 2014 was $85,673, down 12% from the high. The average cost to move a renter is about $27,000.

  • Costs increased in the following benefit areas: home purchase closing cost, final move expense, bonus/incentives for home sale, home finding trips and spouse employment assistance. 
  • Costs decreased in the following benefit areas: loss on sale assistance, temporary living, duplicate housing, miscellaneous expense allowance and federal tax liability.
  • Household goods costs remained unchanged.
Need more details?  Give us a call at 800-598-8887
Have a Spooktacular Halloween!

The NRI leadership put together this Halloween mash up for your enjoyment!
 
          Copyright © 2014 NRI Relocation. All Rights Reserved. Phone: 800-598-8887