Commercial projects a residential indicator?

Cranes in the sky building commercial projects is good news for residential real estate sales.

During meetings with reporters on Monday, members of the Greater Baltimore Board of Realtors discussed what they expect to see in the housing market this spring. T. Ross Mackesey, president of the Greater Baltimore Board of Realtors, said that when he sees building of commercial projects it means jobs aren’t far behind, which means customers that feel confident enough in their job security to purchase a home.

“We’re starting to see cranes again, and when there’s commercial development they have to vet the project within the development company, and they have to get lenders on board to also agree with them, and when we see over $1 billion in commercial development in Baltimore City … that just breeds confidence,” Mackesey said. “That money, an awful lot of that trickles down locally from the employment standpoint.”