Omaha’s Economic Growth

Discover why Omaha is a 2024 real estate hotspot. Booming economy, rising housing demand, and growing investment opportunities await savvy investors.

Omaha’s Economic Growth

Omaha’s Economic Growth Fuels Real Estate Success

Omaha, Nebraska, is rapidly becoming one of the most attractive markets for real estate investment in 2024. With a thriving economy, steady job growth, and a booming housing market, this Midwestern gem offers a unique blend of stability and opportunity. Let’s explore why Omaha is the perfect place to invest in real estate this year.

1. Strong Economic Foundations

Omaha's economy continues to thrive, adding 12,700 net jobs over the past year. The unemployment rate, at 2.9%, remains well below the national average of 4.3%, showcasing a resilient and growing workforce.

Key industries driving Omaha’s economic expansion include:

  • Education and Health Services: Employment in this sector grew by 7.8% compared to September 2023, according to the Monthly Economic Indicators report from the Greater Omaha Chamber.
  • Information Technology: Jobs increased by 5.1% year-over-year, based on the same report.
  • Construction: Saw a 3.1% rise in employment compared to last year.
  • Manufacturing: Experienced a 2.8% increase in job opportunities over the past year.

This year-over-year growth reflects Omaha's dynamic economy and its capacity to attract talent and investment across diverse sectors. 

2. A Thriving Housing Market

Omaha’s real estate market is on the rise, with a surge in new housing developments that reflect the city’s economic momentum. In September 2024 alone, 307 single-family construction permits were issued, valued at $59.9 million. This growth signals strong demand for housing and underscores confidence in Omaha’s future as a destination for homeowners and renters alike.

Opportunities for Home Builders

Local home builders are rising to meet this demand, creating high-quality housing that attracts new residents and investors. For home builders, Omaha’s booming economy offers significant opportunities to capitalize on the growing need for residential properties. For investors, these developments provide access to a robust market with potential for long-term rentals and property appreciation.

As Omaha continues to expand, its thriving housing market represents a key pillar of the city’s ongoing economic success, offering ample opportunities for builders and investors to contribute to and benefit from its growth.

3. Rising Wages and Economic Stability

Private hourly wages in Omaha have risen by 5.9% over the past year, reaching an average of $33.69. This increase enhances the purchasing power of residents, making the city’s rental market more stable and profitable for investors.

4. Enhanced Connectivity and Growth

Omaha’s rising prominence as a destination for business and leisure is reflected in the significant increase in travel and tourism activity. Recent data shows a record $4.6 billion in visitor spending in Nebraska during 2023, a notable jump from $3.5 billion in 2019. This surge includes 311,000 additional overnight stays, with the majority—76%—coming from out-of-state guests.

Eppley Airfield also reported a rise in passenger departures in September 2024 compared to the previous year, further underscoring Omaha’s growing appeal. The city has attracted over 14.2 million visitors since 2022, with 36% attending conventions and meetings, fueling demand for accommodations and hospitality services.

This increased connectivity and travel activity are driving growth across Omaha’s hospitality sector, contributing to the broader economic expansion. For real estate investors, Omaha’s thriving tourism and hospitality markets represent a prime opportunity to capitalize on the city’s upward momentum.

5. Real Estate Investing Made Simple with Realbricks

Realbricks makes it easier than ever to invest in Omaha's flourishing real estate market. Through fractional ownership, investors can start with as little as $100 and benefit from:

  • An estimated 6% dividend yield on long-term rental properties
  • Opportunities to diversify and grow your portfolio
  • A hassle-free way to invest in highly vetted real estate assets

With Realbricks, you can capitalize on Omaha’s growth without the challenges of traditional property management.

Download the Realbricks app today on The App Store or Google Play or sign up below to start owning real estate quickly and affordably. 

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Conclusion

Omaha’s economic growth, housing expansion, and rising wages make it a standout destination for real estate investment in 2024. Whether you’re a seasoned investor or just getting started, Omaha offers stability, growth, and opportunity. 

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Disclaimer: Investing in real estate involves risks, including the potential loss of capital. This content is for informational purposes only and is not intended as investment advice. Investors should perform their own research and consult with financial professionals before making investment decisions.