(Photo credit: jmtimages)I hear it pretty often. "I'm moving to Texas, the economy is great down there, lots of jobs, great cities, etc.." The real estate industry seems to support my suspicions. The Texas real estate industry is one of the few that is seeing a rise in home prices, especially in the hot San Antonio region, so if you are looking for some San Antonio TX real estate, you better snatch those properties up fast! I thought I would look into Texas a little more into the Texas economy, and see if all the hype matched the stats. Here is what I found:
Texas is indeed one of the largest employers in the country. Not only that, but over the past several years the rate of employment has expanded at a moderate pace, about 2% according to the Federal Reserve Bank of Dallas.
As in correlation with job growth, businesses and industries have seen positive and consistent growthover the past several years. Retail sales have substantially increased over the past few years, which indicates stronger buying power of residents in Texas. An eye opener for me was the fact that there have been strong improvements in Texas real estate. Sales have been up 8.7% from a year ago, and prices rose by 0.8%, which are numbers that don't easily go up together. There are also many Texas home rebates that are particularly high at the moment, which provides even more incentive to consider living in the state.
The biggest question economists are asking about Texas is how long can they sustain consistent economic growth like this for? Towards the end of 2011, employment and economic growth flattened, but overall the year of 2011 was positive for Texas. In any rate, it is always good to see a state that is enjoying prosperity despite economic hardships.