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If you are wondering why the Houston Real estate market is booming, you need not look past the fact that we have JOBS...
The Houston-Sugar Land-Baytown Metro Area added 91,600 net new jobs, a 3.4 percent increase in the 12 months ending May ’13, according to data released today by the Texas Workforce Commission. Dallas-Fort Worth led the state in job growth, adding 107,800, a 3.6 percent increase, and Austin netted the third largest gain, adding 31,400, a 3.8 percent increase over the same period.
CHANGE IN PAYROLL EMPLOYMENT
Texas Metro Areas, May ’12 – May ’13
Metro Area
Jobs Added
% Change
Dallas-Fort Worth-Arlington
107,800
3.6
Houston-Sugar Land-Baytown
91,600
3.4
Austin-Round Rock-San Marcos
31,400
3.8
San Antonio-New Braunfels
12,500
1.4
Corpus Christi
5,600
3.0
Midland
4,500
5.6
McAllen-Edinburg-Mission
3,700
1.6
Odessa
3,600
5.0
El Paso
3,000
1.1
Waco
3,000
2.8
Laredo
2,800
3.0
Killeen-Temple-Fort Hood
2,400
1.9
Lubbock
2,100
1.6
College Station-Bryan
1,900
2.0
Longview
1,400
1.4
San Angelo
1,400
3.0
Abilene
1,200
1.8
Amarillo
1,200
1.1
Brownsville-Harlingen
1,100
0.8
Victoria
1,100
2.1
Tyler
400
0.4
Sherman-Denison
200
0.5
Wichita Falls
-100
-0.2
Texarkana
-400
-0.7
Beaumont-Port Arthur
-1,200
-0.7
Source: Texas Workforce Commission
The slip in Houston’s employment growth rate is not unexpected nor is it something to fret over. Employment in Houston has grown between 3.8 and 4.5 percent (annual rate) since May ’12, a pace clearly not sustainable. Over the past ten years, employment growth in Houston averaged 2.0 percent. Woods & Poole forecasts employment to grow 2.1 percent through ’20. Economist Ray Perryman forecasts employment to grow 2.4 annually through ’17. The Partnership’s foreissued in December called for growth of 2.8 percent this year. Employment growth should settle at or above 2.0 percent in the not too distant future.Given that, the fact remains that since the bottom of the recession the metro area has added 304,900 net new jobs, or an increase of 12.3 percent in total employment in the region. Only the New York metro area, with three times Houston’s population, has added more jobs since the recession’s end. Employment is higher now than at any point in Houston’s history.
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Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources:http://www.texasrealestate.com/ or https://www.har.com/. And for all of your Pearland, TX and Northern Brazoria and Galveston County real estate needs, please visit my site at:http://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Remember, Danny Frank is always looking to hire new and experienced real estate agents for the team at Prudential Anderson Properties. Are you ready to move to the next level in your career? Call me to join today. You can see my entire blog at: http://www.pearlandrealtyblog.com
Call Danny Frank, at 713-581-4702 to start looking for the JUST right house or to sell your house at the best price ever and in the quickest amount of time.
Danny Frank
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