In our last blog we spoke about how growth is affecting the real estate market in Texas. This month, we want to take a look at one of the reasons such growth is taking place. In a time where the job market is extremely volatile, Texas has seen a tremendous influx of jobs available. In fact, between the years 2004-2014 Texas lead the U.S. in the job growth.
Delving back into Potter’s lecture from our last entry, you can see that Texas tops the list of jobs created over the past decade with 2,180,000. This vastly overshadows its closed competitors, California (810,000), New York (550,000), and North Carolina (340,000). According to a 2014 article by the Washington Post researches say, “Texas has produced hundreds of thousands of well-paying jobs across most industries since 2000, making Texas the top destination for domestic migrants since 2006.”
While oil has always been big business in Texas, the article shows that there has been an even and varied distribution of job growth in different industries from education and health services to construction and trade. This variety of jobs in the market allows for a sustainable amount of growth moving into the future. According to the Houston Business Journal, “Texas added 33,200 nonfarm jobs in May.” This is an increase despite losses in the oil industry. With as much diversity in job growth there isn’t as much fear placed on a bubble bursting and suddenly people are fleeing Texas.
So what does this mean for buying a home? With 29% of the country’s new jobs being founded in Texas, our communities are continually strengthening and becoming richer. Housing values can remain consistent or even demand more of a payoff if you eventually sell. Texas is a highly coveted area for developing a life and a family, rivaling the U.S. most industrious states.
With a nurturing and skilled real estate agency, you can find a spot for you, your family or your business in this changing market. It’s just about being informed. For more reading on Potter’s lecture, refer to the linked pdf. Come back each month for more exploration on how to approach Texas’s ever changing climate.
Power Luncheon PDF
Washington Post Article: http://www.washingtonpost.com/blogs/govbeat/wp/2014/03/07/texas-isnt-just-leading-the-nation-in-job-growth-its-doing-it-more-equitably-too/
Houston Business Journal: http://www.bizjournals.com/houston/news/2015/06/19/texas-job-growth-back-on-the-upswing-despite-oil.html