To follow up on my most recent post I came across some interesting information from the Texas State Comptrollers Office.
Susan Combs has been quoted at several functions across the state. She has cited economic growth 60% above the national average and the creation of more than a quarter-million jobs statewide between April 2007 and 2008.
Comptroller Combs has forecasted a 3.2% growth in the GSP for FY 2008 versus the national projection of just 2% economic growth, due in large part to the state's ability to avoid the widespread sub-prime mortgage crisis and housing crunch. She has also noted that "Our state does not have grossly overpriced housing, a young family can still get a home," Combs said, "Texas has generally avoided the sub-prime mess and housing crisis. Consumer confidence is up." "Texas is also bucking the national trend when it comes to unemployment. While 320,000 jobs were lost in the U.S. last year, Texas added 262,000 in 2007 and another 81,000 since January."
For more information about the Texas economy and latest information regarding the state's economic outlook you can access the Texas State comptrollers website here: Comptroller's website.
I hope this helps to give a balanced perspective.
Thanks Russell - We have so much good news in Texas. Yet there is still a lot of grumbling in the hallways of real estate offices. I choose to simply keep busy with all the buyers that are moving to our area from other states. Good job on reporting the reality here.
Good news in Texas! Make sure good news that is market related and has backup facts, gets placed on the AR group for positive real estate news:
http://activerain.com/groups/PositiveRealEstateNews
Thanks for this post, I am going to use it as an email-out for clients moving to Texas from out of state!