Texas Poised to Outpace Nation Again in 2012!
Texas’ economic outlook for 2012 is positive. Job growth is occurring in several sectors, and a low cost of living is enticing businesses to move to the Lone Star State.
It will be tougher going for the nation, however, because of several factors. The housing market needs to clear a high number of foreclosures. Consumers need to pay off their debt. The banking system needs to write off bad debt. Small businesses need to start hiring again.
Writing for the January issue of Tierra Grande magazine, Real Estate Center Chief Economist Dr. Mark Dotzour says, “Fortunately, Texas is poised to outperform the U.S. averages. Home sales volume in Texas should show modest improvement over 2011, and prices should be stable throughout 2012.” Dotzour’s economic outlook is titled “Texas Sails On: Nation Battles Headwinds.”
Other articles detailing findings from the nation’s largest publicly funded real estate research organization are in the issue scheduled for mailing in late January.
- “Beyond a Reasonable Drought” by noted agricultural expert Dr. Joe Outlaw and Center Research Economist Dr. Charles Gilliland. Farmers, ranchers and service businesses that support them are suffering negative effects of the drought. To make matters worse, federal agricultural programs are on the chopping block to reduce the deficit.
- “The Great Recession: Why Intensity and Duration Varied” by Center Research Economist Dr. Ali Anari. Why did some Texas metros fare better in the Great Recession? Results from the Center’s business cycle research program pinpoint several reasons. These included shares of employment in the government sector, education and health services industry, mining and construction industry, and the metro’s level of educational attainment.
- “Dialing Down Debt: Road to Recovery Begins at Home” by Center Research Analyst Gerald Klassen. It will hurt, but American households will have to liquidate their assets and reduce debt if they want the economy to recover. This means selling luxury items including vacation homes, boats and RVs, as well as selling investments, declaring bankruptcy or suffering through foreclosure.
- “For the Record: When to Toss Old Tax Records” by Center Research Fellow Dr. Jerrold Stern. At a minimum, tax records should be kept three years. However, a period of seven or more years is recommended. Tax and nontax factors play a role in the decision.
- “Vested Rights: Project Protection for Developers” by Houston attorney Reid C. Wilson. Vested rights freeze land use regulations affecting property classification, building size, lot size-dimension-coverage and certain other matters once the owner or developer files a permit application for that project.
- “The Trouble with Troubled Assets” by Center Research Economist Dr. Harold Hunt. The volume of distressed property sales was expected to be much higher by this time. So far, everyone is still waiting. However, according to commercial real estate insiders, distressed sales are on the way up.
- “Terminated: Transfer Fees Outlawed” by Center legal expert Judon Fambrough. Transfer fees, money paid for transferring interest in real property, were implemented in 2007 legislation. Four years later, that law was repealed, prohibiting any future transfer fees and terminating existing fees that do not comply with the new legal requirements.
Source: RECON
Read MoreRockwall is #1 for Jobs According to CNN Money
Rockwall County is rockin’ and rollin’ at the top of our list for job creation. It may be the Lone Star State’s smallest county, but it’s one of Texas’s fastest growing, with a population that’s almost doubled in the last decade.
The county borders Lake Ray Hubbard in the northeast corner of the Dallas-Fort Worth Metroplex. Development there once centered on homes and recreation, but now Rockwall wants to be a place where its wealthy residents live, play — and work.
Like many of the counties on our list, Rockwall is luring businesses and jobs from
nearby big cities with generous incentives and a higher quality of life. The latest development is Harbor Heights, a seven-story 110,000 square foot office tower slated to open next year. Major corporations like L-3 Communications and Pilgrim’s Pride make their home in the Rockwall Technology Park where more companies are expected to join their ranks.
Source: CNN Money
Read MoreTexas Betters U.S. Growth
The Texas economy gained 231,700 jobs from December 2009 to December 2010, an annual growth rate of 2.3 percent, according to the Real Estate Center’s latest Monthly Review of the Texas Economy. U.S. nonfarm employment rose 0.8 percent over the same period. The state’s private sector posted an annual employment growth rate of 2.7 percent compared with 1.2 percent for the U.S. private sector from December 2009 to December 2010. Texas’ seasonally adjusted unemployment rate was 8.3 percent in December 2010, up from 8.2 percent in December 2009, while the nation’s rate decreased from 9.9 to 9.4 percent over the same period. All Texas industries except trade and information had more jobs in December 2010 than in December 2009. All Texas metro areas had more jobs in December 2010 than in December 2009. Odessa ranked first in job creation followed by Brownsville-Harlingen, Waco, Longview, and Killeen-Temple-Fort Hood. The state’s actual unemployment rate in December 2010 was 8 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, College Station-Bryan and Abilene.
Source: Real Estate Center
Read MoreTexas Leads the Way in Recovery
The Texas economy continues to outperform the U.S. economy in the current recovery, according to the Real Estate Center’s latest monthly economic review.
The state’s economy gained 194,400 jobs from November 2009 to November 2010, an annual growth rate of 1.9 percent, compared with the nation’s 842,000 jobs, an annual growth rate of 0.6 percent.
Texas’ private sector continues to play a key role in job creation. The state’s private sector posted an annual employment growth rate of 2.2 percent compared with 1 percent for the U.S. private sector from November 2009 to November 2010.
The state’s seasonally adjusted unemployment rate was 8.2 percent in November 2010, the same as in November 2009, while the nation’s rate decreased from 10.0 to 9.3 percent over the same period.
All Texas industries except the trade and information industries had more jobs in November 2010 than in November 2009. The state’s mining and logging industry ranked first in job creation followed by professional and business services, education and health services and manufacturing.
All Texas metro areas had more jobs in November 2010 than in November 2009. McAllen-Edinburg-Mission ranked first in job creation followed by Brownsville-Harlingen and Austin-Round Rock-San Marcos.
The state’s actual unemployment rate in November 2010 was 8.3 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, College Station-Bryan and Abilene.
Source: Real Estate Center
Read MoreTexas Job Growth Update
Texas’ economy added 166,600 jobs from September 2009 to September 2010, according to the Real Estate Center’s latest Monthly Review of the Texas Economy.
This is an annual growth rate of 1.6 percent. Over the same period, the U.S. economy gained 321,000 jobs, an annual growth rate of 0.2 percent.
The private sector is playing a key role in job creation in Texas. That sector posted an annual employment growth rate of 1.9 percent compared with 0.5 percent for the nation from September 2009 to September 2010.
The state’s seasonally adjusted unemployment rate was 8 percent in September 2010, the same as in September 2009, while the nation’s unemployment rate decreased from 9.8 to 9.6 percent over the same period.
All Texas industries except construction, trade and information had more jobs in September 2010 than in September 2009.
With the exception of Lubbock, all Texas metro areas had more jobs in September 2010 than in September 2009. Waco ranked first in job creation, followed by Austin-Round Rock-San Marcos, Killeen-Temple-Fort Hood, College Station-Bryan and McAllen-Edinburg-Mission.
The state’s actual unemployment rate in September 2010 was 7.9 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, College Station-Bryan and Abilene.
Source: Real Estate Center
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