Economist: Austin economy keeps outperforming nation's as a whole (Houston: real estate, apartments)

[CptnRn]

Economist: Austin economy keeps outperforming nation's as a whole

Against the worst national economy in more than 60 years, the Austin area stands out as the best market in the nation.

That's the bottom line from Mark Sprague, an expert who follows the economy and housing markets both locally and nationally.

The Austin area also has a low supply of newly built homes on the market, with about a three-month inventory. Six months is considered a healthy balance . That comes amid growing demand, with 56,000 people a year — 153 a day — moving to the area.

"There's tremendous demand coming to this city," Sprague said. But there is a tight supply of apartments and houses to lease, and only 1,500 apartment units being built this year.

Sprague's positive local outlook was in contrast to a gloomy national forecast delivered Wednesday by Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M University.

For 2011, the five-county Austin metro area is expected to add 7,000 to 11,000 jobs, with the gain probably closer to 15,200 more jobs this year than last, according to the Federal Reserve Bank of Dallas, Sprague said.

[kbchitown]

Rick Perry's 'Texas Miracle' Includes Crowded Homeless Shelters, Low-Wage Jobs, Worker Deaths

Rick Perry's Jobs Record Raises Questions About Texas Governor's Legacy

'cuz there's always two sides to the story.....

[CptnRn]

Austin's success has nothing to do with Rick Perry. He is a typical politician, looks to see which way the crowd is moving, then runs out in front to pretend he is leading it.

[ImOnFiya]

Most people within Austin, San Antonio, Dallas, and Houston city limits can't stand Rick Perry (they're Democrats)!

[MoNative34]

I would still discourage a move here to someone that doesn't have a job lined up beforehand. Headlines and articles such as the this one make it appear easy and utopia-like.

Unless you have enough saved to survive for a year, have skills in demand in the area, hit the pavement and network your hind end off.

[migol84]

I wonder if this kind of thing will make Austin become a top tier city in the near future, kind of like the gold rush making San Francisco a top tier city but on a smaller scale. Somehow oddly enough the economy crisis seems to be working in Austin's favor as well.

[eepstein]

Yes, no place creates more minimum wage jobs better than Austin and Texas as a whole! We can all thank slick rick for those kuddos!

Originally Posted by CptnRn

Economist: Austin economy keeps outperforming nation's as a whole

[drvncrzy]

I'd say for anyone to come down....a little bit of savings....a little bit of a job search...I'd recommend for anyone to come down....job or not. Things have been real good down here. It's not that hard to find something.

[CptnRn]

Originally Posted by MoNative34

I would still discourage a move here to someone that doesn't have a job lined up beforehand. Headlines and articles such as the this one make it appear easy and utopia-like.

Unless you have enough saved to survive for a year, have skills in demand in the area, hit the pavement and network your hind end off.

And both housing creation and job growth is lagging far behind those numbers, rental occupancies are at an all time high. Austin could find the area inundated with jobless, homeless families like California did during the dust bowl days. Great, just in time for our worst drought since 1950!

[quote]Economist: Austin economy keeps outperforming nation's as a whole
The Austin area also has a low supply of newly built homes on the market, with about a three-month inventory. Six months is considered a healthy balance

"only 1,500 apartment units being built this year".