Despite the bottomless downturn in the national economy, Texas' real estate market remains resilient as major metropolitan areas continues to post gains in employment and population according to a report by Houston real estate valuation and consulting firm.
Texas is not completely immune to the national economic downturn. But we continue to see positive trends in real estate and growth in the overall economy. Houston, Austin, Dallas/Fort Worth, and San Antonio are the top four gainers in job growth in the nation. Those four cities are also in the nation's top 10 for population growth. When Texas cities dominate the national economic statistics, it signifies that Texas real property is significantly outperforming other regions.
Texas' economy has been bolstered by health care, education and technology, and the hot energy sector is continuing to drive the state's economy, particularly in the Houston and Dallas markets. The domestic rig count, a measure of oil and gas drilling activity, is at its highest point since 1985. This is fueling demand for more office and industrial space by Texas energy companies and manufacturers of oilfield equipment.
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