In the midst of an atmosphere of job losses, layoffs and unemployment, Houston just closed the year as the top in the country for job growth adding 57,300 jobs in 2008. From the Houston Business Journal story:
Houston had the best year of any market, picking up an additional 57,300 jobs, according to a new bizjournals analysis…Seventy-two of the markets suffered declines in employment in 2008. The New York City area took the worst hit in absolute terms, losing 120,300 positions…Texas dominated the small list of markets that added jobs last year, nailing down the top three positions, and four of the top five.
The increase is down significantly from 2007 when the area added 218,000 jobs. But the fact that we have job growth while 88% of markets lost jobs in the same time period is a testament to how well the area is weathering the storm. Since the local employment market is the foundation that supports (and fuels) our housing market, this is very positive news for Houston real estate.