The rest of the nation may be emerging from the economic recession, but Texas is amongst the top of the pack according to recent numbers. Texas recently dominated a top ten ranking of cities which have most recovered from the 2008 recession and took more spots in the rest of the ranking than any other state. Yes, Texas is strong, and one needs to look no further than the Lone Star’s housing market. More people have been moving to Texas year over year, and the jobs market has been improving in each of the major cities over the past 3 to 5 years.
The following is a list of facts about the top 4 most populated cities in Texas:
Dallas/Fort Worth Metroplex
Employment has been on the rise since 2010, averaging a 2.15% annual increase since that year.
Home sales have been on the rise since 2010, and the average cost of homes has been rising as well. The time homes have been on the market has been shrinking rapidly. In 2013, houses had been on the market about 2 months fewer than the previous year.
The population in the D/FW Metroplex continues to grow, aided by a steady stream of international newcomers in the past few years.
Added bonus: 4 of the top 10 ranked elementary schools in the state of Texas are located in the Dallas/Fort Worth Metroplex, with Fairview Elementary coming in at the second place spot.
Austin and Round Rock have seen steady employment growth since 2005, likely in part due to a booming tech industry. Employment rates have increased at an average of 2.9% in the area for the past five years.
The Austin area was not immune to the housing slump, but they’ve made a quick turnaround. Over 30,000 homes were sold in 2013, bringing in $8.7 billion to the area.
Houses have been spending less time on the market here in the past few years. In 2013, the average house was on the market for 2 to 3 months.
The population in Austin and Round Rock has been increasing for years and has been growing at a rate of 2.8% over the past five years. The majority of newcomers to the area are domestic.
Unlike other major Texas cities, San Antonio’s employment rates have been on a slow but upward trend since 2001, averaging a 1.8% increase over the past 5 years. The unemployment rate spiked in 2010, however, and has been steadily decreasing ever since.
San Antonio’s housing market has been on the rise in the past few years. In 2013, over 24,000 homes were sold in this area, though the number of homes available on the market has been dropping since 2010.
Following the broader trend of the state, San Antonio’s population is on the rise. The number of people living in this south Texas city has been increasing at a rate of 2% over the past 5 years.
The Houston, Baytown and Sugar Land area has seen increased employment rates combined with decreased unemployment rates. This could be born out of the increased population in the area.
The Houston area has also been recovering from the housing slump at a strong and steady pace. Over 20,000 more homes were sold in 2013 than in 2009, and the average price of these homes has also been on the rise. The homes are being bought up quickly, to boot. In 2010, Houston area homes were on the market for an average of 7 months. In 2013, houses only remained available for an average of 3 months.
The population in the greater Houston area continues to increase year over year. Over the past 5 years, Houston’s population has grown by about 2% each year. Like the Dallas/Fort Worth Metroplex, the Houston area has seen strong interest from international immigrants, particularly over the last 3 years.