Economics of Texas

A great article in the Statesman this Sunday provided insight into the economics of Texas and how we compare to other areas. Here is the scoop:

Leading indicators that are used to track the progress of an areas economic situation show a downward fall in November for Texas of 4.5% from the previous year and the national average was down 3.3%

For new home starts, Texas was down 33% from last year and the national statistics were down 41%

Existing home sales were down 16% with nationwide sales down 13%

Foreclosures showed that as of December one in every 971 mortgages in Texas was a foreclosure. In Nevada 1 in 71, in California 1 in 147 and in Arizona 1 in 163.

Texas unemployment rate in December was 6%. In Michigan 10.6%, in California 9.5%. While other large states lost jobs, Texas added 153,000 jobs in 2008.

For the last seven consecutive years, Texas has lead the nation in exports.

Although Texas has some of the highest electricity rates, gasoline prices tend to be lower.

The consumer price index rose for Texas in December to 0.2% which was double the national gain but overall the Texas index remains lower which usually means a lower cost of living

Consumer confidence fell in Texas last month to 64.1 from a year ago and nationally it's down to 37.7.

Robin Scott, Broker. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. Amelia Bullock Realtors. 512.589.7988.