NEW YORK (CNBC) – Last week, CNBC referred to Texas as a “well-oiled real estate machine.” And they meant it literally.
According to the news source, residential real estate in Texas is benefiting from an economy driven by energy production. Real Estate Center Research Economist Jim Gaines agrees.
“The middle of the country, the spine, has done much better than the two coasts,” Gaines said. “A common thread is energy, from Texas to the Dakotas — there has been a real boom time due to the exploration and drilling activity.”
This boom means more jobs. In fact, data from the Bureau of Labor Statistics show Texas ranks in the top ten in job growth from 2001 to 2011.
That helps with housing prices. CNBC reports Houston, Dallas-Fort Worth, Austin and San Antonio saw minimal declines in the bust and are essentially fully recovered.
“The ability of all markets in Texas to weather the national economic storm was due in significant part to the strength of the energy industry,” said Texas Association of Realtors Chairman Joe Stewart. “However, more important than that is the diversity of the Texas economy, which has helped drive job growth and demand for real estate.”
