Register Real Estate Advisors

COLLEGE STATION (Real Estate Center) – The Texas economy continues to outperform the U.S. economy, according to the Real Estate Center’s latest Monthly Review of the Texas Economy.

From March 2010 to March 2011, Texas gained 237,900 jobs, an annual growth rate of 2.3 percent. Over the same period, U.S. nonfarm employment rose 1 percent.

The state’s private sector also exceeded U.S. figures, posting an annual employment growth rate of 2.7 percent compared with 1.6 percent for the U.S. private sector.

The state’s seasonally adjusted unemployment rate fell from 8.2 percent to 8.1 percent. The nation’s rate decreased from 9.7 to 8.8 percent.

All Texas industries except financial activities and information industries had more jobs in March 2011 than in March 2010. All Texas metro areas, except Abilene, Brownsville-Harlingen and Laredo, had more jobs. Petroplex Odessa ranked first in job creation followed by Midland, Longview and Dallas-Plano-Irving.

The state’s actual unemployment rate in March 2011 was 8.1 percent. Midland had the lowest unemployment rate followed by Amarillo, College Station-Bryan, Lubbock and San Angelo.

DALLAS (Dallas Business Journal, Austin American-Statesman, San Antonio Business Journal, San Antonio Express-News) – By all accounts, Texas is holding firm when it comes to job creation.

 Just days after the Real Estate Center’s latest review of the Texas economy found that the state as a whole gained 133,100 jobs during the year ending in August, the Dallas Business Journal reported that Dallas-Fort Worth-Arlington posted the second strongest employment gains in the last year in the nation.

 That market gained 28,700 jobs betwen August 2009 and August 2010 — a 1 percent increase — making it second only to New York City.

 But DFW isn’t the only Texas metro with good news this week on the employment front.

 The Austin American-Statesman reports that Progressive Group of Insurance Companies will hire 175 more workers at its Austin contact center in January.

 Meanwhile, in San Antonio, Christus Santa Rosa Health System will employ about 100 at its planned $25 million surgical specialty hospital on Treeline Park. In addition, Allstate Insurance Co. plans to hire at least 100 bilingual employees over the next month at its local customer information center, and West Corp. will expand the full-time workforce at its Universal City office by more than 500.

COLLEGE STATION (Real Estate Center) – As the new year begins, the question on most investors’ minds is “what’s in store for the U.S. economy in 2010?”

 Real Estate Center Chief Economist Dr. Mark Dotzour has some thoughts on the matter, putting him in high demand lately.

“The good news is that people are tired of being afraid,” Dotzour said at a recent conference sponsored by the National Association of Industrial and Office Properties (NAIOP). “Consumer confidence is picking up and the private sector is about to turn around. The private sector has right-sized.”

Dotzour’s remarks were included in the winter issue of NAIOP’s magazine, Development. 

While Dotzour is used to taking his show on the road, now he’s taking it online as well.

He recently shared his thoughts on the future of the commercial real estate market in a 44-minute webinar for the National Association of Realtors (NAR). You can listen to the presentation and view his Powerpoint presentation on NAR’s website.

AUSTIN (Austin Business Journal) – The Texas economy is predicted to begin a slow, steady recovery in 2010, according to BBVA Compass’ U.S. Regional Watch third-quarter report.

The report predicts a 1.7 percent increase in the state’s gross domestic product (GDP) in 2010, following a small contraction in 2009. This will be aided in part by a surge in home sales, according to the bank’s economists.

Home sales across Texas are predicted to increase by 4.5 percent in 2010 after declining by 12 percent by the end of 2009.

Though Texas projected a 9.5 percent deficit at the beginning of the year, it is the only state among the seven Sun Belt states covered by BBVA Compass to forecast a balanced budget in 2010.

The report also said that Texas will benefit the most from funding through the federal government stimulus program, considering the amount of money to be received by the state equates to its entire 2009 budget shortfall.

For more on the Texas economy, check out the Real Estate Center’s monthly economic reviews.

COLLEGE STATION (Real Estate Center) – More than two million U.S. jobs were lost from November 2007 to November 2008, representing 1.5 percent of its labor force. The Texas economy fared much better during the period, gaining 222,900 jobs and increasing its labor force by 2.1 percent.

The state’s seasonally adjusted unemployment rate rose from 4.2 percent in November 2007 to 5.7 percent in November 2008. The U.S. seasonally adjusted unemployment rate rose from 4.7 percent to 6.7 percent over the same period.

Despite recent oil price decreases, the state’s mining industry continues to gain jobs. It ranked first in job creation, followed by professional and business services, leisure and hospitality, education and health services, and construction.

All Texas metros experienced positive employment growth rates from November 2007 to November 2008. McAllen-Edinburg-Mission ranked first in job creation followed by Laredo, College Station–Bryan, Longview and El Paso.

The state’s actual unemployment rate in November 2008 was 5.6 percent. Petroplexes Midland and Odessa ranked first and second in lowest unemployment rate followed by Amarillo, Lubbock, Abilene and College Station–Bryan.

COLLEGE STATION (Real Estate Center) – The Texas economy is cooling but continues to create jobs. While the U.S. economy lost more than 2.8 million jobs from December 2007 to December 2008, Texas gained 154,600 jobs over the same period.

The state’s seasonally adjusted unemployment rate rose from 4.2 percent in December 2007 to 6 percent in December 2008. By comparison, the U.S. seasonally adjusted unemployment rate rose from 4.9 percent to 7.2 percent during the same period.

Recent decreases in oil prices have begun to adversely affect the Texas oil and natural gas industry’s ability to generate jobs. The industry’s employment increased 3.7 percent from December 2007 to December 2008, a drop from 7.1 percent for the period November 2007 to November 2008. Even so, the industry ranked first among Texas industries in employment growth rate.

The professional and business services industry and the leisure and hospitality industry posted annual employment growth rates of 3.3 percent from December 2007 to December 2008 and ranked second among Texas industries in job creation.

All Texas metros experienced positive employment growth rates from December 2007 to December 2008. McAllen-Edinburg-Mission ranked first in job creation followed by College Station–Bryan, Houston–Sugar Land–Baytown, and Killeen–Temple–Fort Hood.

The state’s actual unemployment rate in December 2008 was 5.7 percent. Midland had the first lowest unemployment rate followed by Amarillo, Lubbock, Odessa and College Station–Bryan.