Texas housing market stands to benefit from job creation
A healthy housing market and strong employment figures go hand-in-hand. You can't have one without the other, and it seems Texas has both.
The Lone Star State added 21,400 jobs in July, up 2.33% from 12,600 in June. This growth will add fuel to the local housing market, which has remained stable, even competitive with homebuyers in North Texas experiencing bidding wars over properties in key areas in late 2012 and 2013.
So what's the secret to stability in housing and consistent home sales? Well, robust employment numbers help.
Year-to-date, Texas has gained 131,900 jobs, according to seasonally adjusted and benchmarked payroll employment numbers released today by the Federal Reserve Bank of Dallas.
Unemployment rates fell in nine major Texas metropolitan areas last month. Major metros with the biggest declines in unemployment rates were Brownsville-Harlingen and El Paso.
Construction accounts for 5.5% of jobs created in Texas year-to-date.