The Texas economy ranked fourth in the nation for 2011, according to figures released by the Federal Bureau of Economic Analysis.
The US economy as a whole grew at a rather tepid rate of 1.6% relative to 2010. And remember, 2% is the official threshold for declaring ourselves Safely-Out-Of-The-Recession. The Texas economy, however, grew at a stunning 3.3%. That is more than twice the national average and well out of recession range!
We also ranked...
- Number 1 in population growth (1.67%),
- Number 2 in real GDP growth ($1.5 trillion), and
- Number 3 in employment increases (2.1%).
The Texas economy is now the second largest in the USA, ranking behind California and displacing New York. Actually, if Texas were a country, we would be the fifteenth largest economy in the world.
If this trend continues, it is great news for us here in Houston and for the Texas economy as a whole. And it is great news for real estate as well. Jobs bring in people - and those people need housing - all of which bolsters our housing market and the Texas economy.