Good news continues to emerge for those in the market for custom homes in Austin. The U.S. economy is showing evidence of an upturn. It’s not quite on the level increase we saw in the mid-90’s by any stretch of imagination, but even the slightest of upturn can give us hope for the near future. After all the Dow Jones did touch 13,000 points today for the first time since May 20, 2008.
It’s no secret that Texas has not been hit as hard as the rest of the nation during the recession. That being said, it’s not hard to believe that the Texas economy is bouncing back faster than other parts of the country as well. According to the monthly Economic Indicators report on the Central Texas region prepared by the Austin Chamber of Commerce, three of the top eleven U.S. metros that experienced growth in employment and growth in per capita GDP from 2010 to 2011 are from Texas (1 – Houston, 2 – Dallas, and 11 – Austin).
When the inaugural Global MetroMonitor was released by the Brookings Institution in November of 2010, Austin was ranked as the No. 1 metro in the U.S. and No. 26 in the world based on jobs and income growth during the economic recovery. In the Brooking’s pre-recession ranking, Austin is 25th globally and 3rd nationally, in the recession period, Austin is 40th globally and 3rd nationally, and in the recovery ranking, Austin is 26th globally and 1st nationally.
Even through strenuous economic times like this Great Recession, Austin has not been hit as hard as other parts of the country. With economic experts predicting continued recovery, the Austin economic situation will continue to improve, as will the home industry. You might consider picking back up on your custom home plans as the cost of labor and materials will only go up from here. What are your thoughts on where the market is going from here?