According to a recent BizJournals report, Houston's economy is reaching pre-recession levels.
Bill Gilmer, senior economist at the Federal Reserve Bank of Dallas, recently spoke to an audience regarding the region's growth. He relayed that Houston added 325,000 jobs between 2003 and 2008, which was tops among all cities in the country.
"The jobs market has been the most disappointing part of the economic pictures," Gilmer told his audience.
In addition to adding a significant number of jobs, the region's economy has achieved pre-recession levels, Gilmer stated. Houston's landscape bottomed out in 2008, however, since then, no other city in Texas has reached their pre-recession levels.
Houston's economy could have improved even further, according to Gilmer. However, cutbacks from NASA, healthcare reforms, a deepwater drilling moratorium and cap and trade proposal threats have provided resistance.
One result of the improving job market and economy is the better Houston real estate market. A recent Altos Research report discovered that Houston properties sold for an average of $216,668 during May - a 1.4 percent month-over-month increase and a 3.21 percent jump from the previous three months.
Courtesy of 2M Realty News