A recent report from the Federal Reserve Bank of Dallas, Houston Branch relayed that the region's economy heading in the right direction, showing significant improvement during April.
According to the report, the Houston metropolitan area's economic activity jumped by an annualized rate of 6.6 percent in April, which can be attributed to the upstream and downstream hydrocarbon industries in the region.
High energy prices have served as resistance for the region's economy, while concerns regarding the rising cost of fuel and food have grown as well. Despite these worries, the outlook for Houston remains positive for 2011, the report states.
The region's employment sector has also shown improvement lately. The report revealed that nonfarm payroll employment grew by an annualized rate of more than 4.8 percent in April, which created more than 2.5 million jobs. Houston's unemployment rate remained at 8.5 percent, however, it remained below the national level of 9.1 percent.
Home sales during April grew 1.6 percent, however, the median price of Houston properties declined to $148,600. The improving economy has also affected the region's number of foreclosures, which fell by roughly 25 percent in April.
Courtesy of 2M Realty News