Results from the Metrostudy, relating to job growth and home starts, have just been released…and the news is great!
The economy in the Houston area had more that 13,000 more jobs in 2010 than it did at the end of 2009. This is a .5% increase after loosing jobs in the previous year. Concerning home starts in our area, there was an increase of 1.1 % over 2009. This is significant because it’s the 1st increase for new homes after 3 previous years of decline. In Houston, the inventory on new homes stands at a 5 month supply which is below the 6 month equilibrium that was expected by the Metrostudy. When looking at completed home inventory, statistics show a drop to 5,320 units, which is about a 3 month supply.
The director of Metrostudy’s Houston division has been quoted in saying, “The Houston market continues to face fewer market obstacles than most U.S. markets.” “Texas’ pro-growth policies and business friendly environment will continue to benefit local housing markets and allow for 2011 to show moderate growth.”