The housing market in Texas has seen some explosive growth in the last few months. Home values are up, interest rates are down, and inventory is at a shocking low, but how does all of that effect the job market? You’d think that with so many new residents moving into the various job markets throughout Texas that it would become increasingly more difficult to find a job, however this new housing boom has had the inverse effect on job markets across the state!
Texas’ unemployment rate has now fallen for the second straight month, down from 6.8 percent in September to 6.6 percent in October. This data, which was released by the Texas Workforce Commission, has confirmed that state unemployment is well below the national average of 7.9 percent.
This year Texas employers have added 277,400 jobs across the state, showing that in spite of the murky economic waters, employers are wading through and they are remaining optimistic. The looming “fiscal cliff” — a dramatic cut of federal spending and tax increases that are due to take effect in January 2013 — has not had a large effect on employment in Texas.
The housing market, a tried and true metaphorical thermometer of the economy, has given employers hope in spite of the looming economic issues facing the country. Median home sales have risen 29 percent in October, and as a result, 12,000 government jobs, 8,700 hotel and restaurant jobs, and 2,000 information jobs were created at the same month. Temporary staffing and business services lost around 12,000 jobs statewide, signifying that companies are now looking to start hiring permanent and full-time workers.
All things considered, these new economic events are spelling good news for consumers in the short-term. Jobs are being created, and property is quickly changing hands, making it a great time to buy or sell a Stephenville home. So, take advantage of the fortuitous climate and contact us for assistance with your local real estate needs!