National and local economy expert, Mark Sprague, reports that Austin outperforms its state and nation in 2012 forecasts. He notes several factors that contribute to Austin’s healthy economy:
- Unemployment rate is 6.7 percent while nation’s is 7.9 percent. Steady job growth and low unemployment help reduce the number of foreclosures.
- No-bubble housing market and low foreclosure rates helped Austin stabilize home values.
- Low supply of new homes and tight supply of rentals (with demand for more) give Austin’s housing market a healthy balance of supply and demand.
And Austin’s only going to get bigger. With a reputation of doubling its population every 20 years, even during hard economic times, more housing will be needed. Rental housing, real estate, hospitality and service, and new construction industries will all benefit from Austin’s growth.
Texas is also doing well gaining a majority of the nation’s jobs since August 2009. Nationally, an economic recovery will take time – some project economic growth will not occur until late 2012. Locally, Austin’s still in a good place.
Click here for more details on how Austin is outperforming the national economy.