As a transplant to Dallas myself, I have often been asked by my Los Angeles friends and families why I uprooted my family from the buzzing city of Angels to Big D. There were a lot of personal reasons which are hard to describe. The ones that I can certainly illustrate is the economy of it all.
An article written by Francesca Levy for Forbes.com on Nov. 11, 2009, it listed four cities in the top ten of America’s Fastest Recovering Cities. Here’s an abstract from that article:
Lone Star Luck In No. 2 city San Antonio, home to four military bases, and Austin, our third-ranked city and the state seat of government, municipal jobs supplement Texas' robust energy sector. In Dallas (No. 6), it's a thriving tech industry that buffers it from energy highs and lows. Although Houston (No. 8) is invested mostly in oil, it has diversified its energy industry beyond oil rigs into refining and chemicals manufacturing.
What's more, the state's housing prices never ascended to the unsustainable levels the rest of the country hit at the peak of the housing bubble. Thus, it didn't crash as hard. These factors have toughened the local economy against a recession that is inextricably tied to real estate.
"Texas didn't have as big of a boom," says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. "So we're not having anywhere near the kind of bust."
The article should have been named “the least hit” of all cities by recession. Four (count them, four!) Texas metros are listed on the top ten. Unlike other states who paid their tax refund with state issued vouchers (clear throat: California), here in Texas we actually have experienced growth. In an article titled: Washington view: Texas economy shining brightly despite recession By Don Brunell August 10, 2009 (http://governor.state.tx.us/news/press-release/13432/) it says:
“In Texas, business is booming. In 2008, 70 percent of all jobs created in the United States were created in Texas. That same year, Texas was named America's Top State for Business in CNBC's second annual study that scored states on 40 different competitiveness measures. Texas now surpasses New York as home to the most Fortune 500 companies, and Texas dominated Forbes' "Best Cities for Jobs in 2008" list with five cities in the top 20.
While the nation's unemployment rate is 9.5 percent, the rate in Texas is 7.5 percent. And while our state faces a $9 billion deficit, Texas has a $9 billion surplus. Instead of raising taxes, Texas is cutting them.”
State taxes, average home sales, cost of living and lifestyle index is reserved for another day. The topic at hand is Texas and her strong economy. This can be attributed to many things (some good, some bad) but the basic thing I tell my Angeleno friends is that,” it’s different here.” Come visit and see for yourself. I and my team of Real Estate experts are here to show you just how far Texas can meet your expectations and more.
To see the complete list of Forbes "Fastest Recovering Cities" click :
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