Houston Economy
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Table of Contents
Present condition of economy of Houston
As per latest information on Houston economy, effects of ongoing global slowdown have finally caught up with this Texan city’s economy. Houston economic system has been crumbling under pressure of losses of jobs and increasing weaknesses in real estate sector.
Some major causes of this present predicament of Houston’s economy has been alterations in market for energy, global trade and housing markets all around world.
Present condition of Houston real estate
Real estate sector is an important part of Houston economy. It has been affected as well because of global financial problems but residential real estate sector has still been doing pretty well. This has happened owing to fact that prices have been stable for a considerable period of time.
Unemployment in Houston
Economists have agreed to fact that Houston economy is in no better than US economy anymore but they have also consented that rate of unemployment in this Texan city would not be in excess of rest of country.
Conference Board of Canada report
Conference Board of Canada has brought a report that is positive for Houston economy. As per this report Houston is among cities that has registered highest amount of economic prosperity. This report took into account several important economic indicators. In this list headed by Calgary some other cities at top were Dallas, Madrid and Edmonton.
Home prices at Houston
Prices of homes in Houston have increased to a level that is highest for last seven months. This is 20th straight occasion that sales of residential properties for single families, on a monthly basis, have dropped in Houston.
In April 2009 as many as 4,200 single family homes were sold in Houston. This was equivalent of a 22.5 percent compared to April 2008 fiscal. These statistics were provided by Houston Association of Realtors.
At end of April 2009 almost 3685 homes were supposed to be sold. This is 25.3 percent lower than April 2008 fiscal. It is likely that this percentage would be greater when statistics are compiled.
At present average selling price of single family homes in Houston is $194,222. This is 5.8 percent lesser than April 2008 fiscal.
