Houston and neighboring metro cities have once again hit Forbes list of “The US Regions to Watch in 2014”, and was based on their strong economic momentum heading into 2014. The list was compiled by Praxis Strategy Group who looked at 8 metrics for the nation’s 52 largest metropolitan statistical areas. These metrics were based on economic vitality (GDP growth, job growth, real median household income growth and current unemployment) and demographic strength (population growth, birth rate, domestic migration and the change in educational attainment).
Houston came in at #4 which includes the Fulshear and Katy areas. According to the report, Houston had gross domestic product growth of 12.3% and a population growth of 11.5 % between 2007 and 2012. Between 2007 and October of 2013, Houston witnessed job growth of 9.2%, although the average household income was still down 4.7% from pre-recession levels. Fulshear and the neighborhoods of Weston Lakes, Fulbrook and Cross Creek Ranch were major contributors to the impressive westward growth.
Austin came in at the #1 spot on this list, with an enormous 27.7% for GDP growth. San Antonio made the list at #2 and Dallas came in at #6.
Some notable common factors among the top 10 cities were a connection to the energy industry, a rising share of highly educated people and high rates of birth and family formation. Houston was right on track and hit all these points. Forbes also reported that a separate survey that was done found that Houston is one of the cities that have gained the most young college graduates since 2006. It also showed that the city is predicted to add 140,000 new households by 2017 – this is the largest increase in the nation!
Here at RE/MAX Realty West, we expect another very good year for both home Buyers and Sellers that are seeking the benefits of both new homes and resale homes.
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