3112 Lafayette Ave, Austin, TX | Powered by Postlets

3112 Lafayette Ave, Austin, TX | Powered by Postlets

Austin Ranks #2 in Best Performing Cities for Job Growth & Employment

How did Austin rank in job growth compared to the other top 50 U.S. Metros? We were Number Two in the nation!

When you compare to jobs lost in the U.S. in 2009 (4,941,700) or TEXAS (201,700), Austin’s performance is amazingly strong. With so many indications of growth returning to different segments of the economy, Austin is well positioned to benefit early on in the recovery.

The Austin Chamber of Commerce’s customary ranking of the best performing large metros, we retain second place behind Virginia Beach.
#2 Austin’s aggregate job losses of 2,300 (-0.3%) as compared to #1 Virginia Beach job losses of 1,600 (-0.2%).
Fort Worth was 8,000 (-0.9%)
San Antonio was 9,000 (-1.1%)
Dallas was 42,100 (-2.0%)
Houston was 92,500 (-3.5%)

Top 10 Best Performing Cities
1) Virginia Beach
2) Austin
3) Washington DC
4) Newark
5) Fort Worth
6) San Antonio
7) Edison
8) Columbus
9) Baltimore
10) Boston

Source: Austin Chamber of Commerce

Texas Job Growth Tops Nation for the Decade

While the rest of the nation fell behind, Texas continued to make strides in private sector job growth during the past 10 years.

Figures released by the U.S. Department of Labor Bureau of Labor Statistics showed Texas leading the nation with 724,300 more net private sector jobs in December 2009 compared with one decade ago.

Of the top 10 largest states ranked by civilian labor force, only Texas and Florida had positive job growth over the 10 year period.

Texas Workforce Commission Chairman Tom Pauken credits economic policies for better-than-the-rest job growth.

“While the rest of the nation has only seen net growth in government jobs, Texas’ business, tax, and economic policies have created an environment where businesses can succeed and create the jobs that will allow Texas to lead our nation out of this national recession,” Pauken said.

For December, Texas showed the lowest overall seasonally-adjusted unemployment rate of large states at 8.3 percent, compared to 10 percent nationally. Austin rates were steady at 6.9 percent in December.

“Our nation cannot continue to spend its way out of the recession by incurring ever increasing amounts of government debt,” Pauken said. “For more than a year now I have been warning that Washington policymakers have failed to develop an economic policy designed to encourage capital investment and private sector job creation here in the United States. We need to act quickly in order to avoid a jobless recovery.”

Source: Austin Business Journal

Austin Home Sales up 5%, Down in 2009

Austin home buyers returned in force last month, increasing sales 5 percent from the same time in 2008, according to a Austin Board of Realtors report Wednesday.

The median price of the 1,373 homes sold in December rose to about $194,000, an increase of 6 percent year over year.


“We saw dramatic increases in sales volume in October and November 2009, which were presumably related to the original deadline for the first-time home buyer tax credit,” board Chairman John Horton said.

“However, increases in sales volume beyond November and figures that have improved steadily throughout the year indicate that, while some demand was driven by the tax credit deadline, a sustainable recovery is also underway in the real estate market.”

Despite the encouraging numbers, home sales were still down 6 percent from 2008. Homes sold last year drifted near a $188,480 median, which was down 1 percent year over year. Officials said the overall 6 percent decline in home sales is still a significant improvement when compared to the double-digit decreases experienced in the first quarter 2009.

Source: Austin Business Journal

Texas Ranks Low on U.S. Foreclosure Rates

Texas Ranks Low on U.S. Foreclosure Rates
Texas fared better than most in a ranking of U.S. foreclosure rates, according to new research from RealtyTrac Inc.

Though 4 percent more foreclosed in 2009, the Texas came in 29th among U.S. states. Slightly more than 1 percent of homes foreclosed, or about 100,045. The rate equates to about one in 94 houses.

Nevada ranked highest on the list with a 10.17 percent foreclosure rate, followed by Arizona, where one in 16 homes were affected. Florida was No. 3 at 5.93 percent and California came in No. 4 at 4.75 percent.

In terms of total filings, California was No. 1, with nearly 633,000 properties receiving foreclosure notices in 2009. Florida posted the nation’s second-highest total, followed by Arizona and Illinois.

Texas' 2009 foreclosure rate was 18.44 percent higher than 2007.

Nationwide in 2009, 3.9 million filings went out on 2.8 million properties, or 2.21 percent of the housing supply. That’s a 21 percent jump in the number of properties compared with 2008, according to the report.

RealtyTrac CEO James Saccacio speculated that the 2009 numbers, across the board, would have been worse had it not been for “legislative and industry-related delays in processing delinquent loans,” including mortgage modification programs and state statutes extending the foreclosure process

Source: Austin Business Journal : Thursday, January 14, 2010, 2:34pm CST

Austin Housing Market OK, Will Improve This Year

Austin Housing Market OK, Will Improve This Year
The spiraling home market has neared stabilization and could see a slight rebound in Austin this year, according to local real estate experts during a 2010 housing forecast Wednesday.

Speakers during the Austin Board of Realtors and the Home Builders Association of Greater Austin event pointed to the relatively better job market as one sign improvement is on the way.

The Texas Workforce Commission reported the area lost about 4,300 jobs in the 12 months ending November 2009, which is better when compared with cities like Houston and Dallas, which lost 88,900 and 50,700 jobs respectively.

The program was presented and moderated by Eldon Rude, who directed a residential real estate market study comparing Austin with 30 other U.S. metros. He said Austin builders cut new home production by about 19 percent last year, breaking ground on 6,490 new homes.

“Starts have stabilized in recent quarters, builders have closed more homes than they have started for the last three years. This strategy has resulted in far fewer inventory issues in the Austin new home market compared to the more challenged markets across the U.S.,” said Rude.

The study anticipates new home starts maintaining 2009 levels, primarily due to slow job growth through at least the first half of 2010.

Though home pricing and buying has improved, experts said the true test will come when interests rates begin to climb and the stimulus-fueled tax credits run out.

Source: Austin Business Journal : Thursday, January 14, 2010, 9:58am CST

Austin New Resale Listings Continue to Fall

Austin New Resale Listings Continue to Fall
Austin residential properties for sale (listings) dropped 17.6 percent in December compared with the same month in 2008, according to a ZipRealty Inc. report today.

The document that compares listings in 27 U.S. metros found on average the homes for sale sloped 26.3 percent year over year and 4.3 percent between November and December. The final month of last year was the largest month-to-month drop in home listings of 2009.

“Seasonality and the heavy activity by first-time home buyers in October and November, who were rushing to take advantage of the tax credit, impacted housing inventory in December,” ZipRealty President and CEO Patrick Lashinsky said.

Austin reported 6.7 percent fewer homes on the market in December than the previous month, which was more than the change in Houston and Dallas. San Antonio numbers were not available.

Dallas listed 9.1 percent fewer homes on the market year over year and 3.8 percent fewer between November and December. Houston posted 5 percent less from November to December and 11.7 percent less in December than 12 months before.

Source: Austin Business Journal : Wednesday, January 13, 2010, 12:15pm CST

Austin Ranked Best City to Invest in Commercial Real Estate

Austin Ranked Best City to Invest in Commercial Real Estate

Austin has the best prospects for commercial real estate investment this year, a Grubb & Ellis Co. forecast reported today.

The Santa Ana, Calif-based real estate services and investment firm said it expects commercial real estate will continue to falter this year, but at a slower rate, according to the 2010 forecast. Most property types will reach bottom pricing near the end of 2010 with a slow recovery beginning in 2011, officials said.

In a ranking of the top 10 markets for long-term office, industrial, retail and multi-housing investment potential, Austin was listed No. 1. Houston was the only other Texas city to make the list, taking the sixth spot.

“Because commercial real estate lags the labor market, it still has a ways to go before reaching its own low point,” said Bob Bach, Grubb & Ellis senior vice president and chief economist. “The good news is that the freefall we saw in 2009 is over and the future is more certain, giving owners and users of real estate the confidence to begin making decisions again.”

The investment market will see a slight rebound in 2010, according to the forecast, with at least some assets entering the market in 2010. Officials said the shift should prompt increased sales volume of 20 to 30 percent. The report said record-high office vacancy rates will likely continue, reaching as high as 19 percent by the year’s close.

Source: Austin Business Journal : Monday, January 4, 2010