I had the opportunity to hear Mark Sprague, State Director of Information Capital at Independence Title, this past week and he shared both Texas and Austin 2024 Economic Outlook. The highlights are as follows:
Texas:
- Texas economy has recovered from COVID-19 setbacks, Texas lost over 1 million jobs in two months during the early pandemic days in 2020. The state has not only recovered those jobs but added about 1,000,000+ more.
- Unemployment rate has declined since its peak in April 2020 but has shown recent increases, currently at 4.1% as of November 2023.
- Real estate sales have slowed comparatively, with residential real estate rebounding in 2021 after initial COVID shock. Slower as market adjust to rate increase.
- Continues job growth higher than national average.
- Residential home values sales slowed due to lack of inventory and rate increases. Will improve as rates stabilize and values continue to improve.
- Texas has attracted the most HQ relocations (209), 2018 to 2024
- Texas is the largest energy-producing state in the nation.
- Texas is ranked #1 in the country for population growth.
Austin:
- Number One Best Performing City in Milken Institute’s 2024 Report, an annual measure of a city’s sustainable and equitable growth.
- Between 2017 to 2022, Austin was:
- #1 in five-year job and wage growth
- #4 among large cities for high-tech diversification.
- #8 in five-year high-tech GDP growth.
- Wages increased by 73.1% in the Austin metro
- The Top 5 Markets Gained Headquarters from 2018 to 2023 were the following:
- #1: Austin 66
- #2: Dallas 32
- #3: Houston 25
- #4: Nashville 21
- #5: Denver 11
Oh, by the way……I am never too busy for your referral!
Clift Bowman
(512)799-3460
www.cliftbowman.net
