In Houston during February 2011, 50,700 more jobs were available year-over-year, representing a 48 percent increase.
"Job growth does more than increase the workforce," said David Jarvis, director of Metrostudy's Houston division. "These gains have potential to boost consumer confidence so they can plan long term goals."
The increase in available jobs is affecting the real estate market, as more individuals and families are now interested in moving to new homes. Resale home figures jumped during Q1 2011, with 10,670 closings taking place. This figure is slightly down from last year, however, residents had received a tax credit to assist them in 2010. The resale inventory is up to 7.6 months of supply.
More than 3,700 homes began construction in the Houston area during the quarter. This figure is also slightly down from Q1 2010 because of the tax credit. However, annual closings have outpaced starts since the first quarter of 2007 - an occurrence that hampered the inventory until now.
"As new home demand stabilizes, Metrostudy expects the gap between starts and closings to narrow going forward," said Jarvis.
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