Frisco, TX -- (ReleaseWire) -- 02/13/2014 -- The economy of Texas is expected to rise as growing businesses continue to bring better employment and consumer relations. This is projected by the economist of the United States, Texas and Dallas Fort Worth, as seen in the GDP growth over the years.
According to the BBVA Research, this year will ‘allow recovery to reach the most American since 2006.’ The BBVA Research shows that the GDP is expected to rise in 25 states, with an average of 2.3 percent this 2014. This is the result of real estate drives, manufacturing, and energy markets.
Wells Fargo sees better gain in 2014 as it continues to obtain more revenues in retail sales, housing marketing, and residential and commercial construction. For two consecutive years, the state of Texas has ranked at the top of in-migration. Both BBVA and Wells Fargo benefit for this economic growth especially in Houston and Dallas-Forth Worth.
As per the records of Wells Fargo, “Housing sales grew about 7.6 percent from a year ago, more than twice the national average, driven by strong population growth and a declining unemployment rate.”
The bank added, “Rising demand has left the supply of homes at its lowest level in nearly two decades. Austin and Dallas have the tightest inventories and, as a result, the two cities have posted the strongest year-over-year price gains. Inventories also are low in Fort Worth, Houston, and San Antonio.”
“Texas home prices are up 8.1 percent from a year ago, which lags national growth. But Texas prices are above their pre-recession peak, while U.S. prices are 17.3 percent below its pre-recession high.”
The construction employment declined in the past few years, but economists still believe that it will not affect the economic status of the state – at least for now. The declined industries are more on civil engineering projects, which slowed along with the oil and gas manufacturing. However, the gains in manufacturing and construction can immediately create a significant number of jobs.
BBVA’s Nash-Stacy said, “While the U.S. manufacturing employment has declined steadily over the last 35 years, it’s making a small comeback in some states, including Texas. And while construction helped employment grow in 39 states, only three states (North Dakota, Louisiana, and Alaska) are back to pre-recession construction employment levels — driven by large energy projects”
With the continuous economic rise of Texas, it is no wonder why its real estate, manufacturing, employment, and retail trade remain to be successful. This is apparently true in real estate businesses as more properties become in-demand. For more information about the real estate status of Texas, visit http://www.bloskasrealtygroup.com/.