Friday, April 25, 2008

Texas still has some of biggest paychecks

"Texas remains a strong spot in a slowing economy, with job and wage growth ahead of national averages. A new report from the Bureau of Labor Statistics shows average weekly paychecks in the third quarter of 2007 and where the 23 largest Texas counties stand.
Not surprisingly, Silicon Valley workers brought home the most money. But Texas did a lot better at adding jobs. "

Click headline above for complete article

I get a lot of questions from home sellers about the economy and job growth in Austin. Jobs and the economy are definitly important when it comes to Real Estate. In 2007, there were 35,000 households of new people moving to Austin. This translates to 80,000 new people overall. What is driving these people here from other areas of the country? The weather? The culture? The music? The food? Yes, but it is also because buisnesses are creating new jobs in the area.
People are drawn to an area that they can make a similar salary that they could earn in a large city with a higher cost of living while living in a city that has a lot to offer culturaly with a low cost of living. Of course when more and more people move to Austin, it is driving home prices higher. The areas around Austin are growing and as the infrastructure of outlying areas is put into place, the population of that area will grow. Home prices of that area and anything that is closer to central Austin will see home prices increase accordingly. This is great news for home owners who are keeping an eye on the market value of their home.
What do you think?

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