2009 Austin Real Estate Outlook

While the national real estate market continues to struggle, the State of Texas and more specifically Central Texans can “thank their lucky stars” for their more promising near term outlook compared to other parts of the country. Consider that:

• The Austin Business Journal reported on January 8, 2009 that Texas ranks 4^th on a new list of best states to start a business according to U.S. News & World Report.
• From November of 2007 to November of 2008, Austin ranked 10^th in the U.S. in job creation with an increase of 6,200 jobs.
• Texas is the number one destination state for residential relocations for the fourth year in a row according to Allied Van Lines as reported in the January 12, 2009 Austin Business Journal.
• ”2009 will be one of the toughest years that Austin has experienced”, Angelos Angelou stated in his recent Austin Economic Forecast. “But we are going to weather the storm better than many places around the country.”
• Bud Weinstein, director of the Center for Economic Development at the University of North Texas recently said, “I don’t think it is going to be as bad here as in other parts of the country. We didn’t have the same excesses. We didn’t have the housing bubble. And, until recently, we were insulated by rising energy prices.”
• Dr. Ray Perryman stated in his address to area business leaders that the area’s economy will get worse over the next few months, but it will improve throughout the next four years. By 2013 he expects to see improvements in employment, retail sales and the housing market.