Houston Real Estate: The Business within Houston
Posted by 2M Realty on Tuesday, November 24th, 2009 at 2:15pm.According to a recent Houston Chronicle article*, the Houston-area unemployment rate (8.5 percent) was slightly higher than the Texas unemployment rate (8.2 percent) for October. While this is sobering news for Houston job-seekers, they can take some solace in the fact that the city’s unemployment rate is well below the national average of 10.2 percent.
The Houston Chronicle article referenced the Texas Workforce Commission, which noted that 41,700 new jobs were created statewide in October. This news does not yet suggest a trend, but one can infer that commerce is again slowly picking up speed in Houston.
Whether you are a current resident or out-of-state buyer considering Houston real estate, job security and professional opportunities are primary factors in the decision. For many the perfect home is only attainable through the perfect (or at least lucrative) job.
Houston real estate may offer this highly desirable work/life balance.
According to the Greater Houston Convention and Visitors Bureau, 16 companies on the Fortune 100 Fastest Growing Companies list are headquartered in the metropolitan area. Furthermore, Kiplinger’s Personal Finance named Houston the top city in the U.S. to live and work based on its strong economy, abundant jobs, reasonable living costs and fun things to do in 2008.
Houston business has long been defined by its ties to the energy industry. Noteworthy energy firms with a significant Houston presence include giants such as Chevron, ExxonMobil, and ConocoPhillips. Houston’s economy, though clearly powered by oil, offers industrial, commercial, educational and financial centers (www.visithoustontexas.com).
There is a reason, after all, why Houston is nicknamed Space City. Not only is NASA’s Johnson Space Center – also known as Mission Control – located in Houston, but major aerospace industry players such as Boeing, McDonnell Douglas and B.E. Aerospace also employ a significant segment of the workforce.
Additional facts about the local economy include the following:
- Forbes.com named Houston one of the top 10 up-and-coming tech cities in 2008 (www.visithoustontexas.com).
- Houston was ranked the No. 2 city in 2009 for Fortune 500 headquarters in Fortune magazine (www.visithoustontexas.com).
- Only 28 nations other than the U.S. have a Gross Domestic Product (GDP) exceeding Houston’s (www.visithoustontexas.com).
If you are looking to purchase Houston real estate, rest assured that professional opportunities will be available in the long term. The regional and national unemployment rates may be daunting now, but Houston industries are varied and, most importantly, resilient.
*-Sixel, L.M. (2009, November 20). Houston jobless rate unchanged at 8.5 percent. The Houston Chronicle.
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Mark W. Martin is President of 2M Realty. He is active in real estate sales and develops land in the Houston real estate market. Areas of current development include the Conroe real estate, New Caney real estate and Porter real estate markets.
2M Realty has simple goals in mind: Simplify the real estate process, reduce stress for Buyers and Sellers, earn client trust, and keep client trust. These simple but lofty goals are backed by over 20-years experience as a Texas real estate broker and Houston Realtor.
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