Houston’s economy continues to create jobs
(Houston, TX– April 23, 2012) Houston’s economy continues to create jobs at an accelerated rate, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.
Houston’s unemployment rate dropped to 7.2%, the lowest recording since May 2009. Since February 2011, the Houston market has added 93,400 jobs, well above the market’s historical 12-month average. “This robust growth is driving the household formation as shown by a strong quarter in new and existing home activity as well as strong apartment absorption,” said David Jarvis, director of Metrostudy’s Houston division.
Homebuilders started 4,808 new homes in 1Q12, a 26% increase from 1Q11. 4,644 new homes were closed in 1Q12, 952 more than 1Q11.
New home inventory in 1Q12 was up 2% from 4Q11 to 10,065 homes. The market currently holds a 6.2 month supply, just above the 6.0 month equilibrium. “Encouragingly, fifty percent of the new home inventory is comprised of homes currently under construction, as builders work to meet the growing demand,” said Jarvis.
“Home buying confidence is returning to the Houston market as evident by the fifty percent increase in sales office traffic experienced by area builders. This confidence is driven by the job growth in the market over the last eighteen months.”
For information contact:
david jarvis @ 713.622.9909 x 132
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.