Texas Home Building Recovery Has Begun

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YES!!! Texas has done it again leading the way to economic gains?housing will no doubt continue to grow as we are seeing many new projects taking off and developers are calling looking for land. This is going to be good for Austin and all of central Texas.

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The economy runs in cycles. It expands, and it contracts, and then it begins a new phase of expansion. In typical recessions, new housing construction is one of the early signs of economic recovery.

This recession has lingered. The recovery has been slow, with limited job creation. The lack of single-family home construction is the key reason. Typically, housing leads the economy out of a recession. Low interest rates spark resurgence in home sales and new home construction. New construction jobs create spendable income and a foundation for sustained economic recovery.

As you can see from this chart, new single-family building permits fell from a seasonally adjusted annual peak of 1.8 million to a recent annual rate of 475,000 and have not recovered from that historic trough.

This is why the economic recovery hasn?t rebounded faster. The construction jobs that go along with home building haven?t yet materialized.

However, that is changing in Texas. The number of new one-unit housing permits for the first four months of 2012 is up 17.9 percent from the same time in 2011. There is good news for the rest of the country as well. Permits across the United States in the first four months of 2012 were up 18.7 percent compared with a year earlier.

Let?s look at how home permit volume is increasing among various Texas cities.

Home building has turned the corner. The recovery will be gradual. But in Texas and other states that are producing jobs, new homes will be built. Employment in the construction industry will expand to meet the new production. The multiplier effect for new jobs in construction is powerful.

This appears to be the beginning of the next stage of economic recovery in Texas and the nation.

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