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Houston Luxury Real Estate Articles and insights to the Houston area luxury home real estate market as observed by local luxury home expert Mark A. Fuller.

Real Estate Trends

Texas private sector job growth 'robust'

Texas' private sector added 251,900 jobs, an annual growth rate of 3 percent, said Research Economist Dr. Ali Anari with the Real Estate Center at Texas A&M University. For the year, the nation’s private sector posted a 1.7 percent growth rate.

Despite job declines in the government and information sector, the state added 225,200 nonfarm jobs for the year. The 2.2 percent Texas nonfarm growth rate compared with a 0.9 percent increase for the nation.

"Texas' seasonally adjusted unemployment rate was 8.2 percent in June," said Anari. "That's up from 8.1 percent from the same month last year. The nation’s rate decreased from 9.5 to 9.2 percent."

Mark Fuller is a leading real estate professional specializing in Luxury Homes In Houston Texas.

The state's mining and logging sector ranked first in job creation, posting an annual employment growth rate of 16.8 percent. The average number of active rotary rigs increased from 700.9 in July 2010 to 887.2 this month, according to Hughes Tool Co.

Texas' construction industry had the second biggest job increase. The 30,900 new jobs were an annual growth rate of 5.4 percent. The 57,200 new professional and business services jobs ranked that sector’s annual growth rate third at 4.5 percent.

With 31,200 jobs gained, the state’s leisure and hospitality industry (arts, entertainment, recreation, accommodations and food services) was next with an annual growth rate of 3 percent.

Geographically, the Longview Metropolitan Statistical Area’s (MSA) 4.2 percent growth rate ranked it first in job creation. Odessa, Dallas-Plano-Irving, Laredo, College Station-Bryan, Midland and Corpus Christi followed in that order. The average growth rate for 26 Texas MSAs was 2.2 percent.

Mark Fuller is a leading real estate professional specializing in Luxury Homes In Houston Texas.

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