SellAustinTexas

On March 2, Forbes released their list of metro areas in the U.S. with the best economic recoveries. Austin, Texas sits on top of the list along with Washington, D.C.

According to Forbes, “jobs have been lost nearly everywhere in the last three years, but between December 2007 and December 2009 the number of jobs in Austin rose by 0.98%; more than any of the other major cities we looked at.”

Economics professor Daniel Hamermesh points out Austin’s strong housing market as one of it’s biggest advantages. “The first advantage is that we haven’t had a housing boom, and therefore there isn’t much of a housing bust. The second advantage is that we have a diversified economy with lots of government and high-tech jobs.” The third advantage, Hamermesh says, it Austin’s desireability as a place to live: people stay even when “things go bad.”

The state as a whole fared well through the recession in the housing market.

Says James P. Gaines, Research Economist for the Texas Real Estate Center at Texas A&M University, “the housing market got lucky, if you want to look at it that way. We didn’t have excessive overbuilding, so we don’t have a big overhang of unsold new homes, and because Texas has among most affordable housing in the country, the demand sustained.”

“If one state is a poster child for economic recovery, it’s Texas,” writes Forbes.

Says Governor Rick Perry: “This Forbes ranking highlights the relative economic strength of our state’s major metropolitan cities, which is good news not only for the people who live in Texas, but for those looking to move to a state with a strong economic future. Texas continues to be the best state in the nation to live, work and raise a family thanks to our low tax burden, predictable regulatory climate, skilled workforce and principled, disciplined spending.”

Photo: View from the 555 Condo

Tags: Austin, best cities to live in, best city to live in, best metro areas, economic recovery, Forbes, housing market, state of housing market, state of texas

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