As we close out 2010 and look forward to 2011 there are good news for DFW area residents, according to Bernard Weinstein, economist, Southern Methodist University, Ultimately the outlook for the housing market in DFW will be determined by job growth. So let’s look at the numbers for Texas and DFW area.
- 48% of all job growth in the nation last year was in Texas.
- Texas gained 174,900 jobs from October 2009 to October 2010.
- Both DFW and Texas continue to outperform the nation in employment.
- Texas has created more private sector jobs than any other state over the last decade.
- Manufacturing in DFW grew by 2.0% in 2010, more than triple the national rate of 0.6%
In DFW area from January to October 2010 new residential building permits increase 7% DFW employment increased 1.9% when you look at the population the population has grown in DFW area 1.7% besides the median home price in Dallas increased by 0.3% and 36,000 homes has sold in Dallas area.
Steve Brown from Dallas Morning News mentioned that given the strong population growth in North Texas, the office and industrial markets should see improved occupancies and stabilized rents during 2011. The DFW area should lead the national recovery in 2011, and that’s an exciting prospect for the coming year.
It is hard to guess what is going to happen homes in Dallas area regarding price or days on the market however the most economists want to look very positively to coming new year.