How will crude oil prices affect the Texas economy and Real Estate market?
Mark Sprague, the State Director of Information Capital for Independence Title, recently published an economic outlook for the state which I found to be very helpful. I have discussed the Texas market with several clients recently, specifically debating how the drop in oil prices will affect our real estate market. I found his analysis to give great insight into our economy and what we might expect with lower crude oil prices.
Everyone knows that Texas is tied deeply to the energy sector, and economists are hotly debating what influence oil prices and reduced production will have on our economy in general and real estate specifically. Mark discusses the diversity of the Texas economy in 2015 compared to the oil crisis of the 1980’s, and also points out that Texas continues to be one of the top states in median household income growth and new homes sales. He discusses the high level of intellectual capital and job growth in Texas, and points out that Texas banks have helped insulate us from economic crisis because of ultra-conservative lending practices enacted over the past 30 years.
You can read the full article here: Economic Outlook Positive for 2015
