The Texas housing market is currently booming! A National Mortgage Professional article stated, “a record-breaking 114,772 homes sold in the second quarter of 2021, increasing 24.7% year-over-year,” and there’s been no sign that it’s going to be slowing down. People want to live in Texas. What about this beautiful state is causing such an influx to its population?
What’s Driving the Texas Housing Market?
Roofstock noted “an above-average population of millennials, robust in-bound population growth, and a thriving economy are just three of the many reasons that areas in Texas, especially Dallas, are seeing such a large spike in the housing market. It’s a great place for millennials to find jobs and for families to settle down. The article goes on to discuss how Dallas suburbs have increased their population by more than 36% since 2010 and it’s likely the DFW will see the largest population influx this country has seen all decade, projected to increase by almost 18% by 2029.
A Norada Real Estate Investments article discussed how Austin is seeing a rapid expansion in its economic industry. Because of this, more and more people are moving into the city. This, coupled with low mortgage rates, has turned the Austin area into a hot real estate and job market.
Real Estate Magazine shows professional predictions that Houston will continue to see a strong market through 2022. There’s still going to be a high demand for homes from buyers and mortgage rates are predicted to remain steady. They’re also predicting inner city Houston, Tomball, and Cypress to be hot areas as Houston’s job market has been steadily growing. October 2021 showed a 6.6% increase in jobs throughout the Houston area, according to Houston Area Employment.
How Will This Impact the Skilled Trades Job Market?
The housing market is predicted to continue surging through 2022 and the building of new homes will also continue to rise. Even though supply prices have been increasing and chains are consistently low in stock, homeowners and buyers are still wanting to build and renovate homes. A WFAA article says that Texas is leading the country in new housing permits. The demand for new homes has put a lot of force on builders and lot developers. Even with supply chain issues and lot availability issues, builders are still seeing record profits. Home developers are even seeing issues with getting a crew to work on their homes due to them leaving for a better offer elsewhere.
People working in the trades or wanting to enter into the trades in Texas are going to find no shortage of positions. A KVUE article states that “there’s a big demand for skilled workers like welders and pipe-fitters” all across the Lone Star state. The article also notes that nearly 30% of jobs that are created in Texas within the next 10 years are going to be construction trade or manufacturing positions.
The Key Takeaway
Texas is seeing one of the largest real estate booms in the country and 2022 is going to continue showing these numbers. In the end, it looks like an expanding job market is turning the heat up on the Texas housing market. The Texas Labor Department Review showed that “698,700 positions [were] gained since November 2020” and unemployment rates were down 5.2% in November of 2021.
Some of the fastest-growing metro areas were Tyler, Austin-Round Rock, Midland, and Dallas-Plano, and with growing cities comes a need for more jobs and skilled workers. If you’ve been thinking about continuing your education or following a new career path and you want to jump in while the fire’s hot, now is the time to get started! Southern Careers Institute has 8 different locations across Texas and offers multiple programs and trade programs designed to prepare you for a variety of skilled jobs. Take a look at all Southern Careers Institute has to offer today!
This article was published on: 01/31/22 1:44 AM