According to a news article in the Dallas Morning News today, Texas will fare quite well in spite of falling oil prices. Of course if you live in “Oil Patch, Texas” you will feel the pain, but Dallas, Austin, and San Antonio will be just fine as the “Big 3” continue to add jobs which will offset the declines in the states oil industry. The Big 3 added 168,000 jobs last year the exact gain for the state – wow! In some respects the Big 3 may even benefit from falling oil prices as more folks in these cities have more money to spend on restaurant and entertainment due to cheaper gas (go figure). According to Keith Richards, the Dallas Fed chairman, Texas won’t experience the downfall that it did in the 80’s because the state is so diversified. The Big 3 are underrepresented in the oil industry and shouldn’t be impacted by the fall of oil prices.
With real estate prices continuing to increase in the Austin area coupled with the roller coaster of the stock market, now is a good time to catch the real estate wagon before it’s too late by buying a real estate investment. Did I mention that Austin area rents are strong and predicted to continue that trend for the next several years?
Rick Ebert / Austin, Texas / 26 Jan 16
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