The Federal Reserve Bank of Dallas recently published a report stating that the energy sector of Texas is among the major reasons that drive the state’s economy. Although other sectors haven’t shown substantial growth, the energy sector is certainly the life line of Texas real estate, keeping it alive in present scenarios when the entire nation is facing low housing prices.
The report confirmed that financial activity in some districts in Texas has grown at a rather good pace in July and August. Comparing to other sectors like employment, retail sales, financial services, and manufacturing, the figures of energy sector are more towards positive notes.
The report also states that the demand in Texas for single family house is rather weak, whereas the multifamily housing demand has become stronger. During the period of July and August, the business real estate market has also displayed improvement.
Apart from that, earlier reports have also shown a rise in Central Texas properties, as they were being sold and purchased at higher prices. Areas like San Antonio, New Braunfels, and Seguin etc. seemed to be in demand recently.