According to the BEA (Bureau of Economic Analysis), an official site of the US Government, Texas, as of the 3rd quarter of 2022, (full 2022 data will probably be ready by late March of 2023) has a nominal GDP of $2.4B. That puts Texas ahead of Canada and Russia and the 8th largest economy in the world. And it is growing very fast. Recent data from the Texas Economic Development Website shows that Texas' GDP grew by 8.2% in the last quarter. At this pace we will out-pace France in the next couple of years, Britain soon after that and India by the end of the decade.
Thus it is entirely possible that Texas, by the mid '30's, may be the 3rd largest economy in the world after the US (as a whole) and China. That is tremendous growth and it just seems to be accelerating. Currently Texas alone accounts for almost 10% of the entire US's economic activity. This is happening while California, New York and Illinois are losing population and many businesses and people are choosing to relocate to the free state of Texas.
Despite the government changing the definition of a recession in order to claim that the US as a whole is not (yet) in a recession, Texas shows a completely different story. Population growth is strong as is the economy.
So if you are a homeowner, your future looks bright as prices will eventually recover to previous high's, and if you are not yet a homeowner, this dip in the market may be the perfect time to buy. I know that interest rates are higher than they have been, however, there is plenty of new home inventory right now and Builders are making great deals. DR Horton for example, the country's largest home-builder is offering, in many locations, $10,000 towards closing costs, plus title, plus a Washer/Dryer and Fridge, plus a subsidized fixed rate loan that is lower than the market rate.
Please call, text or email me if you are needing to buy or sell and would like some advice or help understanding the market.