I know that there is a recession going on, because I read the news. But you can’t gauge the state of the nation by looking at the Bryan-College Station area in Texas.
Look at the national unemployment rate, currently at 10%. In our region, it’s 4% (source: U.S. Bureau of Labor & Statistics). Retail sales are increasing. The College Station housing market is just as healthy. Local housing permits are up. More homes are being sold. And housing prices have not declined. In fact, homes over $140,000 are selling better now than in recent years, according to a marketing study prepared by The Real Estate Center. And I can attest to the fact that Stylecraft Builders continues to build new homes.
Recession? What recession? Texas, in general, and College College specifically are still enjoying a healthy economy.
According to economist Karr Ingham, “For all the national hysteria about the housing situation, the mortgage crises, the potential for economic downturn in the coming months and high energy prices, all of which should, in theory, have the combined effect of shredding consumer confidence and slowing spending—that message doesn’t seem to have arrived in Bryan-College Station.”
There are a lot of plusses to owning a home and living in College Station. With a highly educated population, low unemployment, houses that hold their value, exceptional culture and recreational choices, easy commutes and public transportation, close proximity to Texas A&M and its amenities, it’s no wonder that we’re enjoying a vibrant housing market—still. I agree, it’s an unusual phenomenon, given the state of the union, but it’s nice to know that we’ve been immune to this particular epidemic!