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Willisms

« Texas Cities Versus California Cities (GDP Growth Edition). | WILLisms.com | Job Growth: City Cores Versus 'Burbs. »

Texas Cities Versus California Cities (House Price Edition).

Trivia Tidbit of the Day: Part 968 -- Five Year House Price Growth (Or Lack Thereof)-

Did you know? That, according to the Federal Housing Finance Agency, only nine states (Texas, North Dakota, Colorado, West Virginia, Nebraska, South Dakota, Iowa, Oklahoma, and Alaska) plus the District of Columbia, had higher house prices at the end of 2012, relative to 2007.

Texas house prices, statewide, grew 5.88% over the most recent five year period for which data is available (again, that half-decade ending in December 2012).

California house prices ended 27.3% downward over the same period.

homeprices.gif
click for larger version

And try this link for a more interactive, searchable version of this histogram. You can click on all 366 of the individual metro areas, as well.

This graphic shows 366 major and minor metros around the country. What's fascinating is that only 10 of the largest 102 metros are on the positive side over the past five years. Four of those ten major metros are Texas cities: Houston (5.5%), Dallas/Fort Worth (0.6%), San Antonio (1.2%), and Austin (4.7%).

Similarly, only 14 of America's 100 largest metros have more jobs than before the recession. All 6 of Texas' major metros are among the 14 job-positive cities.

Texas is adding more jobs, while California is busy killing them with tax hikes:

Over the decade, for example, Austin’s job base grew 28 percent, Raleigh’s by 21 percent, Houston by 20 percent, while Nashville, Atlanta, San Antonio, and Dallas-Ft. Worth saw job growth in the 14 percent range or better. In contrast, among all the legacy cities, only Seattle and Washington D.C.—the great economic parasite—have created jobs faster than the national average of roughly 5 percent. Most did far worse, with New York and Boston 20 percent below the norm; big urban regions including Philadelphia, Los Angeles, and, despite the current tech bubble, San Francisco have created essentially zero new jobs over the decade.

And Texas cities are adding more college grads than California cities:

Houston, Charlotte, Raleigh, Las Vegas, Nashville, and San Antonio, for example, experienced increases in the number of college-educated residents of nearly 40 percent or more over the decade, roughly twice the level of growth as in “brain centers” such as Boston, San Francisco, San Jose (Silicon Valley), or Chicago. Atlanta, Houston, and Dallas each have added about 300,000 college grads in the past decade, more than greater Boston’s pickup of 240,000 or San Francisco’s 211,000.

Three Texas cities recently made the top five in terms of small business friendliness, according to actual small business owners; meanwhile, three Texas cities made the top five in the latest On Numbers Economic Index. And for the naysayers who inevitably pop up and argue that all the new jobs in Texas are dead-end minimum wage ones, Texas also recently ranked second in the nation for personal income growth.

And Austin in particular, just named the best city for young adults looking for a job, is doing pretty well for itself:

• The number of private-sector jobs in the Austin area has increased by 9.7 percent during the past five years. No other market has expanded more rapidly than 7.5 percent.

• Austin is the only market with growth rates of better than 3 percent in four key categories: private-sector jobs over the past year and the past five years, and personal earnings during the past year and past five years.

Oh, and Austin, which is now larger than San Francisco, is getting competing Gigabit fiber optic networks. Meanwhile, California is so left-wing that its cities are not only falling behind on jobs and GDP, they're losing out on cool high-tech innovations.

And when it comes to government transparency, Texas ranks number one for best in America; California is second from last.

California is a beautiful place being ruined by really, really, really bad policy and governance:

*Highest taxes (gasoline, sales and top bracket of income taxes)
*Lowest bond rating
*Highest poverty rate (at 23.5%, the home of 1/3 of those in poverty in U.S.)
*Highest unemployment rate (tied with Mississippi and Nevada at 9.6%)
*Highest energy costs
*Worst state to do business (as judged by Chief Executive magazine 8 years running)
*Most cities going bankrupt
*Prison system so poorly run it has been taken over by a federal judge

Ideas matter. Policies matter. And they have very real consequences.

-------------------------------------

Previous Trivia Tidbit: Texas Cities Versus California Cities (GDP Growth Edition).

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Posted by Will Franklin · 11 April 2013 03:02 PM

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