West Texas Economy and Housing Market Buck National Trend

Despite recent national trends, the West Texas economy, as well as the housing market, continues to show strong, steady growth.

"The Permian Basin in West Texas is growing," said Gary Vest, Director of Economic Development for the Odessa Texas Chamber of Commerce. "It is a good time to live, work and do business in West Texas."

National media reports have primarily focused on data reported in the nation’s top 20 metro markets, and this data does not represent what is actually occurring within many individual markets.

According to an April 14, 2008 Associated Press-AOL Money & Finance poll, public anxiety is in reaction to an economy that is veering toward recession and losing jobs even as the housing market sputters badly. Foreclosures have soared to record highs, mortgage rates have increased, sales of existing and new homes have fallen and home values have dropped.

"We are fortunately seeing the opposite trends right here in West Texas," said Scott Payne, Permian Basin Home Builders Association board president. "Now is a great time to purchase a new or existing home with loans available to qualifying buyers."

Additionally, more responsible lending has led to a lower number of foreclosures in the West Texas area. The average cost of a home in the Midland-Odessa, Texas area, according to the 2007 Texas A&M Real Estate Center, was $160,000.

The Office of Federal Housing Enterprise Oversight reported the five-year percent change in house prices listing Texas as experiencing a 25% increase over the past five years. This increase indicates a slow, steady growth compared to the more significant 60% increase in California and 78% in Florida.

"The Midland-Odessa, Texas area currently posts the lowest unemployment rate in the state of Texas at 3.2% making the demand for workers high while the economy continues to remain strong," said Mike Hatley, Director of Economic Development in Midland, Texas.

CONTACTS:
Christi Callicoatte / 800-375-9434 / christi@cvaadv.com
Dayna Matysek / 432-617-3420 / Dayna.Matysek@atmosenergy.com