Texas has been booming and will continue to grow. Job growth, appreciation, and the shortened inventory of inexpensive housing stock are said to be the causes.
According to the Austin American Statesman, "Texas added 274,000 jobs in the year that ended March 31, the fastest growth rate since 2000, according to the Texas Workforce Commission. The state estimated that its budget surplus will almost double to $8.2 billion for the two years ending in August 2007."
The story goes on to give credit to the influx of Katrina victims, many of them who decided to make Texas their permanent residence. "Their presence is being given partial credit for an increase of $1.7 billion, or 4.8 percent, in state sales-tax revenue, which funds half of Texas' budget. The influx of people after Katrina brought spending power with them, and that's had a positive effect on the economy," said Milton Holloway, president of Resource Economics Inc., a research firm in Austin. "
As previously mentioned, our economy seems to be staying on the upswing. Many of the residents of Houston, Austin, and San Antonio opened their wallets, arms, and homes to Katrina evacuees and did not think of being repaid. Many feel that, although we did not realize it would happen at the time, we have been thanked by growing our economy.
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