HOUSING & THE ECONOMY
AFFORDABLE HOUSI TEXAS NEEDS MORE HOUSING TO MEET ITS POTENTIAL By Victoria Wilson, TAAHP Policy & Regulatory Manager
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n Texas and nationwide we are on our way to economic recovery, but will it be robust? There is plenty of good news: COVID infections are declining, employment rates are increasing, and businesses and people continue to migrate from around the country. But along the path to recovery, we are encountering unexpected obstacles, including stagnating job growth in some sectors, limited housing and building materials, and soaring costs. Housing is essential to the Texas economy and, as such, the health of this industry will be necessary to ensure a robust economic recovery. However, heavy constraints on the industry coupled with a large segment of residents who are unable to keep up with housing costs and basic needs threatens Texas’ ability to flourish.
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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e
Where Are We Now?
A jump in the inoculation rate over the past few months has allowed many states to open their economies, spurring hopes of a swift return to normalcy. While we have seen many jobs return, the unemployment rate in Texas is still 6.7 percent (as of April) – this is a vast improvement from the last year’s high of nearly 15 percent, but still almost double the pre-pandemic rate of 3.5 percent. A closer look at state data shows most industries are recovering, including oil and gas and manufacturing.
