Click http://www.empireindustriesllc.com/ today to visit Empire Industries for the best landlord property management in Houston. To view our available listings, go to http://www.empireindustriesllc.com/houston-homes-for-rent today! You can also call us or visit our office at: Empire Industries Houston, LLC 5225 Katy Frwy #495 Houston, TX 77007 (888) 866-6727 http://www.empireindustriesllc.com/ Hi my name is Pete Neubig, CEO of Empire Industries Property Management located here in Houston, Texas. This is Pete's Corner and today I am going to go over the Economic Summit with Ted C. Jones. It may not be as fun and exhilarating as fun with flags with Sheldon out there in Big Bang Theory, but more informative I am sure. Ted Jones is an economist with Texas A&M; University and this is just a quick re-cap of his summit. There are more jobs than ever before in U.S. history so don’t watch the news--the economy is not crumbling. There were a million new jobs in the U.S. in the past twelve months and the median household income in the U.S. was $53,657.00, the median price of a home was $206,710.00, so the home price to income multiplier was 3.85. First, I am going to talk a little bit about Texas and then I am going to focus on Houston because that is where we are located. Texas is the tenth best tax friendly state to do business--we would be number one if there was no franchise tax. And if you look at some of the other states like Wyoming, North Dakota and South Dakota, places that are not very heavily populated. The job growth in Texas was 1.35 percent over the last twelve months and the median household income in Texas was $53,035.00 the median house price was $184,400.00 with a 3.48 home price to income multiplier, so you notice that is lower than the U.S. average. In Houston, we actually had a .88 percent job growth the last twelve months, so obviously, my friends in the oil business would disagree that we are in a strong market, but even with the price per barrel of oil going down, with tons of people losing their jobs in the oil industry we actually had job growth. And even more surprising was the fact that with that job growth the jobs that were created were basically the same salaries as the people who had lost their jobs. So the salaries were very equal. In Houston the median household income was $62,272.00, the median price was $195,850.00 with a 3.26 home price to income multiplier which is even less than Texas, so it is still a good place to purchase single family homes. The economist Ted C. Jones, expects between a 7 and 10% home price reduction. He has said that the Class A apartments, especially have been over built and they will be giving them recessions if they have not already. He also said that the over $500,000 properties are sitting on the market and that they are having a hard time selling. The properties that remain strong are the ones between $150 and $500,000. Although Houston has seen a downturn in the oil industry, with the price of a barrel going down to about thirty dollars per barrel, Ted Jones says this is the best downturn in the history of Houston. So, unlike the eighties when we had this downturn there were no other businesses in Houston to soften the blow. And now we also have the Med Center, which is the second largest in the nation and if they make the Med Center itself its own separate city, it would be the tenth largest city in the nation. The widening of the Panama Canal has allowed more import and export business to go through Houston and the Houston port will be number one in the country, as of right now it is number two in the country. These kind of jobs are keeping the economy very stable, these kinds of business are keeping the economy very stable. So, what is in store for Houston in the next five years? This is interesting, the population growth they are forecasting is 791,167 people, that’s 158,233 per year which about 40% are renters increasing our rental pool by 63,000 folks. So, if you are an investor with a downturn in home prices and an upturn in the population growth and that you know you have a strong median income we recommend that it is time to start buying this year if you are interested in rental properties. This is Pete Neubig for Pete’s Corner signing off and if you have further questions please feel free to call us thank you! Experience professional property management in Houston with us at Empire Industries! Learn more about us at http://www.empireindustriesllc.com/our-company or learn more about property management in Houston here: http://www.empireindustriesllc.com/houston-property-management. Your reviews help keep our business thriving. Please take a moment and share your experience at https://plus.google.com/+EmpireIndustriesLLCHouston. This video tour is edited and optimized by http://virtuallyincredible.com/, offering video training and outsourcing solutions for property managers around the world.

• published: 28 Jan 2016
• views: 51