While the rest of country continues to wrestle with its unemployment rate, Texas steadily adds thousands of jobs. As the national average dipped from 6.2 to 5.4 percent year over year, Texas saw its unemployment rate decline from 5.2 to 4.2 percent, the Real Estate Center at Texas A&M University noted in its Monthly Review of the Texas Economy. Nowhere is this boom in job growth more noticeable than in the Bryan-College Station metropolitan area, where the unemployment rate sits at an enviable 3.2 percent.
For a place like College Station, which Forbes recently ranked as the second best small place for businesses and careers, the 3.2 percent unemployment rate is a good thing. Although the concept of an ideal unemployment rate has shifted and evolved due to the ramifications the current post-recession economic climate, many economists now view 6 percent as the ideal. Even the pre-recession rate of 4 percent is higher than College Station's current number. With a 3.2 percent rate, it means local businesses looking to expand or out-of-state companies looking for a place to relocate will still be able to attract new workers.
Indeed, businesses are regularly opening shops in Brazos County, home to College Station. According to CBS affiliate KBTX in Bryan/College Station, Texas, office vacancies have halved in the past two years, going from 24 percent down to 12.
College Station is booming with job growth.
In addition to the surge in job growth, the average income for College Station workers has increased 25 percent since 2009, NerdWallet reported, based on U.S. Census information. Meanwhile, the national average for wage increase sits at a significantly smaller 3 percent, WorldatWork reported. This stark boost in College Station wages strongly correlates to a rise in the area's standard of living. A population growth spike, coupled with an increase in wages, means more people with more money are moving to this area and buying homes. If this trend continues - and there's no reason to believe it will stop anytime soon - this will ultimately lead to more funding for local governments to spend on schools, infrastructure and amenities.
With its location in the heart of the Texas Triangle - one of the nation's growing mega-regions – this will be the home to high-end job opportunities with strong salaries well into the next decade, at least, making College Station real estate a great choice.
These employment and wage factors are making College Station the ideal destination for homebuyers looking for an ideal spot in a planned community to enjoy all the benefits this area has to offer. Although low unemployment numbers combined with high wages help home values over time, homeowners should still build in desirable locations within a city, such as a master planned community. The appeal of master planned communities draws in families, future retirees and other market-savvy buyers, all of whom contribute to greater home values down the line. Buyers or builders could check out the master planned community of King Oaks in the College Station area to get started on buying land and building custom houses.
For more information on building homes in King Oaks located just four miles from College Station, contact SouthStar Communities.
Texas, especially College Station, is experiencing not only a surge in job growth, but also steadily rising wages.