Houston Bucks Slowdown Among Nation's Biggest Metro Areas
by: Andrew Schneider, September 24, 2012 4:09:00 am
Houston ranked number two out of the nation’s hundred largest metro areas in terms of the strength of its recovery, according to the latest edition of the Brookings MetroMonitor. Research analyst Alec Friedhoff says even that may understate how quickly Houston is coming back from the Great Recession.
“The first in our rankings is actually New Orleans. Part of that is because its recession buyer metrics center around Hurricane Katrina. And so it’s been recovering for much longer from that devastation.”
The report notes that metro areas across Texas generally outperformed the national average. Friedhoff says that’s in part because of strong employment tied to the oil and gas industry. He also credits the state’s more conservative lending practices with helping Texas avoid the worst of the housing bust.
Home prices acted as a drag on most other regions of the country between April and June, with nearly ninety percent of metro housing markets hitting new lows.