There are mixed reports on the state of the local economy here in Dallas. A report released Wednesday by the Federal Reserve Bank of Dallas indicated that the Dallas-Fort Worth area is in a weakened economic state. Residential construction has certainly felt a slowdown, and related businesses such as construction, transportation, energy, and manufacturing show the largest drop in activity of the year for the last two months of 2008. Accountancy and legal services are still on track, but demand is somewhat flat. Tighter lending conditions continue to restrict banks from making mortgages, which increases the pressure on the housing market.
However, the Dallas Regional Chamber has concluded a five-year development campaign, which they report has added 140,000+ jobs to the area and raised $6 million. They also note that the region is still growing, as Dallas is still near top rank for employment, population growth and business development.
So while the national economy affects us as it does everyone, we are in a strong position to ride it out and continue to grow and prosper.
Meantime, the Dallas Condo market remains healthy in spite of the national economic woes. A report from The National Association of Realtors announced that Dallas is first among the six national markets for the strongest median price sales growth. We join Houston, Rochester NY, New Orleans LA, Bismarck ND, and Philadelphia PA – Southern NJ in this distinction.
And honestly, we’re a really nice place to live.
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