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POSITIVE PREDICTIONS FOR TEXAS ECONOMY
AUSTIN (Austin
Business Journal) – The Texas economy is predicted to begin a
slow, steady recovery in 2010, according to BBVA Compass’ U.S. Regional
Watch third-quarter report.
The report predicts a 1.7 percent
increase in the state’s gross domestic product (GDP) in 2010, following
a small contraction in 2009. This will be aided in part by a surge in
home sales, according to the bank’s economists.
Home sales across Texas are predicted to
increase by 4.5 percent in 2010 after declining by 12 percent by the end
of 2009.
Though Texas projected a 9.5 percent
deficit at the beginning of the year, it is the only state among the
seven Sun Belt states covered by BBVA Compass to forecast a balanced
budget in 2010.
The report also said that Texas will
benefit the most from funding through the federal government stimulus
program, considering the amount of money to be received by the state
equates to its entire 2009 budget shortfall.
For more on the Texas economy, check out
the Real Estate Center's
monthly economic reviews.
Courtesy
of
RECON
Real
Estate Center Online News
September
25, 2009
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