The jobs market and real estate market are closely connected. When the jobs market is stable and unemployment is low activity picks up in the real estate market. This leads to more investment in new developments and more new homes being built.
This is the case right now in Katy, TX. Currently the unemployment rate in Katy is just 4.7%, which is nearly two percent lower than the national average. Many residents that live in Katy actually commute to work in Houston. There the unemployment rate is even lower at just 3.7%.
All this job market stability comes despite BAE Systems moving their operations out of Katy late last year. Many other companies are moving into the city, offsetting any blow that may have been felt. Because of expansion in the companies along the I-10 corridor, the Katy Area Economic Development Council is estimating that the work population will grow from 136,000 to 164,000 by 2018. The Council also estimates that the household median income will increase from $111,657 to $127,188 in that same time.
This boom in the job market of Katy and Houston has had a notable impact on the number of new homes in 77494 as well as the types of homes that are being built. The area is now home to affluent communities such as Roesner Woods by Sitterle Homes that offer security and privacy for a price point that is above the average list price of homes for sale in Katy.
The fact there has been an increase in these types of upscale communities points to the economic success of the area and that buyers are confident in the value of homes and the stability of their jobs.