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Gaines: Texas economy to lose some steam next yearGaines: Texas economy to lose some steam next yearhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=113712015-12-04T06:00:00Z

​​​CORPUS CHRISTI – Home construction and job growth in Texas will lose some of their economic steam in 2016 because of the energy downturn, said Real Estate Center Chief Economist Dr. Jim Gaines earlier this week.

Gaines, who was speaking at the Corpus Christi Regional Economic Development Corporation’s Housing Summit, said the state’s $1.7 trillion gross domestic product has enjoyed annual growth at or near 3 percent each year since 2010, much of it tied to energy-related commerce. Sliding production and dwindling oil prices the last 17 months will take its toll on the state's economy.

While Texas is not expected to go into recession, its growth rate for the rest of 2015, all of 2016 and part of 2017 will be less, perhaps even 1 percent each year.

"We'll still grow; we'll still advance," Gaines said. "But it'll come at a lower rate than we've gotten used to."

For more of Gaines' outlook on housing and commercial markets and the Texas economy, check out episodes 278, 279 and 280 of the Real Estate Red Zone podcast​.

Corpus Christi Caller-Times
Texas
Economy
http://www.caller.com/news/local/real-estate-expert-discusses-coastal-bend-growth-24d3f2b2-b502-1149-e053-0100007fa587-359654461.htmlRead more at {Source}

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