Greater Houston Builders Association November 2020 Economic Forecast

The GHBA held their November Economic Forecast meeting via Zoom this year. Ted C. Jones, PhD, the Cheif Economist with Stewart Title, lead the presentation.

Jones says the housing market is one of the bright spots in an otherwise "down" year. Interest rates are down and working from home, shopping online and online realty are up.  He predicts the US economy GDP will decrease -4.6% overall in 2020, but the GDP will increase in 2021 6.2%.

Houston has performed better than the US in job losses during the pandemic. And even with oil prices at $40/barrel or below, Houston is selling more homes. He actually said new home sales are "smoking hot" and that is a big positive for our now diverse local economy. Entry level, affordable housing has picked up dramatically. New home values are peaking right now with low interest rates.

Jones says he believes this housing boom will continue for a few years, fueled by low interest rates and a booming economy post-vaccine.

Stay calm and keep building, we need housing is Jones' advice!