For a few years, while California was dogged by a real estate crisis and state budget deficit and Texas’ oil boom was just starting to take off, Texas had reason to brag. It backed up its low unemployment rate with Texas-sized business incentives in a baldfaced effort to lure businesses from the Golden State.
But recently, those trends have reversed. The New Yorker traced California’s return to economic health back in 2015, after Gov. Jerry Brown balanced the budget and a new tech boom took off. That was before Texas’ oil bust, which took much of the wind out of the state’s economy, even though it narrowly escaped recession.
California isn’t #1 in GDP per capita. California and Texas are pretty close. Texas has more even distribution of income. They have fewer millionaires as a percent of population and a lower poverty rate. I absolutely love the irony of it.
Is it a good idea to buy investment property in DC? It’s a recession proof economy and the government will continue to get bigger and bigger. Government is the world’s best industry.
How much residential is there in DC? I thought it’s mostly government buildings and commercial. That’s why GDP per capita might be so out of wack. Lots of people work there but very few live there. The DC area does seem to be a good RE investment though.