Mischer News

Texans on the whole are more optimistic about their financial future than the majority of Americans, this is according to a new survey by Citi released on November 12. The survey, which polled 500 Texas adults between September 12-15, showed that approximately 38% of Texans rated their economies as excellent or good, and 72% of Texans feel their financial situations will improve in the next year compared with 65% of Americans. For local business conditions, 67% of Texans believe they will become much or somewhat better over the next year, compared with 57% across the nation. 

Still, Texans are exercising caution in their expenses, with 38% taking money out of savings and other investments to meet expenses, and 34% of citizens working longer hours to “make ends meet.” About 57% of those surveyed indicated they are waiting on those major purchases such as new cars, until things turn around. “Such cautiousness indicates the recovery could be prolonged,” said Kathleen Gibson, president of Citi Commercial Banking’s Central Division.

But there are signs and reasons to hope, especially looking at the housing market where a third drop in foreclosures may hint at recovery. The survey showed that 82% of Texans expect home values to go up or stay the same over the next year, a belief that reflects the fact that foreclosure rates are down by 3% from September. “We have not had the boom-and-bust issues a lot of markets have had,” Gibson shared.

While residents are waiting for things to turn around, their positive and ‘go-get-em’ attitudes will keep Texans at the top of their game, and they’ll be ready when things do turn around.