How Texas Averted the Great Recession

Texas has received considerable publicity for
superior economic performance during the recession (the “Great Recession”) and the fact that the
“housing bubble” had very little impact in the state. The performance of Texas has been particularly
favorable compared to its other largest state competitors, California and Florida, both of which
experienced severe economic and housing market distress. One of the factors that helped Texas avoid
both the Great Recession and the housing bubble was its market oriented land use policies. By contrast,
where land use restrictions were more restrictive (California, Florida and other places), house price
increases were far more substantial, as was the subsequent price collapse.

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