Will People Leave Houston Because of Ike?
I was talking with Angie Beck this morning, who is back here in Austin because of Hurricane Ike. She is a basketball coach in Clear Lake, TX and the school has no power because of Ike. Neither does her apartment so she is back n Austiin for a while.
Angie was telling me about the destruction caused by Ike after seeing it first-hand. Angie and I both think that after people have their insurance adjusters out and get their checks that many will relocate out of Houston. But it won't be just Houston; it will be from Galveston to Beaumont and many other communities that got slammed. Where will they go? Austin is a likely place for many, San Antonio is another. Both are relatively healthy in terms of their economies and there is plenty of housing available.
Angie and I also talked about how lucky we are as a country that Hurricane Ike didn't cause more of a disruption in terms of oil refineries and pipelines. The economy, which is already taking a beating thanks to the financial market, would really go into the tank if that had happened. Angie mentioned something else that made me think that more people will buy real estate in Austin and other relatively healthy areas. People are pulling out of the stock market, especially financial stocks. Where will they put their money? Perhaps into real estate and the real estate will likely be in healthy markets away from the coast. Again, Austin and San Antonio could benefit from this.
I wonder about people in and around New Orleans as well. They doged a couple of bullets recently with Gustav and Ike. If I lived along the Lousiana or Missippi gulf coast, I would be seriously thinking of leaving the area. Will some of these people decide to leave? If so, where will they head? Again, I think that Austin and San Antonio are places these folks might consider.
If any of you reading this are in places that were hit hard by Gustav or Ike, I would love to hear your comments.