With virtually every national news reporter focused on the impact of Hurricane Ike on Galveston, many people are simply unaware of the storms impact on smaller towns and cities in outlying areas. League City is just one of those smaller cities and the hurricane left a big boot print when it passed through. One particular segment of the local economy that has been heavily impacted, is the league City real estate market.
Rising Economic Figures
While League City and other smaller municipalities in the greater Dallas and Galveston area never did feel the direct impact of the decline in the real estate market that has devastated the rest of the country. The fact is that recent figures were showing a slight slowing in recent sales. However all that has changed since the hurricane.
A Diverse Economy
However; League Cities close proximity to the Johnson Space Center and a heavily diversified economy including the many near by specialty chemical facilities have and continue to provide a buffer from the economic woes that have plagued rest of the nation as a whole.
Commercial and Residential Distressed Properties
One thing that has changed as the result of Hurricane Ike's impact is the number of distressed properties or "fixer-uppers" that are now on the market in League City and its surrounding area. The numbers are incredible, as the hurricane left noting untouched while it inflicted moderate to major damage on a high percentage of standing properties in its path.
New Economic Growth
While this is certainly not good news for people who own storm damaged residential and commercial properties, for investors who have the capacity to restore distressed investment properties, opportunities now abound in League City. The new influx of state and federal redevelopment funds along with insurance money, combined with a steady stream of construction and relief workers is the perfect formula for an economic boom.