Curious to know board thoughts on this matter. I don't want to get into an F16 type debate on whether we are already in a recession , or going into one, or not having one all together but assuming a recession is in our very near future or already here do you guys see the population surge to Texas cushioning the potential blow on housing purchases, rentals, and commercial real estate?

I feel like in a recession commercial space/strip space is the first to suffer the consequences. But so far, in areas like Katy, Richmond, Sugarland commercial space seems to be getting gobbled up pretty quick still. But the other side of that I also feel is that those areas are seeing population surges that might limit the downside of a recession a bit. Wanted to see the boards thoughts.

Your mistake is to assume we are in recession. We are not. So current data you're using is from a positive economy.

By looking at current data we have consistently had positive numbers. Steady job growth, low unemployment, rising wages and very recent reduction in inflation.

Could we end up in recession? Of course. The Fed could overreach or Washington could not agree on the debt limit or a many other possibilities.

As for Houston I'd watch the price of oil. That is the best predictor for the city. Houston has done a great job diversifying the last 40-50 years but the oil patch is still the cornerstone of their economy

The situation screams for investment in large multi family complexes (i.e. apartments)