Last year, Houston and Dallas-Fort Worth issued more single-family housing permits than any other city in the country, and Dallas alone built 29,000 homes, roughly a third of all the new homes constructed in California. The state’s prosperity is expected to continue.
Curbed reports that housing experts say that Texas is evolving and could be a “center for growth for the U.S. for years to come.” A bubble isn’t likely forming.
Texas’s economy is expanding (it had the highest real GDP growth last quarter), and new jobs are being created. People are flocking to its largest cities, including Dallas: The metro has added 800,000 people since 2010.
CBRE’s 2017 Texas Executive Brief predicts growth due to strong economic fundamentals in all the state’s big cities: Growth in Dallas justifies expansion and continues to attract new retailers; developers have confidence in Austin’s continued growth; and Houston has favorable demographics and “record-breaking” retail demand.
PB Topical Ref
