Paige Martin is a broker associate with Keller Williams working in Houston.
Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we spoke with Paige Martin, a broker associate with Keller Williams, who shared her 10 Houston new construction stats to know.
The city of Houston has the nation’s highest number of new single-family home construction permits over the past year.
Houston issued 27,151 new permits; a figure that tops the permits issued for the entire state of California.
Houston also posted mindblowing numbers in highrise developments, new construction starts and more.
The number of people relocating to Houston is also at an all-time high. The city also added 107,400 jobs in the 12 months prior to August.
1. Houston No. 1 in Single Family New Home Construction Starts – Homebuilders are on pace to start 50,000 new single-family homes this year.
Houston also issued 27,151 new building permits for single-family homes between August 2013 and August 2014.
2. Houston’s Planned New Construction Starts Exceed $4.8 Billion -Houston is 3rd in Forbes list of “Cities With Most New Constructions.” Houston new construction starts total $4.8 billion, representing an 8% year-over-year growth.
3. Houston Is 7th In List Of North American Cities With Most Highrise Developments – Emporis ranks Houston 7th in its “North American Cities With Most Number Of Highrise Developments” list.
Houston’s four major job centers (Downtown Houston, The Galleria, The Energy Corridor and The Medical Center) are going through unprecedented growth. Naturally people want to shorten their commute and live closer to shopping, restaurants and grocery stores.
This high demand is spurring the growing number of highrise residential projects in Houston.
4. Houston Has 28 New Highrises Under Construction –
Including both residential and commercial, Houston has 28 highrises currently in development.
This includes 609 Main At Texas, a towering 49-story high office building, and luxury residential highrises Belfiore and Astoria in the Galleria and a large number of residential rental towers.
5. Over 80 Highrises are Under “Approved” or “Proposed” Status – In addition there are 83 buildings (at least 12 floors high) that are in “approved” or “proposed” phases with the city.
The list includes 50-story office highrise 1600 Louisiana and Block 98, a residential building set to stand 38 floors high. Developers are set to start construction on both buildings in 2015.
6. Proposed Construction Projects in Downtown Houston Total $4 Billion – Downtown Houston is home to the largest number of proposed highrise projects.
The Downtown District update listed 14 buildings under construction and 39 planned projects, representing $4 billion worth of new construction or renovation.
This includes a 40-story apartment building on Market Square, a luxury hotel to be added to the mixed-use GreenStreet development, and a new High School for the Performing and Visual Arts on the east end of downtown.
7. Employers are Planning to Relocate or Hire 100,000 Workers0 – Houston-based companies have added 107,400 new jobs the last 12 months. This is on top of the 230 percent job growth recorded between 2005 and 2013.
In addition to this growth, Houston’s major employers have plans to add another 100,000+ jobs in the next year. The majority of these positions are expected to be filled by individuals who do not currently reside in Houston.
8. Houston Housing Starts Growth Seen For 8 Consecutive Quarters – Houston housing starts (new houses under construction) have increased for eight consecutive quarters.
Even better, the new home inventory has not depressed prices of current inventory. New demand (people relocating to Houston) has exceed supply and provided consistent appreciation even during the 2008-2010 financial crisis.
9. Vacant Developed Lot Inventory is at an All-Time Low – Vacant, developed lot (VDL) inventory is down to 36,128 lots in the second quarter. This represents 15 months of supply, far below the 20-24 months of supply that Metrostudy considers “equilibrium” for the Houston market.
10. Houston Home Inventory Is Nearly 50 percent Below the National Average – The number of available Houston homes for sale is at its lowest point since 1999, at 2.9 months inventory on the market.
Demand for homes is expected to continue due to stable local economy, record-breaking number of people relocating to Houston, and increasing number of employment opportunities.
Paige Martin is a Broker Associate with Keller Williams Memorial and the owner of www.HoustonProperties.com. She has been ranked a Top Houston Realtor by the Houston Chronicle, Houston Business Journal, RealTrends, and Texas Monthly.