This Week in Houston Real Estate: Employment rates, teacher salaries and more

by Lauren Clohessy

Jobs in the Houston area are on the rise. According to a new report, Houston added 94,600 jobs from June 2017 to June 2018. Experts attribute the increase in jobs to the need for construction in the area. After Hurricane Harvey destroyed numerous homes and buildings, the construction industry has been working to rebuild the area. Patrick Jankowski from the Greater Houston Partnership told Realty News Report the other popular industries were administrative and waste management and remediation.

While Houston saw an increase in jobs, the area is also seeing a rise in reverse commuters. The Houston Chronicle defined reverse commuters as those who drive from their urban homes to their suburban jobs. In Houston, an average of 31.6 percent of workers are reverse commuters. Even though Houston’s rate increased, it’s still below the national average of 46 percent.

In other Houston real estate news:

  • Teachers play an essential role in society, but their salaries don’t match their influence. A new report form Indeed compared the average annual salary and living fees for teachers in U.S. cities to find out where teachers need to stretch their money the most to live. Houston ranked No. 7 on the list of which cities pay the most for teachers. In Houston, teachers earn an average of $50,662 a year, but after the salary was adjusted for the cost of living, teachers were left with $49,581.
  • Canyon purchased a new property for its Midtown mixed-use development. The Australia-based company closed on a 0.7 acre spot that is currently occupied by Art Supply on Main, right next to the company’s 27-story luxury residential tower development. While there is no confirmation on the price, the Houston Business Journal reported the property was appraised for $2.1 million in 2018. The first part of Canyon’s mixed-use development is expected to be finished by mid-2019.
  • GVA Real Estate acquired the Huntington Glen apartment complex. The Austin based firm purchased the Alief area property through HFF from BH Equities/L5 Investments, according to Realty News Report. This is GVA’s first real estate purchase in Houston.
  • After working together on the River Oaks condominium project, Leach Constructions LLC and Arel Capital are suing each other for project delays and damages. The Houston Business Journal reported the lawsuits include contract breaches for numerous causes of action. Arel is asking Leach for over $2.5 million in expenses and Leach is asking for $5.1 million plus legal fees. The River Oaks building is currently open with units still available.

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