Checking in on the Houston Area Economy in July - Key Takeaways
July is in full-swing and the latest economic reports for Greater Houston are now available. Economic reports for Houston in July include the Greater Houston Partnership (GHP) monthly report and the Wells Fargo construction report.
Key takeaways from the GHP July economic report include:
· Suburban counties of Greater Houston are growing at a faster pace than Harris County
· Fort Bend County leads with 33.5% growth since 2010
· One-third of the Greater Houston population lives outside Harris County
· Greater Houston has gained 316K international migrants and 254K domestic migrants since 2011
Additionally, the Wells Fargo construction report highlighted multifamily construction as the lone bright spot in new residential spending with a 1.9% increase from the previous month, marking the third consecutive monthly gain.
Harris County and the eight other counties that make up the Greater Houston area continue to be a great destination for multifamily investment with few signs of slowing down. A New York Times article recently reported that four out of every five jobs created in Texas are in Austin, Dallas, Houston, and San Antonio -- further reinforcing the demand for area housing.
To learn more about multifamily property investments in the Greater Houston area, please reach out to CKR’s award-winning property management team.