November Economic Reports Highlight Houston’s Resilient Economy and Steady Growth
The latest November Economy at a Glance published by the Greater Houston Partnership highlights the region’s continued growth both economically and in population.
The key takeaways from this month’s economic report include:
· Greater Houston added 128,000 jobs from Oct. ’18 – Oct. ’19
· The area has added 20,500 scientific/technical services jobs and 10,300 manufacturing jobs
· Houston gained 30,000 residents from Oct. ’18, adding many from Dallas, Austin and New York
In Houston multifamily news, Yardi released its quarterly deep dive into the Greater Houston housing market. The report shows a continued strong trend for Houston’s multifamily industry. Over $4.5 billion in apartments have been traded in the first 10 months of 2019, signaling a lucrative investment market. From a construction standpoint, 14,000+ apartment units are under construction with an additional 34,000 units in the planning and permitting stages as of the end of October ‘19.
With population growth and an increasingly diversified economy, Greater Houston continues to see a residential real estate boom as supply keeps up with demand. The Greater Houston multifamily housing market continues to sustain positive momentum and offers a profitable option for savvy property investment.
To learn more about multifamily property investments in the Greater Houston area, reach out and get acquainted with CKR’s award-winning property management team.