|Houston multifamily permitting slips on oil losses||Houston multifamily permitting slips on oil losses||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11714||2016-01-11T06:00:00Z||2016-01-11T20:00:00Z|
HOUSTON - The oil slump has finally caught up to Houston’s multifamily construction market, according to a new report.
For most of 2015, Houston’s apartment permitting activity grew year over year, often by double digits, according to Axiometrics Inc.
However, the Dallas-based multifamily research company’s most recent construction report found that Houston’s multifamily permitting activity plunged by nearly 10 percent year over year in November, the most recent data available.
Among the top ten cities with the largest apartment construction markets nationally, Houston was one of two cities — including Austin — that recorded a decline in apartment permitting activity.
In fact, Houston had the largest decline in the group.
Houston still has one of the largest apartment construction markets nationally, based on the number of apartment permits issued.
Dallas overtook Houston as the largest apartment construction market in Texas. The Bayou City fell one spot to No. 3 nationally, issuing permits for 22,064 apartment units in the 12 months trailing November. Dallas issued slightly more permits: 22,828 units.
Nationally, municipal governments and other authorities permitted 539,000 apartment units in the 12 months trailing November, a 39 percent increase year over year.
Axiometrics analyzed U.S. Census Bureau data on residential permit activity and construction starts to issue its latest report, which was released in January.
|Houston Business Journal||Houston-The Woodlands-Sugar Land||Multifamily|| http://www.bizjournals.com/houston/news/2016/01/08/houston-apartment-permitting-activity-plunges-amid.html|
See Houston's Multifamily Market Research to see more information and data.