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Victoria development activity tops $150M in 2014Victoria development activity tops $150M in 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=13862015-03-31T07:57:00Z2015-03-31T00:00:00Z

VICTORIA - Victoria clocked more than $150 million in development in 2014, thanks in part to a drilling boom that shot Texas' oil production to the highest it has been in decades.

It is not just oil and gas playing into the city's construction figures. Demand for housing in Victoria has rocketed during the past five years, bringing a flurry of developers who are attempting to fill the void.

Planning Services Director Jared Mayfield said Victoria has seen more development in the past fiscal year than it has in any recent history.

Victoria will soon be getting four more apartment complexes. One of those complexes is The Duke Apartments at 301 Augusta Dr. It represents a $19.2 million investment — the largest the city has seen in the past year.

In the past four years, the city permitted 1,750 new apartment units. The city still has a need for about 1,100 more housing units to meet the next five years of population growth, according to Jared Mayfield, Victoria's Planning Services Director.

Victoria's employment rate and labor force has steadily increased over the past five years, according to the Bureau of Labor Statistics.

With the city's population growing about 4 percent, according to U.S. Census figures, Victoria is expected to break the 70,000 mark in the next five years.

Among the developments is the University of Houston-Victoria's $20 million residence hall.

Victoria Advocate
Victoria
Multifamily
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