College Station housing permits break record in 2014College Station housing permits break record in 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=14272015-03-25T13:59:00Z2015-03-25T00:00:00Z

COLLEGE STATION - More single-family home construction permits, which include standalone homes as well as townhomes, were issued in College Station in 2014 than any year prior.

There was a 30 percent increase from the 575 permits issued in 2013 to the 753 permits issued last year, according to data from the City of College Station.

Home builders and experts in the area said the boom is a sign of a growing economy, thanks to Texas A&M and the return of many alumni to the area. Most homes being built are selling for more than $175,000, said Jim Gaines, a research economist for the Real Estate Center at Texas A&M.

"A lot of the growth has not just been in menial or lower-wage occupations but in higher-wage occupations," he said. "So much of it is in the $300,000, $400,000, $500,000 category."

With home builders selling virtually every home they've built in the past several years, the supply is meeting demand, Gaines said.

In order to continue to develop homes, there needs to be available land with utility service, said John Magruder, president of the Bryan-College Station Home Builders Association. "There's only so much people can do," Magruder said. "There's not a high supply of lots right now."

But that will change at the end of this year and early 2016. In June, the Texas World Speedway will close to make room for 1,400 new homes. Another 600 to 800 homes are estimated for the Spanish Oaks neighborhood off Holleman Dr., Magruder said.

The Eagle
College Station-Bryan
http://www.theeagle.com/news/local/college-station-sees-highest-recorded-housing-boom-in/article_cc967e24-4ef6-50ee-bd46-e9d627d62104.htmlRead more at {Source}

 Search NewsTalk Texas