Houston's residential construction slips with oil slumpHouston's residential construction slips with oil slumphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=143742016-09-07T05:00:00Z2016-09-07T17:00:00Z

​​HOUSTON - Fewer homes and apartments are under construction in Houston amid the oil slump, according to a new report from according to Dodge Data and Analytics.

Houston metro-area homebuilders and developers began construction on $719.2 million worth of homes and apartments in July. That represents a 27 percent decline year over year in new construction starts.

Year-to-date, residential construction activity in the Houston region is down 16 percent to $5.4 billion.

Construction activity is slowing in Houston as the city’s energy sector contracts. Demand for new housing is cooling amid lower job and population growth projections.

Homebuilders are shifting their focus to more moderately-priced homes, where sales have remained strong despite the oil slump.

Apartment developers have slowed their pipeline of new projects as supply exceeds demand in some urban submarkets.

There are currently some 25,000 apartment units under construction, with most of the pipeline drying up by 2018.

Houston Business Journal
Houston-The Woodlands-Sugar Land

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