Where is apartment development gaining momentum?Where is apartment development gaining momentum?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=20322015-01-09T08:18:00Z2015-01-09T07:44:00Z

HOUSTON - Houston ranked No. 2 nationally for the number of multifamily units permitted between January and November 2014, based on an analysis of U.S. Census building permit data by CBRE Group Inc.

Houston saw 21,550 multifamily units permitted year-to-date 2014 through November, topped only by New York City with 30,397 units permitted.

Houston ranked No. 3 in the country for multifamily development momentum, which CBRE defined as the ratio of multifamily units permitted to the city's population.

The Bayou City permitted one multifamily unit for every 293 residents, only beaten by Austin (1:236) and San Jose, California (1:265), according to CBRE.

The City of Houston's Downtown Living Initiative and revitalization efforts to Hermann Park and the Astrodome is spurring residential construction in the city's Central Business District and Museum District.

The Grand Parkway extension project and the new Exxon Mobil campus is fueling multifamily growth in the suburbs, like Conroe, Katy, Springwoods Village, The Woodlands and Tomball.

The top ten cities ranked by the number of multifamily units permitted between January and November 2014, according to CBRE's analysis of U.S. Census building permit data:

1. New York City: 30,397
2. Houston: 21,550
3. Los Angeles: 16,448
4. Dallas-Fort Worth: 15,218
5. Washington: 12,173
6. Seattle: 11,397
7. Miami: 8,440
8. Austin: 7,968
9. Atlanta: 7,575
10. San Jose: 7,240

Read more at the Houston Business Journal.

tag: apartments, Houston Multifamily data

Houston Business Journal
Houston-The Woodlands-Sugar Land
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