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Texas construction booming on economic strengthTexas construction booming on economic strengthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=56732013-11-20T07:08:00Z2013-11-20T06:30:00Z

TEXAS - While many parts of the country have not fully emerged from the housing crisis and recession, Texas continues on a tear with new building and thriving residential and commercial real estate markets.

Single-family home building rebounded dramatically in 2012 after a trough in 2011 and is on pace to gain this year while home sales also rebounded in 2012 from a 2010 trough, with more gains on pace this year, said Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University.

The 2011 single-family housing market in Texas saw just 67,254 building permits issued, Dotzour notes. The next year permits were up to 81,926, and this year is apt to notch 90,000.

Residential home sales volume, which was down to 203,637 as reported in the Multiple Listing Service in 2010, increased to 238,056 by 2012, Dotzour said. He estimated sales would reach more than 280,000 units this year.

Three of the top tenĀ U.S. metro markets with the highest number of annual housing starts are in Texas, according to a recent Metrostudy report. Houston and DFW are at the top of the list, while Austin places ninth.

Meanwhile, 23,500 rental units are under construction in the Dallas area, near a record high. Occupancy levels are at 94.4 percent, a 12-year best, MPF Research said.

Some 17,000 rental units are underway in Austin, while 16,000 units are going up in Houston.

Economists and property developers say the construction boom throughout the state, whether office, housing or industrial, is being fueled by one main driver: jobs.

Payrolls are still 932,600 jobs higher than in January 2008, when national payrolls peaked. The rest of the U.S. is still down 2.85 million. Job growth in Houston, Dallas and Austin is twice that of the national average.

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