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RECON for August 16, 2022RECON for August 16, 20222022-08-16T05:00:00Z2022-08-16T05:00:00Z
RECON Texas Real Estate Research Center
West Texas cattle feedlot
What's happening in today's RECON? Amarillo getting 1,100-acre beef processing plant, five multifamily properties sold in Austin, 21-acre commercial site trades hands in Fort Worth, and more. Keep reading for the details. (Photo from Center files.)
August 16, 2022

Beef processing plant coming to Amarillo

​​AMARILLO (Connect CRE) – ​The city council has approved the construction of Producer Owned Beef, a $670 million beef processing plant. 

The 1,100-acre facility will process at least 3,000 head of cattle daily. 

It will employ more than 1,500 with a payroll of $120 million per year. 

Producer Owned Beef received more than $12 million from the Texas Enterprise Fund and $11.1 million in tax in​c​entives from the Amarillo Economic Development Corp. ​
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Zion buys five Austin-area multifamily properties

AUSTIN (Austin Business Journal) – Locally based Zion Capital Group LLC has purchased five multifamily properties totaling 325 units.​

MCP Mueller Place LLC sold Mueller Place Apartments to Zion. The portfolio is composed of the 86-unit Mueller Place I at 5800 Wellington Dr. and 24-unit Mueller Place II at 6301 Berkman Dr.

Zion also purchased the Villas at Mueller, a 124-unit community at 6103 Manor Rd. The seller was 6103 Manor Rd. LLC.

The final purchase was the Hyde Park Portfolio, which is comprised of Spanish Trails Apartments and Miller Square Apartments. 

The 40-unit Spanish Trails at 4520 Bennett Ave. was sold by Armadillo Spanish Trails Realty LLC. CSC Miller Square Realty was the seller of the 50-unit Miller Square at 918 E. 40 St. 

Northmarq Capital LLC facilitated $43.8 million in acquisition loans.
Sketchy drawing of commercial buildingsThe Texas Real Estate Research Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Avondale adds 21-acre commercial site to portfolio

​​​FORT WORTH (REBusiness Online) – Avondale Development has purchased a 21-acre development site along Bonds Ranch Rd.

Avondale owns a 175-acre site behind the development that will become a ​​​retail center.

Avod Holdings LLC was the seller. Henry S. Miller brokered the deal.​​​​
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Partnership acquires San Paloma

​​​​HOUSTON (REBusiness Online) – RPM Living Investments and DRA Advisors have acquired San Paloma at 1255 Eldridge Pkwy.

The 372-unit apartment community has one- and two-bedroom units averaging 1,050 sf.

Amenities include a fitness center, heated spa, dog park, pool, business center, playground, and outdoor lounge spaces.

A partnership between Blackstone and LivCor sold the property. Amerant Bank provided acquisition financing.
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Something new brewing at Commonwealth Center

​​​​​DALLAS (REBusiness Online) – M2G Ventures is redeveloping the 112,741-sf Commonwealth Center at 3131 Irving Blvd.

The site will be converted into a flexible space supporting tenants with distillery, brewery, and roastery needs. It will be renamed The Archetype.

Upgrades will also include enhanced landscaping and public art installations.
Communication Matters video seriesThe Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

399-unit Sendaro at Trace on the way

​​​​SAN MARCOS (REBusiness Online) – Highpointe Communities has started on Sendero at Trace, a 399-unit multifamily complex.

The $73 million project will have one-, two-, and three-bedroom options ranging from 775 to 1,300 sf.

Amenities will include a pool, fitness center, clubhouse, and outdoor gathering space.

Units will be available by the end of 2023.​

Younger Partners buys Fort Worth retail, office project

​​​FORT WORTH (Dallas Morning News) – Younger Partners Investments has purchased Crockett Row, a 282,334-sf mixed-use urban village covering five city blocks.

Built in 2009, the property includes retail and office space at 816 Foch St.

The site was 74 percent leased at the time of sale.
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RECON for August 12, 2022RECON for August 12, 20222022-08-12T05:00:00Z2022-08-12T05:00:00Z
RECON Texas Real Estate Research Center
Jacob's Well Natural Area in Wimberley
Jacob's Well Natural Area is a nature preserve in Wimberley. Earlier this summer, Hays County suspended swimming at Jacob's Well, citing threats of bacteria and other pollutants, as well as poor visibility conditions. Swimming remains off limits for the foreseeable future, but the park is still open daily for hiking. (Photo by TRERC Photographer JP Beato III.)
August 12, 2022

Texas top state for HERS ratings

NEWPORT BEACH, Calif. (Builder Online) – Last year, 70,708 homes in Texas received a Home Energy Rating System (HERS) Index Score, more than any other state.

The average Texas HERS Index Score in 2021 was 59.

In 2021, 313,153 homes were issued a HERS rating nationally, pushing the to-date total to over 3.3 million. The previous record was from 2020 with 299,775 homes rated.

​The rest of the top five states for number of HERS-rated homes were Arizona, Florida, North Carolina, and Colorado.​
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308K-sf El Paso industrial project in the works

​​EL PASO (REBusiness Online) – Provident Realty Advisors is building a 308,270-sf speculative project at the intersection of Windermere Ave. and Loop 375.

The 18.4-acre site will have warehouse and distribution space. Buildings will include 32-ft clear heights and 190-ft truck court depths.

Construction begins later this year. CBRE will market the property for leasing.​
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Houston medical office vacancy ticks up

​​​​HOUSTON (NAI Partners) – Local medical office vacancy rose 0.4 percent since July 2021 to 16.7 percent last month, according to NAI Partners. 

The market recorded 588,000 sf of leasing activity year to date in July 2022. Overall net absorption totaled 80,000 sf.

So far this year, 1.1 million sf is​ under construction, and 235,000 sf has been delivered. 

The average asking full-service rent is at $26.22 per sf, up from $25.62 this time last year. 
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Phase two of Vida San Antonio underway

​​​SAN ANTONIO (San Antonio Business Journal) – Southstar Communities is moving forward with phase two of Vida San Antonio.

This phase will include 166 single-family homes and six townhomes.

Phase one had 268 single-family homes, which are now coming online. ​

Phase two will be ready for homebuilders by January 2023. Builders include Highland Homes, Lennar, and Perry Homes. 

At buildout, the master-planned community will have 1,000 student housing units, 1,400 apartments, and 1,600 homes. ​Completion will take 12 years. 
Magnifying glass in librarySearching for reliable and accurate real estate and economic papers can be time consuming. The Texas Real Estate Research Center is here to help. Access our Research Library for a nearly endless database of economic reports, research articles, and technical papers. Get it all in one place completely free. 

Sunrise Commerce Center to break ground next month

​ROUND ROCK (Connect CRE) – IDI Logistics is developing Sunrise Commerce Center, a 465,660-sf industrial project at 2380 Oakmont Rd.

Phase one will include three buildin​gs totaling roughly 311,000 sf. Phase two includes two build-to-suit buildings totaling155,000 sf.

Construction begins in September 2022. 

Adolfson & Peterson Construction​ is building the project. Stream Realty, 5G Studio Collaborative, and Pacheco Koch Civil Engineering are on the development team. 
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528 Bearkat beds sold

​​​HUNTSVILLE (REBusiness Online) – Encore at Sam Houston, a 528-bed student housing property at 1410 Nottingham St., has been sold. 

The community serves Sam Houston State University and includes four-bedroom units. 

Amenities include a pool, fitness center, study lounges, pet park, and basketball and volleyball courts.​

Strafford Barrett brokered the sale.

Business park slated for Denton

​​DENTON (Dallas Morning News) – CLX Ventures and Principal Real Estate Investors are building the De​nton ICC-35 industrial campus.

The campus will have three warehouse and distribution buildings totaling almost 1.2 million sf.

The first buildings on the northwest corner of I-35W and Loop 288 will be available in August 2023.

Holt Lunsford Commercial is handling leasing.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley. 

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RECON for August 9, 2022RECON for August 9, 20222022-08-09T05:00:00Z2022-08-09T05:00:00Z

RECON Texas Real Estate Research Center
Family pulling massive percentage symbol in front of house
Overall, Texas housing is still relatively affordable. However, higher mortgage interest rates are making it more difficult for Texas households to purchase a home. A new report from the Texas Real Estate Research Center says more. Find the details in today's RECON. (Graphic from Center files.)
August 9, 2022

Higher mortgage interest rates hurting Texas housing affordability

COLLEGE STATION (Texas Real Estate Research Center)  – Texas housing overall is still affordable. However, higher mortgage interest rates are contributing to declining housing affordability statewide, according to a new report from the Texas Real Estate Research Center (TRERC).

"A popular metric developed by TRERC and deployed by industry groups depicts a decline in housing affordability across the state in the second quarter," said Dr. Clare Losey, TRERC assistant research economist.

"The Texas Housing Affordability Index (THAI), which measures the relationship between the median family income and the required income to purchase the median-priced home in a particular locale, faced widespread declines last quarter, largely precipitated by the significant uptick in mortgage interest rates."

A higher THAI indicates relatively greater affordability. A ratio of 1.00 means the median family income (MFI) is exactly sufficient to purchase the median-priced home. A THAI above 1.00 means the MFI exceeds the required income to purchase a median-priced home. Conversely, a THAI below 1.00 indicates the MFI is not sufficient to purchase the median-priced home. The THAI provides a tool for planners, practitioners, and other folks in the real estate industry to compare affordability over time and across regions.

In the Austin-Round Rock-Georgetown Metropolitan Statistical Area, for example, the latest THAI declined to 0.96 from 1.32 in the first quarter.

"This indicates a family earning the median income made 4 percent less than would have been necessary to qualify for a loan for the median-priced home," said Losey. "The THAI fell to less than one for Collin, Kerr, and Travis Counties."

Meanwhile, the THAI exceeded 1.00 for the state (1.22), indicating Texas remains affordable for a family earning the median income, she said.

Wichita Falls and Odessa led the state in affordability, a factor of the smaller gap between home prices and median family income in the two MSAs.

Read more in the latest Texas Housing Affordability Outlook report. Here’s the link to supporting data.​

Texas Housing Affordability Index

Texas’ housing manufacturers ‘hit the brakes’ in response to higher interest rates, economic outlook

COLLEGE STATION (Texas Real Estate Research Center) – After two years of incessant activity, Texas’ housing manufacturers pulled back on production as the industry adjusted to higher interest rates and a mixed economic outlook.

Results from the latest Texas Real Estate Research Center at Texas A&M University (TRERC) indicate the production index dipped into negative territory in July and will likely fall further in coming months.

The Texas Manufactured Housing Survey’s (TMHS) sales index reached a record low on top of eight consecutive monthly decreases, and the number of cancelations elevated amid rapid changes in the mortgage market.

"Manufacturers had to hit the brakes after two years of playing catch-up with retail and community demand," said Rob Ripperda, vice president of operations for the Texas Manufactured Housing Association. "When backlogs were running around eight months, retailers were scrambling to keep homes on their lots and avoid stockouts."

Backlogs have fallen substantially over the past year, with particularly stark readings in the TMHS index since May.

"Manufacturers kept pushing their productivity higher, while economic conditions started lowering the number of potential buyers showing up on retail lots. Inventories filled up, and retailers are now canceling existing orders that don’t have buyers already lined up," said Ripperda.

Dampened demand is expected to persist during the second half of 2022, and the industry responded with the first TMHS employee-index contraction since onset of the COVID-19 pandemic.

"Payroll adjustments are in line with trends we are seeing in the broader labor market," said TRERC Senior Research Associate Wesley Miller. "Despite an uptick in initial unemployment insurance claims at the national level, there is still a significant shortage of skilled labor, pushing nominal wages higher. Housing manufacturers expect the shortage to persist and are preparing to raise wages even higher."

While labor costs are increasing, prices paid for raw materials fell for the second straight month.

"Commodity prices are finally taking a breather, and the cost of lumber reached a new low for 2022 this week," said TRERC Research Economist Dr. Harold Hunt. "Although still problematic, supply chains have been stabilizing over the past 12 months and could ease prices further. The timing couldn’t be better as the U.S. economy continues to slow."

In addition to economic-growth concerns, the manufactured housing industry is grappling with impending regulatory changes from the Department of Energy. Despite the various headwinds, the TMHS capital-expenditures index held well above zero, indicating longer-run optimism behind the cloud of uncertainty.
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The English-Spanish Real Estate Glossary defines, translates, and explains 787 real estate terms. Just click on the translated term and hear it spoken in Spanish. It's a must-have for anyone with Spanish-speaking real estate clients. 

High availability challenges Houston office market

​​​HOUSTON (NAI Partners) – Overall local office vacancy was at 25.4 percent in July 2022, up 80 basis points from July 2021, reports NAI Partners. 

Availability was at 29.8 percent, up 70 basis points from last year. The difference between this figure and the vacancy rate reflects expected future move-outs. 

So far this year, the local office market has recorded 7.7 million sf of leasing activity, including both new leases and renewals. This is down slightly from this time last year.  

Year-to-date net absorption is at a positive 541,000 sf, up from a negative 1.9 million sf.

Currently, 2.3 million sf of office space is under construction, down 33 percent from last year. 

NAI states rising interest rates, elevated inflation, and persisting effects of the pandemic continue to challenge the local office market. 
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Northpoint plans 2.2M-sf Foster Commerce Center

​SAN ANTONIO (REBusiness Online) – Kansas City, Mo.-​based Northpoint Development is developing a 2.2 million-​sf industrial park east of downtown.

The Foster Commerce Center will be a six-building development built in phases. Phase one includes two buildings totaling 650,000 sf.

The project will create over 1,000 permanent jobs and 950 construction jobs.

Construction begins this summer. Stream Realty Partners will handle leasing.
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Austin Habitat for Humanity to begin 150-home affordable housing project

​AUSTIN (Austin American-Statesman) – Habitat for Humanity has received a $4 million loan from the Austin Community Fund to construct 150 affordable single-family homes.

The homes are designated for residents making from 60 percent to 120 percent of the area median income.

Donors include St. David’s Foundation, Tito’s Handmade Vodka, Bill Wood Foundation, Shield​ Ayers Foundation, and the Aragona family.

Construction begins later this year.
Magnifying glass in librarySearching for reliable and accurate real estate and economic papers can be time consuming. The Texas Real Estate Research Center is here to help. Access our Research Library for a nearly endless database of economic reports, research articles, and technical papers. Get it all in one place completely free. 

3.3M-sf Mesquite mixed-use project moving forward

​​MESQUITE (Connect CRE) – The city council has approved a 235-acre retail and business development off I-20 at Lawson and Lasater Roads.

The site will include 180,000 sf of retail space and 3.2 million sf of industrial, business, and logistics space.​

42 Real Estate and SLJ Company are developing the project.

Construction begins in early 2024.
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Skyline Park on the way to south Austin

​​​​A​USTIN (The PR Boutique) – Brookfield Residential Properties has broken ground on a 25-acre park within the Easton Park master-planned community.

Skyline Park will include a splash pad, open lawn, public art, and two playgrounds.

Construction will be complete in late 2023.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley. 

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RECON for August 2, 2022RECON for August 2, 20222022-08-02T05:00:00Z2022-08-02T05:00:00Z
RECON Texas Real Estate Research Center
Wooden house with coins
In the second quarter, Texas' median and first-quartile sales prices increased 16.4 and 13.6 percent year over year, respectively. Meanwhile, following years of generally sluggish growth, family income increased considerably, growing 13.6 percent from 2021 to 2022. However, as long as the rise in home prices continues to outpace the increase in income, purchase affordability, or the ability of a household to buy a home, will continue to diminish. Read more in our latest Texas Housing Affordability Outlook(Photo from Center files.)
August 2, 2022

Partnership acquires 10497 Town and Country Way

​​​​​HOUSTON (Houston Business Journal) – Lee & Associates and 35 South Capital have purchased 10497 Town and Country Way, a nine-story, 150,000-sf building.

Lee & Associates plans to move into a full floor of about 17,000 sf next year. 35 South Capital will occupy 3,000 sf in the building later this year.

The building is already about 85 percent leased and will be almost fully occupied once the partnership moves in.

The seller, Equus Capital Partners, was represented by JLL. JLL's debt advisory team helped secure the acquisition loan from Independent Bank on behalf of the buyers. 
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Stonelake Capital purchases 90 acres for 1.3M-sf logistics park

​​​​EL PASO (Connect CRE) – Stonelake Capital Partners has acquired 90 acres at the corner of Montana Ave. and Joe Battle Blvd. for the development of a 1.3 million-sf business ​park.

The 375 Logistics Park will comprise four to six buildings and has been appraised at $30.8 million.

River Oak Properties was the seller. Construction begins in the first quarter of next year and wraps at the end of 2023.​​
Texas Quarterly Commercial ReportEconomic activity within the Lone Star State improved during the first quarter. Texas nonfarm employment added 166,300 jobs during that time, although joblessness was still higher than the national average. Total nonfarm employment in Texas has now continued well past the pre-COVID peak of just under 13 million jobs to just over 13.2 million jobs. Read our latest Texas Quarterly Commercial Report for an analysis on the Austin, DFW, Houston, and San Antonio commercial markets.

The Luminary swaps hands

​​​​​DALLAS (REBusiness Online) – Harwood International has acquired The Luminary, a 169,000-sf office building.

Built in 2019 by Crescent Real Estate, the project is within the Victory Park mixed-use development at 401 N. Houston St.

Corgan, which designed the building, is the main tenant alongside Lerma.

The Luminary was 67 percent leased at the time of sale.
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Stratus planning 316-unit community near UT Austin

​​AUSTIN (REBusiness Online) – Stratus Properties is developing The Saint George, a 316-unit multifamily community near the University of Texas.

Plans call for a pool, fitness center, ​rooftop deck, and communal workspaces.

About 10 percent of units will be allocated as affordable housing.​

Comerica Bank provided a four-year, $56.8 million construction loan.

Construction begins soon and wraps in mid-2024.
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Brookeast acquires 238-unit complex in Houston

HOUSTON (Colliers International) – Brookeast Capital LLC has acquired Vineyard Trace Apartments.

The 238-unit garden-style community sits on 8.45 acres at 15414 Kuykendahl Rd. It has one- to three-bedroom units.

Amenities include a clubhouse, sports court, security gate access, playground, laundry facility, barbecue grills, and two pools. 

The seller, Windmill Investments, was represented by Colliers International. 
Communication Matters video seriesThe Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Two Houston manufactured housing communities sold

​​HOUSTON (REBusiness Online) – Capstone has arranged the sale of two manufactured housing communities totaling 322 sites.

Anderson Oaks is a 177-site community. Chase Village has 145 sites.

The properties had a combined occupancy of 97.5 percent at the time of sale.

Capstone represented the seller and procured the buyer. 

AHV to launch BTR complex in Leander

​​LEANDER (Connect CRE) – AHV Communities is planning a 224-unit build-to-rent community.

The complex will have three- and four-bedroom homes ranging from 1,500 to 1,900 sf.

​Amenities will include a pool, fitness center, dog park, and game courts.

Construction begins in first quarter 2023.​
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Copyright © 2022, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley.

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RECON for July 29, 2022RECON for July 29, 20222022-07-29T05:00:00Z2022-07-29T05:00:00Z

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SHARK WEEK is every week at the Texas State Aquarium in Corpus Christi. If you disagree, this sandbar shark is waiting to discuss it. (Photo by TRERC Photographer JP Beato III). 
July 29, 2022

Texas Employment Report: State job growth rate surpasses U.S. by 38 basis points

October 2021 Summary banner 

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  • Texas added 82,500 jobs in June, an almost 0.62 percent increase over May. Over the same period, Texas job growth exceeded the national growth rate by 38 basis points. While the national job growth rate finally turned around several months of contraction, the Texas job growth rate continues to expand at a faster rate.
  • The state's unemployment rate improved to 4.1 percent. While that's still higher than the national unemployment rate, Texas' labor force has been much more robust throughout the pandemic. The national unemployment rate stalled for the fourth consecutive month at 3.6 percent as concerns of economic uncertainty continued to grow because of mounting inflation and the pain likely to follow to alleviate it.
  • The state's labor force expanded by almost 40,000, which is a step back from May's gains of 56,000 but more in line with February and March. National labor force levels shrank by 353,000.
  • The most recent job-opening data from May signaled job creation in June may be slowing soon. The May count of job openings was 974,000, which was 28,000 fewer openings than the month before. Despite a slowdown in momentum, the mismatches between employment and job-opening growth still contributes to the current rapid wage rate growth.
  • New job hires in May stalled while the number of people who quit decreased because of growing economic uncertainty. The latter is likely a consequence of the former as hiring firms become more selective despite the rise in job openings.
  • The state's goods-producing sector added 8,200 jobs in June, about half as much as the month before. Manufacturing added the most jobs (7,000) with mining and logging not far behind (almost 5,000). Meanwhile, construction employment was down by 3,000 jobs after leading the pack in May.
  • The state's service-providing sector added almost 74,000 jobs, the best month since November 2021. This month, the spotlight belonged to the healthcare industry. Its whopping 23,400 jobs brought the total employment level back to pre-pandemic levels. Leisure and hospitality remains strong with 12,700 jobs added in June.
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Good + West bringing four BTR communities to Texas, starting with Denton

DENTON (REBUSINESS) – Good + West is developing four build-for-rent properties in Texas. 

The first project is a 195-unit community called Perch Denton, located north of DFW. This community will be complete in 2023.

Others will be in Fort Worth and Manor.

The properties will be built under the firm's Perch banner over the next four years.

Development costs are $400 million for the four properties.

Renting out a home can be a lucrative investment, but residential property management is often complicated. Pete Neubig of the National Association of Residential Property Managers shares his secrets for success in leasing on the latest Real Estate Red Zone podcast. Take a listen.

92-year-old SA Aurora getting upgrades

SAN ANTONIO (Connect CRE) – Fairstead has acquired the historic Aurora Apartments at 509 Howard St. The 92-year-old building will undergo $15 million worth of renovations.

Built in 1930, the 11-story Aurora has 105 apartments for low-income senior residents.

Fairstead will modernize interior homes and replace electric panels, main switchgear, sprinkler system, roofing, and two elevators.

The Aurora is on the National Register of Historic Places.

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Woods Capital adding 228 apartment units to Santander Tower

DALLAS (Connect CRE) – Woods Capital is converting ten floors of the Santander Tower, previously Thanksgiving Tower, from office space into 228 multifamily units.

The remaining 40 floors of the 40-year-old tower will still have office space, dining options, and a boutique hotel on the top two floors.

Adolfson and Peterson are handling the conversion, which begins this summer.

How does Texas’ employment rate compare with the national one? Our monthly Texas Employment Report tells you. In addition, it includes rankings of Texas metropolitan statistical areas and various industries. Read the latest edition here and subscribe to our email list to get notified when a new issue is released.

Westchase Forest swaps hands

HOUSTON (REBUSINESS) – Nimes Real Estate has sold Westchase Forest, a 400-unit apartment community at 11355 Richmond Ave.

The apartment community offers one-, two-, and three-bedroom apartments ranging from 570 to 1,242 sf.

Amenities include a clubhouse, internet café, business center, media room, picnic area, fitness center, and two pools.

Berkadia represented the seller. 

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Work begins on Alta Rolling Oaks

SAN ANTONIO (PRNewswire) – Wood Partners has broken ground on Alta Rolling Oaks, a 366-unit luxury apartment community along North Loop 1604.

The complex will have one-, two-, and three- bedroom options.

Amenities include a resort-style pool, walking trail, outdoor kitchen, dog park, fitness center, community clubhouse, conference and entertainment spaces, and a business center.

Alta Rolling Oaks opens in May 2023 with pre-leasing beginning next year.

200 Park Place under new ownership

HOUSTON (JLL) – Hines Global Income Trust has acquired 200 Park Place, a Class AA trophy office tower totaling 206,943 sf, for $145 million.

200 Park Place features a building concierge, tenant lounge, conference center, 6,000-sf outdoor landscaped terrace, 24/7 security, and a restaurant.

The 15-story building is at 4200 Westheimer Rd.

JLL represented the seller, Stonelake Capital Partners LLC, and procured the buyer. 

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