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

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RECON Texas Real Estate Research Center
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.
Helping Texans make the best real estate decisions since 1971

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.

In Other News: From the NewsTalk Texas feed
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

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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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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