Houston Real Estate: A Decade of Unmatched Growth
Houston claimed the number one spot in the nation for real estate development over the last decade! What's the secret to Houston's success? It's a combination of our business-friendly environment and the comparative affordability of living and doing business in the Bayou City.
According to a new report from StorgeCafe, Houston has seen vast growth in residential, industrial, and commercial construction, making us the nation's premier hotspot for real estate development.
The Unstoppable Growth of the Texas Real Estate Market
The report ranked the 100 largest U.S. cities based on inventory expansion across six categories between 2013 and 2022. And you know what? Texas cities swept the top five spots with Houston leading the pack!!
What led to Houston claiming the number 1 spot in the nation? Let’s look at our record-breaking stats:
- Houston issued the highest number of single-family home permits in the U.S. in the past decade - whopping 55,600 single-family-home building permits.
- Industrial construction was another area where Houston led the nation. Over the past ten years, we added an impressive 66 million square feet of industrial space to our city.
- Houston secured the second spot for office space construction, with 27 million square feet added in the past decade.
- Despite a nationwide slow growth in retail space due to the surge in online shopping, Houston bucked the trend, adding 12 million square feet of retail space in the past decade (coming in second place overall).
What fuels this incredible growth?
It's a blend of a consistent influx of newcomers, a diversifying economy, and a robust job market that keeps both residential and commercial construction sectors thriving.
With a surge in new housing and the leading amount of new industrial space construction, Houston further solidifies its position as a top city for business. The significant amount of new office space underlines our city's strength as a hub for commercial growth.
Houston, an Unstoppable Real Estate Powerhouse
Houston’s real estate market outpaced every other major U.S. city in terms of inventory expansion. Our city's exceptional performance over the past decade demonstrates Houston's unique combination of business friendliness, affordability, and adaptability.
All these factors combined prove Houston's incredible resilience over the past decade, painting a bright and exciting future for our city's real estate market. As we continue to flourish, it's the perfect time to consider what our vibrant real estate scene can offer you. Whether you're considering buying, selling, or just curious about the market, Houston, Katy, and Fulshear have plenty to offer!