Image Source: Forbes
A recent article from Forbes highlights the booming Texas economy, 2014 real estate trends and 2015 real estate projections. Several Texas cities, including San Antonio, are among the top metropolitan areas with the most new construction in 2014.
San Antonio real estate has improved since the since the economy in Texas began improving. The boom in horizontal drilling and fracking has caused the state’s oil output to more than double over the past three years to 3.18 million barrels per day - a level not seen since 1976.
The oil has increased job opportunities. Last year alone, Texas added about 300,000 jobs. With new jobs, the growing real estate market is sparking an influx in residential, manufacturing, office and hospitality construction development.
Dodge Data sorted through building data for the nation’s Metropolitan Statistical Areas to find the 20 cities where the most money was spent on new construction from January 2014 through September 2014 to create Forbes lists of Building Boom Towns. Four Texas cities made the list of Top 20 Building Boom Towns including Houston, Dallas, Austin and San Antonio. Dodge specifically looked at the dollar amount of new construction starts, projects where ground has been broken and work begun and structures including single-family home construction, office space, retail space, warehouses, healthcare facilities, educational buildings, manufacturing plants and research facilities among others. Results showed that construction across the nation was up 9 percent in 2013 to $535 billion and Dodge projects it will climb another 5 percent to $564 billion in 2014. The shift comes from non-residential building which hadn’t grown significantly in 2012, but began to grow in 2013 and 2014. Through the end of 2014, Dodge estimates construction in the manufacturing sector will be up 57 percent. Residential building remains to largest percent and is forecasted to account for $227 billion in 2014’s total construction. According to chief economist and vice president at Dodge Data & Analytics, the nationwide construction expansion is becoming more broad-based helping the industry become more resilient over the next year.
San Antonio, where Mission del Lago is located, came in at number 19 on the list of Building Boom Towns. It has seen a year-over-year change of 29 percent with 2014 construction starts of $3.5 billion compared to 2013’s $2.7 billion in construction starts boosting the San Antonio real estate market. The development continues to bring new jobs to the area making the San Antonio real estate market even hotter.
Click below for more information on living in San Antonio's Southside and buying a new home at Mission del Lago.