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FED FINDS TEXAS’ ECONOMY ROBUST
DALLAS (dallasfed.org) – The Texas economy remains strong, with employment more than twice the national rate. According to the Federal Reserve Bank of Dallas’ September regional update, year-to-date employment growth through August was 2.7 percent, an increase of 177,300 jobs.
Texas construction employment slowed from a first quarter 11.5 percent increase to an increase of 3.4 percent in the second quarter. The third quarter picked up again with 9.4 percent growth in July and August. In contrast, U.S. construction employment was relatively flat at 0.1 percent in the second quarter, following a 4.3 percent increase in the first. Growth in the first two months of the third quarter was 1.8 percent nationwide.
Although the residential construction sector is still at high levels, signs of softness include increased builders’ incentives and increased reports of buyer cancellations. The existing home market is healthy, with modest price gains and increasing sales, slowing at lower sales prices. Although housing price appreciation in Texas was much lower than the national average, house prices improved compared with the nation. Housing price appreciation in Texas rose to 6.5 percent from 6.3 percent in the first quarter.
Residential mortgage delinquency rates, a sign of weakness in the housing market, are higher in Texas than in the rest of the nation. Mortgage loans 90 days past due have ratcheted up in Texas to near 2 percent. FHA loans—loans up to $200,000 that have smaller down payments and are made to lower income households—have an even higher percentage 90 days past due, at 4.3 percent.
Real Estate Center Online News (RECON)
October 13, 2006
AUSTIN BURBS’ RETAIL BOOM
HUTTO, PFLUGERVILLE (Austin Business Journal) – NewQuest Properties of Houston is preparing projects in Hutto and Pflugerville that could add as much as 1.2 million square feet of retail to the northeast Austin communities.
Stone Hill Town Center is a mixed-use project planned on 196 acres at the southwest corner of SH 130 and SH 45 in Pflugerville. The development has room for up to one million square feet of retail along with single-family, multifamily and office components. About 12 acres is earmarked for additional commercial development, with another 62 acres set aside for multifamily projects.
Meanwhile, in NewQuest’s Hutto Town Center development, Lowes has signed on as the main anchor in the first phase of the 32-acre project on the northwest corner of CR 119 and SH 79. When phase two is complete the development will include about 200,000 square feet of retail space. A Sonic restaurant is already open on one of the pad sites.
Construction on Hutto Town Center is scheduled to begin in first quarter 2007, with the Pflugerville project starting later in 2007.
Real Estate Center Online News (RECON)
November 14, 2006
PROJECT GEARING UP!
December
5, 2006
Home Buying, or Selling in a Falloff Market!
November 26, 2006
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