With the Dallas area benefiting from a stronger economy than what the rest of the nation is experiencing, new construction is a segment of the market that continues to be booming all throughout North Texas, even though it’s still not keeping up with demand. Nationwide, new construction in 2015 hit its highest annual level since 2008, and here in Dallas, activity seems to be showing few signs of slowing down.
Perhaps what’s most interesting about Dallas new construction is that two-thirds of all new development over the past 12+ months has been residential, which primarily consists of detached single-family residences believe it or not. For DFW specifically, it’s an encouraging trend some industry experts feel can be directly related to more people finally showing signs of recovery since the downturn or perhaps losing their home during the recession, not to mention at least some proof that more and more younger home buyers are finally starting to enter the marketplace.
Even with strong residential development helping bolster a red hot real estate market, Dallas also saw $6.5 billion in non-residential construction projects last year, which includes a new $570 million data center being built by Facebook over in Fort Worth. With incredible job and population growth happening all over North Texas, don’t expect to see commercial development dwindle anytime soon either. For perspective, Dallas alone added nearly 100,000 new jobs in 2015, while rival city Houston only added 25,000 jobs after losing 40,000 in the oil and gas manufacturing industry.
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