Texas has been hot out of the gates this year when it comes to new residential construction. In the first quarter, there have been more than 17,900 housing starts on record which reflects an already 11% year-over-year increase. Out of the four major metro areas reviewed (Houston, Dallas, Austin, San Antonio), Houston continues to dominate for total new permits having 7,217 housing starts for the three-month period. And while Dallas landed second highest for starts (6,344 new permits), it is leading the Lone Star State for growth as it has experienced a 23% year-over-year increase in new home construction since the start of the year.
The only metro area that hasn’t had a booming start in new home construction is Austin. Austin ranked third for total housing starts having 2,612 new permits on file with HBW, and while this is reflective of a 6% decrease in new home construction in comparison to the same time last year, Q1-2018 is showing signs of improvement since the latter half of 2017.
Although San Antonio has the least amount of total starts (1,744 permits) in the first quarter, it continues to experience significant gains in the new residential construction market. Over the last five years, the area has been maintaining a growth pattern, having more housing starts on file year-over-year, and as of Q1-2018 it is already ahead of last year by 16%.
When breaking down new residential construction by county, a couple of counties in Houston and Dallas led for total permits. With just about a 2% lead over last year’s first quarter, Harris County (Houston) ranked #1 having nearly 3,640 housing starts in Q1-2018. Next in line and side-by-side were two Dallas area counties… Collin County ranked second having 1,893 housing starts (+14%), and Tarrant County came in a close third with 1,811 housing starts (+29%).
As far as higher value home construction (>$500k) is concerned, Dallas has and continues to rank #1, and with nearly 550 higher value housing starts in the first quarter of this year, the area is tracking to be ahead of last year in this value range.
To gain more information on the builders, homeowners and permits for the construction activity above, check out HBW for your copy of the latest construction data reports. To gain access to the HBW database and receive custom and detailed reports on the latest residential and commercial building activity in Florida, Georgia, Texas, Alabama, and Oklahoma, please contact HBW for details.