Houston metro ranked No. 4 in job growth; No. 2 for adding new homes, Metrostudy says

The Westin Homes model homes is now open in the community.

The Westin Homes model homes is now open in the community.

Image description
Houston economy job growth
Image description
Houston market new homes
New jobs and homes are booming in the Greater Houston area: it is ranked No. 4 in the nation for top job growth markets and No. 2 for adding new homes.

The data is from a new Metrostudy report released May 10 on the first three months of 2018; the report looked at the Houston economy’s job growth and population.

With regard to employment growth, Houston came in below the New York, Dallas and Los Angeles metros with a total employment of 3,058,500 in February 2018. That is an annual growth of 67,100 jobs, or 2.2 percent, for Houston, according to the report.

Job growth


In 2013 and 2014, Houston added 122,600 jobs and 116,700 jobs, respectively. When the oil and gas industries stopped hiring in late 2015, 2,500 jobs were lost in the area, and even in October 2016, 7,300 jobs were lost, according to the Texas Workforce Commission.

By sector, the industry adding the most jobs is professional and business services—which added 25,400 jobs this year. The next-highest field is construction, which added 9,300 jobs. Food services, retail trade and real estate and leasing also added thousands of jobs over the same time period, according to the report.

Industries that lost workers this year include finance, insurance and information, according to the Texas Workforce Commission.

New homes


Houston ranked No. 2 in the nation in terms of new homes added—second only to the Dallas/Fort Worth area, which has 33,601 new homes under construction—with 27,675 new homes under construction over the past year, an annual increase of 7.3 percent. Austin ranked No. 9 with 16,457, and San Antonio is ranked 13th at 11,122.

In the first three months of 2018, Houston added 6,693 new homes under construction—the second-highest first-quarter starts in a decade. Last year, the number was 6,368, and the year before was 6,339.

However, luxury is being favored: Metrostudy reports that new home starts priced below $199,000 are down 66 percent since the first three months of 2010. Homes in the $200,000-$299,000 price range are up 114 percent since the same time period, and homes in the $400,000-499,000 range are up 261 percent.

The multifamily market


Houston added 12,941 apartment units during the first three months of 2018 at an average rental rate of $1,022 per month—or $1.16 per square foot. There were 41 complexes under construction, including 10,466 residential units—up from 2017, but not quite reaching 2016 levels, according to Apartment Data Services.

As for resale of existing homes, 13,541 have been sold as of March 2018—an increase of 3 percent—at an average price of $269,376, up 2 percent, or a median price of $214,000, a  5 percent increase. There were 15,951 active listings that spent an average of 54 days on the market, according to the MLS. The study shows that inventory is declining while sales are increasing, at least compared to anything more recent than 2013.

The Metrostudy predicts construction will start on 28,325 new homes throughout 2018 with 27,450 closings, and that 2019 will see 28,750 new starts with 28,375 closings.
SHARE THIS STORY


MOST RECENT

Montgomery County commissioners appointed 10 members to the county's new ethics commission at their Nov. 12 regular meeting.
Community Impact Newspaper staff
Montgomery County commissioners approve 10 members for new county ethics commission

Funding for two county flood planning initiatives was also approved at the couty's Nov. 12 meeting.

Conroe ISD trustee Dale Inman criticized Willis ISD at its Nov. 11 meeting. (Andy Li/Community Impact Newspaper)
Community divided over Willis High School drag queen event

Several parents, teachers and residents spoke at the Willis Independent School District meeting Nov. 11.

Snow fell at the Tomball Museum Center in early December 2017 (Anna Lotz/Community Impact Newspaper)
Greater Houston area to experience cold front Nov. 11-13; temperature could reach freezing point

The front is not expected to affect travel because the ground is too warm for precipitation to stick.

The HCA Houston Healthcare Conroe board of trustees unveils the hospital's new sign June 25. (Andy Li/Community Impact Newspaper)
HCA Houston Healthcare Conroe wins national distinction

The award recognizes the hospital's work in "protecting patients from harm and providing safer health care."

The office offers offer insurance, income tax and notary public services. (Courtesy Flash Insurance & Income Tax)
Flash Insurance & Income Tax now open in Conroe

The office offers offer insurance, income tax and notary public services.

Drivers on the Grand Parkway will pay higher tolls come Jan. 1, 2020. (Courtesy Fotolia)
Tolls to increase Jan. 1 on the Grand Parkway

Drivers on the Grand Parkway will see toll rates increase 2% on Jan. 1, 2020.

Manager Shannon Vinecke and owner Robert Aranguren run Cards and Comics Connection. (Andy Li, Community Impact Newspaper.)
Cards and Comics Connection

At Cards and Comics Connection, comic books line the walls, while gaming tables fill the store.

SHSU Physicians will begin seeing patients Nov. 12. (Courtesy Sam Houston State University)
SHSU Physicians clinic to open in Conroe on Nov. 12

The clinic is located at 690 S. Loop 336 W., Ste. 200, Conroe.

Commissional Coffee will celebrate its three-year anniversary on Nov. 17. (Courtesy Sonya Orr/Commissional Coffee)
Commissional Coffee to celebrate three-year anniversary in Conroe

The store stocks various types of fair trade and organic coffee and also has a small gift shop.

Brian Hayden presents at a Conroe ISD Audit Committee meeting Nov. 6.
Conroe ISD welcomes new internal auditor

Brian Hayden has worked as a former contractor with Houston ISD with 15 years of auditing experience.

spirit of texas bank
Alamo Title relocates from Conroe to Montgomery

The residential and commercial title insurance provider opened in Montgomery on Oct. 7.

Texas capitol
UPDATED: Here is how Texas voters weighed in on 10 state constitutional amendments on the ballot Nov. 5

Ten constitutional amendments went before voters in Texas on Election Day, Nov. 5.

Back to top