Construction project starts are off in Houston area
The value of new construction projects started in the Houston area fell by 5 percent in November, even though new residential projects spiked by 23 percent, Dodge Data & Analytics reported.
New construction projects totaled $1.19 billion in November, down from $1.25 billion in November 2017.
New residential projects, which include single-family and apartment construction, totaled $850 million in November, up from $692 million in November 2017.
Nonresidential projects fell to $338.6 million in November, down 39 percent from $556.8 million in November 2017. Such projects consist of offices, retail, hotels, warehouses, manufacturing, educational, health care, religious and other buildings.
Through the first 11 months of 2018, overall construction starts totaled $18.53 billion, up 7 percent from the same period in 2017. Nonresidential buildings decreased 13 percent to $7.75 billion during the period, while the value of residential projects gained 29 percent to $10.77 billion through November.
The Dodge Data numbers reflect projects in the 10-county Houston metro area.
Local new-home sales pick up momentum
New-home sales rose in the Houston area in November, while prices eased, a new report showed.
Total new-home sales rose to 1,291 in November, up from 1,280 home sales in October, according to the HomesUSA.com New Homes Sales Index. The index tracks a 12-month rolling average for new homes listed in four local Multiple Listing Services in Texas.
New homes in the Houston market sold for an average of $358,458 in November, down slightly from $358,490 in October.
“Houston new homes show increasing sales and vigor in prices, thus demonstrating the strength of its housing market,” HomesUSA.com owner Ben Caballero said in an announcement.
New-home sales across the state’s four biggest markets averaged 3,825 in November, up from 3,806 in October. The 12-month rolling average in the Dallas-Fort Worth market fell to 1,330, down from 1,337 home sales for October. San Antonio registered 523 newhome sales in November, up from 512 in October. Austin also showed a gain, rising to 682 sales in November, up from 677 in October.
New-home prices rose in November in the other three markets tracked, HomesUSA.com said. Home sold for an average of $376,179 in the Dallas market, $369,775 in Austin and $296,182 in San Antonio.
Spring earns a leading spot on list by U-Haul
The Spring region north of Houston ranked among the nation’s top areas for growth based on a new report by U-Haul.
Spring ranked No. 2 as a top growth area based on net gain of one-way U-Haul trucks entering in 2018. The Sacramento area led the nation for net inbound truck rentals, while Manhattan, Harrisburg, Pa., and Grand Rapids, Mich., rounded out the top five.
McKinney, near Dallas, also ranked in the top 20 at No. 11.
Texas had the most U-Haul trucks pulling into the state compared with the volume leaving, according to U-Haul data analyzing U.S. migration trends for 2018. The data are compiled from more than 2 million one-way U-Haul truck transactions annually.
The migration trends, which don’t correlate directly to population or economic growth, indicate how well states and cities are attracting and maintaining residents, U-Haul said.
Texas arrivals of oneway U-Haul trucks were up 5 percent compared with the state’s 2017 numbers, U-Haul said. Arrivals accounted for 50.2 percent of all oneway U-Haul traffic in Texas.