If you want to understand the state of Texas’ retail market as of the 1st quarter of 2019, just look at the numbers.
In terms of jobs, Texas is on track to add 191,000 net new jobs this year, according to the Federal Reserve Bank of Dallas. Much of that growth will be in our major metro markets of Austin, DFW, Houston and San Antonio. DFW’s unemployment rate is a healthy 3.3%; Austin’s is 2.7%, Houston’s is 3.7% and San Antonio’s is 3.1%. All of these rates are considered strong.
Population growth is a big driver of retail demand and in terms of this metric, all of our major Texas metros are national leaders. The country has only 11 cities with 1 million people or more within city limits. Three of those, DFW, Houston and San Antonio, are in Texas. And by 2020, Austin is on track to be the 4th. This healthy job and population growth are big drivers for our retail markets.
All four of Texas’ major metro retail markets are enjoying strong performances in terms of occupancy and demand. And, yes this strong economy continues to support a very healthy real estate market.
Contact me today for any your real estate needs. It would be my pleasure to assist you!
Sal Soriano, REALTOR
972.281.7500
sal.soriano@kw.com
