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Marshall Mills: Three Major Market Drivers

November 30, 2016

The Texas retail market is flourishing, North Texas is currently enjoying 92% occupancy, Austin is commanding a 96% occupancy rate, Houston is seeing a healthy 95.5% occupancy, and San Antonio is standing at 94% occupancy due to fully leased construction and major retail space backfilling. The three main drivers behind the retail market are job growth, housing growth, and population growth. During a twelve-month period ending this last September 2016, Texas saw 207,500 new jobs(net), a 1.7% yearly increase, many of those jobs originated in the four metros mentioned above who are also national leaders in single family and multi-residential growth. Dallas leads the nation with 30,000 new single-family starts, Houston ranks in second place at 26,000, Austin is at its highest pace in the last three years with 13,400 new single-family homes, and San Antonio experienced a 5.6% year over year increase at just under 10,000. The four metros have experienced population growth ranging from 36.2% to as high as 60% since 2000, the San Antonio population has grown by 38.8%.

Marshall Mills: Three Things Driving Texas’ Retail Market