DFW Leads U.S. in Construction Job Additions
DFW: North Texas continues to lead the country in an important aspect of construction—jobs. The Associated General Contractors report that the Dallas area added 11,600 jobs in the construction industry in May. That job increase led all other metro areas across the country and was an 8% increase from May of 2022. The area recording an increase is noteworthy given the slowdown of many projects because of higher costs for land and materials, along with high borrowing costs. Commercial building was down more than 20% in North Texas in the first quarter of the year and single-family home permits are down compared to last year. Construction workers, the AGC said, also are getting more difficult to find. Coming in behind Dallas in the AGC report was Gotham with 9,600 new building industry jobs. Also seeing increases were Columbus, Ohio; Atlanta, Georgia; and Portland, Oregon, but Houston, St. Louis, Los Angeles and Miami recorded construction job declines in May.
U.S.: If you’re a parent of a college student or would-be college student, take note: While the country’s commercial building industry continues to take hits, housing targeting university students, especially at popular colleges, is getting more expensive. Leases for college student housing are expected to continue to rise because of the economics lesson they should learn in college: supply and demand. That is especially true at top research universities and those with top-tier athletic programs in major conferences, where the price for student housing continues to soar. CBRE Group reports that even with higher mortgage rates, property sales for student housing reached a record $22.9 billion in 2022. Student housing rent has spiked nearly 10% in the past year, says a report from RealPage, which serves the apartment market. That compares to a less than 3% increase in overall multifamily rentals in the same period. Perhaps the best investment would not only be in your child’s higher education but in buying the property in which they live while studying—or whatever.
DFW: Goldman Sachs’ Dallas footprint is going to be smaller. The global financial services company has announced plans to trim its new campus north of downtown Dallas by 100,000 square feet. The original plan was for three towers to range from 9 to 15 stories and about 900,000 square feet total. The company has now told city leaders the project will be pared down to just over 800,000 square feet. The towers will now be 8, 10 and 13 stories. Construction on the three-acre, $500 million regional campus near American Airlines Center and Victory Park is expected to start later this year. It will not open until about 2026. The campus will house approximately 5,000 workers who will be consolidated from other area Goldman Sachs’ offices. The facilities are expected to include numerous amenities, including lounges and conference areas, market and dining spaces, a fitness center and outdoor green space gathering spots.
DFW: In search of a good rental in North Texas? Plano may a good place to look. The Collin County city came in No. 2 in the country as one of the best places for renters, says a new report from RentCafe. The apartment rental research company cited Plano’s economy, affordability and opportunities for work and play. Plano has been steadily luring companies and residents over the past several decades and now boasts nearly 300,000 people. The report noted the city’s great public school system, high employment rate, and headquarters for several companies, including PepsiCo, Hewlett Packard and JCPenney, among others. RentCafe looked at 136 cities across the country with at least 10,000 apartment units and compared the local economy, housing and qualify of life. The top spot went to Charleston, S.C. Other Texas cities who received top marks include Round Rock at No. 6; Austin, No. 7; and Conroe, No. 9. The city that was worst for renters: Detroit.
U.S.: Creedence Clearwater Revival frontman John Fogerty is putting up his California home on the market for a cool $19.9 million. He and wife Julie paid $9 million for the property about 10 years ago and have slowly and meticulously transformed the 18,600-square-foot, nine-bedroom, 12-bath Napa-inspired farmhouse. It has vaulted ceilings, a stone fireplace, hardwood floors, a chef’s kitchen and lots of open spaces and floor-to-window glass to reveal the California sky day or night. The house sits on 22 acres and features a primary suite with two bathrooms and closets and eight en suite bedrooms. Want to record music? No problem. There are two soundproof professional recording studios, a theater, a bar with a temperature-controlled wine walls and lots of other amenities inside and out. Best of all, of course—great views looking out the door.