HOUSTON – (Realty News Report) – The Houston metro area has gained more than 1 million people since 2010, a growth rate that is fueling the Houston’s real estate markets and the region’s overall economy, according to top CBRE executives.
Noting that new U.S. Census Bureau figures show the Greater Houston area has hit 7 million, CBRE senior managing director Cody Armbrister says the increasing population is benefiting real estate markets.
“Real estate is really a function of demand,” Armbrister said Wednesday at the CBRE press luncheon. “The city continues to grow.”
With the population gains and solid job growth, multifamily and home building are strong in Houston, which is opening a steady stream of new restaurants and retail centers.
Houston added 229 new residents every day in 2018, the Census said. Harris County was the top county in the nation for population gains since 2010.
“When you have that many people, it creates growth,” said CBRE’s Mark Taylor, senior managing director.
From 2010 to 2018, the Houston metro area gained 1,076,897, a gain that was surpassed only by Dallas. The Dallas metro area added 1,113,489 in the 8-year period.
Texas is leading the nation population growth, according to the new figures from the U.S. Census Bureau. More Texas facts from the new Census report:
ONE – Harris County (Houston) was the leading county in the nation for population growth for the eight-year period from July 1, 2010 to July 1, 2018. In that period, Harris County added 605,000 people to reach 4,699,000 last summer. Harris County is now the third most populous county in the nation behind only Los Angeles County and Cook County, Illinois.
TWO – Texas counties took FOUR of the top ten spots in numeric growth over the last year among all of the counties in the nation.
THREE – Metro Houston added 91,689 in population over the last year – No. 3 metro in the nation. The 1.3 percent gain placed the Greater Houston population at 6,997,384. Houston is now the nation’s fifth largest metro area, right behind D-FW. The top three are New York, Los Angeles and Chicago – but ALL THREE of them lost population last year.
FOUR – Dallas-Fort Worth led the nation in metro population growth, adding 131,767 over the one-year period. It was followed by Phoenix, then Houston. D-FW metro population is now 7.5 million.
FIVE – Midland, the oil-rich town in the Permian Basin of West Texas, was the No. 1 metro in the nation for percentage growth last year. Midland’s population jumped 4.3 percent to reach 178,331. Odessa, another Permian Basin community was No. 5 in the nation.
April 25, 2019 Realty News Report Copyright 2019