Along with top-tier barbecue, cultural diversity and hip-hop greats, Houston is becoming known for its thriving real estate scene.
The market boomed here more than any U.S. city over the past decade, the Houston Chronicle reported, citing a study by StorageCafe.
Houston posted significant gains across industrial, single-family and self-storage. Texas’ business friendly environment and relative affordability were factors. The study measured construction of homes, apartments, self storage facilities, office, retail and industrial space from 2013 to 2022.
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Houston ranked first in the nation for residential construction, issuing 55,600 single-family-home building permits throughout the 10-year stretch. Steady job growth and streams of new residents, particularly from the West Coast, contributed to heaps of new homes.
Houston also led the country in industrial construction with 65.9 million square feet added between 2013 and 2022, the outlet reported. The increase of online shopping, fueled by the pandemic, led to a spike in demand for warehouse space in Houston and most of the nation.
The Bayou City placed second in the self-storage category, adding 5.7 million square feet over the past decade. New York took the top spot with 9.6 million square feet added.
Houston’s office sector also ranked second nationally, also behind New York. It added 27 million square feet over the 10 years, compared to New York’s 73.5 million square feet.
Office construction has slowed considerably in recent years amid remote-work trends set in motion by the pandemic.
Texas cities rounded out the top five spots on the list, with San Antonio, Austin, Dallas and Fort Worth following Houston.
—Quinn Donoghue