If you pay even the slightest attention to news in the country, you will not be surprised at the pace with which jobs are being added in Texas. Since the Great recession that struck the country a few years back, many regions are still recovering but for Texas, job growth has been fairly steady and is above or at par with the normal trends that are witnessed in this region.
Though job growth can be seen by anyone, only if you are prone to the details would you be able to note that the figures of 2013 are way above normal, and the job market is accelerating at a rapid pace, particularly in the area of Houston. Not a surprise, since Houston has been the leader in terms of job creation for quite some time now.
But there is one thing that has changed with Houston. Having acquired the number one slot in the recruiting industry, Houston has also obtained the topmost position for expansion, which has placed it among the 100 biggest markets in the country. Houston’s growth rate is almost 4.5% which is fairly impressive. The only region that can compete with Houston in this aspect is Dallas.
Obviously, an increase in jobs means an increase in rental demands. This is why both Houston and Dallas are also top in the area of leasing in the previous quarter. In Dallas, almost 8,500 units were occupied, and in Houston, the number was 5,600. Despite the slightly low number, the Houston crowd has nothing to complain about because they put up a better performance in terms of rent growth. Rent increased in Houston at the rate of 3.8%, where as in Dallas it was almost half of this, at a rate of 2.3%.
In the next year or two, the race between Houston and Dallas is going to be extremely interesting as both areas will strive to acquire the topmost positions. Houston has the advantage of a faster growing economy. More jobs means more people relocating to the region, and all of them would need a place to live. Since apartments are inexpensive compared to other residential means, they are preferred by the majority. On the other hand, Dallas has the advantage of more units being completed in a shorter time, implying that the supply will suffice the demand, which is not always true for Houston.