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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

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The Robbie Report: DFW Posts Top Year for New Construction

July 17th, 2013 | by The Update
Dallas-Fort Worth Posts Top Year for New Construction

Dallas-Fort Worth is at the center of the nation’s building boom, according to a new survey by McGraw Hill Construction.

Construction starts totaled $5.2 billion from January to May this year, a 21 percent change year over year. Construction starts in 2012 totaled $11.1 billion, a 22 percent change from 2012.

Those statistics put the Dallas-Fort Worth region at No. 2 of 20 U.S. cities with the most new construction.

This is what Forbes magazine had to say about the building boom, in DFW and beyond:

New construction for the entire country was up 10 percent in 2012, and McGraw Hill Construction projects it will climb another 12 percent in 2013. The biggest driver of that recovery is far and away multifamily housing, a trend reflected in every metro area on our top 20 list.

Homebuilding, particularly multifamily construction, continues to lead the larger real estate recovery. In May, for example, housing starts rose nearly 29 percent from a year earlier to an annual rate of 914,000 units, according to the Commerce Department, of which slightly more than a third were multifamily. McGraw Hill estimates apartment building starts were up 33 percent nationally in 2012 from 2011 and will climb another 23 percent in 2013.

Commercial building starts have risen more modestly, 10 percent in 2012, and are expected to rise another 15 percent in 2013.

Perhaps unsurprisingly, given Texas’ relatively strong economic growth, three Lone Star cities make our list:  Dallas (No. 2), Houston (No. 3) and Austin (No. 15).

About $5.2 billion has poured into Dallas-area development so far this year, a 21 percent increase over the same period in 2012.  The largest projects include the $113 million T5 office space addition at the Dallas Data Center in Plano, a new $91 million high school campus in the suburb of Flower Mound, and several warehouse sites that will serve as distribution centers for companies like Nebraska Furniture Mart, ACE Hardware and Amazon.

Click here to read the full article from Forbes.

Click here to explore investments in the Dallas-Fort Worth Metroplex via the Boots to Beijing Investments page. Learn more here.

This post was first published on Boots to Beijing. The Boots to Beijing blog is produced by Briggs Freeman Sotheby’s International Realty to track investments and relationships between China and the Dallas-Fort Worth region.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout the Metroplex and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

 

 

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