MARKET & TRENDS
HOT MARKET
Market Spotlight: Houston SIGNALS SHOW RENTAL PRICES HAVE PLENTY OF ROOM TO APPRECIATE WHILE MAINTAINING AFFORDABILITY
by Fred Heigold III
increases is slightly under nearby MSAs of Austin (3.5 percent), Dallas (3.4 percent) and San Antonio (3.2 percent). However, Houston outperformed the state of Texas’s 2.7 percent increase and the national average 1.4 percent gain. In the last five years, the overall increase in non-farm payroll has increased 7 percent adding 210,600 jobs, and accounts for 18 percent of all job growth in the state. The top job categories in the Greater Houston MSA from December 2018 to December 2019 was led by the Professional and Business Services sector (26,300 jobs); followed by Mining, Logging and Construction (13,600 jobs); Trade, Transportation and Utilities (10,400 jobs); and Education and Health Services (10,300 jobs). GREATER HOUSTONMSALARGESTJOB CATEGORYGROWTH The job market in Houston is well-balanced across sectors. The metro is known for oil and gas employers, but IT, aerospace, healthcare, and manufacturing are
R
entRange, an industry leader in market data and analytics for the single-family rental (SFR) housing industry, found in its recent data report that the Houston- Woodlands-Sugarland TX Metropolitan Statistical Area (Greater Houston MSA) is a stable, consistently appreciating market with room to grow. JOB GROWTH According to the Bureau of Labor Statistics (BLS) Job Report through December 2019, the Greater Houston Metropolitan Statistical Area (Houston MSA) is one of the largest drivers of job growth in the US. The Greater Houston MSA ranked 4th in annual job percentage gains with 2.8 percent growth between 2017 and 2018. Over the last five years, Houston ranks 13th amongst the large metro areas of over 750,000 population, showing job growth of seven percent. The Greater Houston MSA has added 88,000 non-farm positions in the last year. The annual percentage of job
INDUSTRY GROUP / JOB CATEGORIES
1 YEAR CHANGE 3 YEAR CHANGE 5 YEAR CHANGE 1 YEAR % CHANGE 3 YEAR % CHANGE 5 YEAR % CHANGE
Professional & Business Services
26,300
55,000
50,300
5.25%
11.66%
10.56%
Mining, Logging & Construction
13,600
28,500
-7,300
4.48%
9.86%
-2.25%
Trade, Transportation & Utilities
10,400
27,300
33,700
1.61%
4.35%
5.42%
Education & Health Services
10,300
24,800
48,600
2.58%
6.46%
13.49%
Other Services
9,700
15,000
15,700
8.61%
13.97%
14.71%
86 | think realty magazine :: may 2020
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