Three of the U.S. Cities that Now Have 1 Million People or More Are in Texas!

In an interesting report that the U.S. Census Bureau put out for 2014, Texas is growing - big time! Here are some of the interesting stats (for the full report, go here ):

  • Texas now has three cities with 1 million or more people (Houston, San Antonio and Dallas), tying California for the lead among states (Los Angeles, San Diego and San Jose).
  • Half of the 10 cities with the largest population gains between 2013 and 2014 were in Texas — Houston, Austin, San Antonio, Dallas and Fort Worth. Each added more than 18,000 people.
  • The Lone Star State also had six of the top 13 fastest-growing cities by percentage — San Marcos, Georgetown, Frisco, Conroe, McKinney and New Braunfels.
  • San Marcos, situated between Austin and San Antonio, was the fastest-growing city for the third consecutive year, with its population climbing 7.9 percent between 2013 and 2014 to reach 58,892.
  • On the list of the 50 most-populous cities this year, Arlington, Texas, dropped off the list.

Also released were July 1, 2014, estimates of the number of housing units for the nation, states and counties. These estimates show that Texas gained more housing units than any other state between 2013 and 2014 (adding 141,625).

So what's all this growth mean for the Houston real estate market? Well, all these people will need somewhere to live, so it's a great time to sell or be a landlord. The only issue that could arise would be if the economy could no longer gainfully employ all these people. Right now, the unemployment rate in Houston hovers around 4.2, with the nation overall at 5.6, which is very good.  Many companies are relocating to Texas from less business-friendly states, like California, so hopefully this will help create jobs. Definitely something to keep an eye on.

For buyers, the gain in housing units is a good thing, increasing supply and hopefully making the market more competitive.

If you would like help in interpreting how the current conditions in Houston may affect you, feel free to contact me anytime.


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Post Category: Housing Market, Houston Living

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