In the Realty News Report, editor Ralph Bivins outlined numerous positive aspects of the Houston real estate market despite the falling oil prices in 2015. Although there have been substantial layoffs this year and pressures on businesses alike, we can appreciate the strides made here in Houston.
- Houston’s Downtown Initiative was successful. By giving a $15,000 per unit break, our city was able to see a construction boom of eleven projects with $2, 729 units are now under construction. This will bring more business to retailers, restaurants, and so on.
- The Astrodome still stands! This historical Houston symbol is still planned to go under re-development, instead of demolishment. Rumors of plans for the dome are still in the works.
- Because of the low energy prices, upwards of $30 billion dollars are being spent to build chemical plants, which will create thousands of new jobs in the area.
- Daikin is building a four million square foot HVAC manufacturing plant on the northwest side of Houston that will create 4000 new jobs for Houstonians. It is the largest “tilt wall project” in the world.
- The University of Texas is in the process of purchasing 332 acres off the south loop of 610, near the Astrodome, for a sister campus. It is anticipated to bring much growth on the south side.
- Despite the falling oil prices, the Texas Association of Realtors says that 2015 is the best year for Texas realtors in history. The overall market has shown its resilience and ability to thrive.