Everything is bigger in Texas, including its construction industry. Forbes magazine’s most recent report on the state of building construction in the US has both Dallas and Houston pegged as the second and third biggest markets for new construction projects. Another Texas city, Austin rounds out the magazine’s list at number 15. This uptick in new construction is largely attributed to Texas’ ongoing economic growth as real estate developers start investing in new commercial developments, as well as residential building projects, across the state.
Thus far, the city of Dallas has seen an investment of nearly $5.2 billion in new residential and commercial developments just in the first six months of this year. And that new construction money has trickled down to other industries such as dumpster rental companies and construction equipment manufacturers. The largest projects in the Dallas-area include new office expansions for the Dallas Data Center valued at $115 million and a series of new warehouses commissioned by companies such as Amazon and ACE Hardware to serve as regional distribution centers.
Meanwhile in Houston, the city has seen an investment in new construction worth $4.8 billion. The biggest projects in the state currently include the construction of a brand new cancer research center called the MD Anderson Pavilion, part of the University of Texas medical school, and the Hanover Oak Post high-rise apartment building. Other healthcare and housing developments have sprung up across the city, providing the driving force behind the bevy of new construction taking place.
This uptick in new construction is a good sign that despite the fragile economic recovery, there are still big parts of the country that are able to expand their own economies. Hopefully, this new building surge will help kick start other industries that have been struggling since the ’08 recession, such as the trash disposal industry!