Housing Development Over the Last Decade: Here Are the Markets With the Strongest Gains
America’s most active real estate markets seem unfazed by the effects of an economic recession, […]
America’s most active real estate markets seem unfazed by the effects of an economic recession, a global pandemic, and a housing crisis over the last ten years.
Most U.S. housing markets experienced limited growth in the first half of the past decade following the Great Recession, but residential construction picked up in most of the country’s largest metros following the COVID-19 pandemic, StorageCafe reports. Roughly 557,000 building permits were issued for single-family residential projects in 2021, making it one of the most productive years for construction on record.
Texas metros saw the strongest development over the past decade, specifically in cities like Dallas and Houston, where strong job sectors and healthy regional economies gave way to growth in both the residential and commercial industries.
One of the fastest-growing metros in the country, Dallas acted as a magnet for both new residents and businesses over the past decade, and the real estate market responded.
Building permits have been issued for roughly 323K single family homes and over 233K multifamily units in the last 10 years. During the same period, office space swelled by 55M square feet, industrial by almost 230M square feet, while retail and self storage added about 48M and 23M square feet of new space.
