The Greater-Houston area experienced a growth in volume of commercial construction projects during the first half of 2017. When held in comparison to the same period in 2016, commercial jobs increased 11 percent, while residential construction dropped four percent, according to Dodge Data and Analytics.
The rise in commercial development favorably indicates Houston’s economy is gaining momentum. Nonresidential construction in June 2017 was 38 percent higher than that of the previous year. In contrast, residential sales and home prices have reached record heights; and June 2017 numbers were 27 percent lower than those in 2016.
The end of the year will likely show similar demands for commercial development, if not an even greater surge in nonresidential contracting services. The United States is on track to deliver almost 48 million square feet of new space over the remaining three months. In a list compiled by a Yardi Matrix poll, Houston is among the top-ranking cities, nationally, at 17.
See The Houston Chronicle’s Commercial construction in Houston jumps as residential work slows by Dylan Baddour and CommercialCafe’s Top US Cities for Office Deliveries During Fall-Winter 2017 for more information on these topics.