Many industries are enjoying an employment and construction boom in Texas, thanks to the state's strong hold on the energy market and a growing population of young professionals who have adapted to working in a variety of settings. Today's business climate has great potential for growth and change, but can also present challenges in the areas of commercial real estate, housing, services and employment.
According to Dallas News, Texas was the top state in the country for job growth last January and the state was expected to remain at or near the top throughout the year. The construction industry was especially positive, with Texas construction employment ranking third in the U.S. for job opportunities in 2013.
Real Estate Weekly states several factors that can affect how commercial real estate and construction play out in the next few years:
- Energy--This is the top issue that can potentially affect both commercial and residential growth in Texas. Increased energy demand, new housing developments and service industries related to the energy sector can cause a construction, relocation and employment boom in local communities.
- Health care--To support the needs of many newly insured Texans under the Affordable Care Act, big box stores and other buildings may be replaced by "medical malls." There is also a demand for updated existing medical facilities, including hospitals and therapy centers.
- Millennials--The younger generation of newly graduated professionals have unique ways of working, shopping and living. The construction of office buildings, apartment complexes, shopping centers and recreational areas are likely to reflect today's rapidly changing work and living environments.
Retail stores, banking services and even food shopping are becoming widely available online for most Americans, while there is more local demand for service-oriented office buildings, health care facilities and new housing. All of these factors point to an unprecedented change in how communities handle growth and existing real estate spaces.