The Fort Worth/Dallas Metro-Plex is a pretty vibrant economy. Are there a lot of people in the oil and gas business? Yes. But, that is not the driving force behind our economy. The oil and gas business is becoming less of a factor when it comes to over economy of the Metro-Plex. High Tech and Medical has over taken the effect of the Oil and Gas business. We have major corporations relocating to the area because of a business friendly environment. If I remember, I got this from one of my lenders, the Metro-Plex has about 15000 “out of state” people moving to the area each month and just a very small portion are related to the oil and gas business.
According to the Fort Worth Business press latest issue, the outlook for 2016 Multifamily is strong. In 2015 the Dallas/Fort Worth Metro-plex was second to only New York in new multifamily deliveries. Data shows Fort Worth added about 3600 last year. Rents have increased 6.8% and 1.1% higher than in Dallas.
Economic Development is also very strong for 2016 with 13 major corporations either expanding or moving to the Fort Worth area with investments of over $3 Billion in construction.
The Industrial growth has also expanded with the Fort Worth area, now the 4th largest industrial area in the nation.
Single family homes continue to be strong. Inventory is at historic lows and demand for quality “move in ready” homes is the strongest part of the market. I see buyers moving from I want to find a real deal to I want to find real quality and value. Demand for energy efficient homes is increasing as buyers look at over all cost of living when it comes to selecting a home to buy.