The pace of construction is a major influence over whether housing prices remain affordable in a city, according to a recent article at Forbes.com. Between 2010 and 2016, an overall annual rise in national housing permits led to major metros issuing permits for projects “in the [high-$400,000 or low-$500,000] figures annually,” according to Census data. But three metros stood above the rest: Dallas-Fort Worth-Arlington, Texas; New York-Newark-Jersey City, N.J.-N.Y.; and Houston-The Woodlands-Sugar Land, Texas. In fact, these three metro areas combined accounted for 13.5 percent of the nation’s approved housing units, Forbes.com notes.
The Dallas metro area issued 273,853 housing permits during that seven-year period, New York issued 283,814, and Houston issued the most at 316,639 permits. Los Angeles—which was number four on the list—was far behind at 160,278. The majority of the 51 major metros on Forbes’ list didn’t pass the 100,000 mark.
Dallas, Houston, and New York are seeing rapid growth in population, welcoming at least 200,000 new residents from early 2010 to mid-2015. A spike in jobs is responsible for the population growth and is leading to a surge in their housing markets.
Between 2010 and 2015, Houston and Dallas saw the biggest growth in net population: 736,531 and 676,582, respectively. They are national leaders in corporate and business relocation, job growth, and wage growth. That said, they also have the second- and third-lowest median home prices of the nation’s 11 largest metros (Houston at $176,000 and Dallas at $202,000).
Source: “Houston, Dallas, & New York City: America’s Great 3-Way Housing Supply Race,” Forbes.com (March 20, 2017)
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