Real Estate Market Overview: Houston Bay Area

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Information about Real Estate Market Overview: Houston Bay Area

Published on September 4, 2007

Author: DeeinAustin

Source: slideshare.net

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Texas real estate market overview provided by the Texas A&M Real Estate Research Center. For the Houston Metro Area. NOTE: Full-sized view or download is optimal.

Real Estate Market Overview 2007 Houston-Sugar Land-Baytown Houston is Texas' largest city and the fourth largest city in the United States. Houston was the fastest growing city in the United States in the 20th century, according to American City Business Journals. More than four million people live in the metropolitan area. While still a major refinery center, Houston has managed to diversify its business base so the local economy does not follow the drastic rise and fall of oil prices. The Port of Houston, one of the largest in the world, is the second busiest port in the United States in terms of annual tonnage. Houston is also the site of the battle of San Jacinto, a battle that won Texas independence from Mexico. Brazoria is located southwest of Galveston and Houston and is composed of clusters of small cities and communities. The area was first populated when Stephen F. Austin selected it for his proposed settlement, and 89 of Austin's Old Three Hundred had grants in what is now Brazoria County by 1824. Brazoria County is composed of two regions, Brazosport and northeast Brazoria County. Alvin and Pearland are the two largest cities in northeast Brazoria County. Brazosport and the Alvin-Pearland areas are distinct and geographically separate. The Brazosport area is heavily dependent on the chemical industry while Alvin and Pearland are more a part of Houston's economy. Pearland is about 15 miles from downtown Houston. Galveston, once known as the quot;Wall Street of the South,quot; was Texas' wealthiest city during the late 1800s. The city's prosperity was brought to a sudden halt when a hurricane struck the island on September 8, 1900. It still is considered the deadliest natural disaster in U.S. history, killing over 6,000 people. The Galveston-Texas City is on the Gulf of Mexico about 45 miles south-southeast of Houston. Galveston Island's beach stretches 32 miles and provides the backdrop for the area's multimillion- dollar tourism industry. Less than 50 square miles of the county (about 12 percent) are located off the mainland. Quick Facts Land Area 8,926.23 square miles 2006 Population Density 620.6 people per square mile Counties Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto, Waller Area Cities and Towns Alvin, Algoa, Angelton, Bailey's Prairie, Bacliff, Baytown, Bellaire, Bonney- Rosharon, Brazoria, Clute, Conroe, Damon and Damon's Mound, Danbury, Danciger, Deer Park, Dickinson, East Columbia, Freeport, Friendswood, Galena Park, Galveston, Hitchcock, Houston, Humble, Jones Creek, Katy, Kemah, La Marque, La Porte, Lake Jackson, League City, Liverpool, Manvel- Iowa Colony, Missouri City, Oyster Creek, Pasadena, Pearland, Quintata, Richmond, Rosenberg, San Felipe, San Luis Pass, Santa Fe, Surfside Beach, Stafford, Sugar Land, Sweeny-Old Ocean, Texas City, West Columbia, West University Place *This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable. Source: U.S. Census Bureau and Real Estate Center at Texas A&M University

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Microsoft product screen shot reprinted with permission from Microsoft Corporation.

Metropolitan Statistical Areas (MSAs) DALLAM SHERMAN HANSFORD OCHILTREE LIPSCOMB HUTCHINSON HARTLEY MOORE ROBERTS HEMPHILL 2 CARSON POTTER WHEELER OLDHAM GRAY RANDALL ARMSTRONG DONLEY COLLINGSWORTH DEAF SMITH BRISCOE PARMER CASTRO SWISHER HALL CHILDRESS HARDEMAN WICHITA 25 BAILEY LAMB HALE FLOYD MOTLEY COTTLE WILBARGER FOARD 14 20 GRAYSON CLAY 21 LAMAR ARCHER MONTAGUE COOKE RED RIVER FANNIN COCHRAN HOCKLEY DICKENS KING KNOX BAYLOR LUBBOCK CROSBY BOWIE DELTA FRANKLIN WISE DENTON COLLIN HUNT JACK TITUS YOAKUM TERRY LYNN GARZA KENT STONEWALL HASKELL THROCKMORTON YOUNG HOPKINS 8 MORRIS CASS CAMP ROCKWALL RAINS PARKER WOOD UPSHUR MARION JONES SHACKLEFORD DALLAS TARRANT 1 GAINES DAWSON BORDEN SCURRY FISHER STEPHENS PALO PINTO KAUFMAN 22 13 GREGG SMITH HARRISON VAN ZANDT JOHNSON HOOD ELLIS CALLAHAN EASTLAND ANDREWS MARTIN HOWARD MITCHELL NOLAN TAYLOR ERATH SOMERVELL HENDERSON 17 16 PANOLA RUSK 9 NAVARRO HILL EL PASO 24 COMANCHE CHEROKEE BOSQUE STERLING COKE LOVING RUNNELS WINKLER ANDERSON ECTOR MIDLAND COLEMAN BROWN SHELBY FREESTONE 18 HAMILTON GLASSCOCK MCLENNAN CORYELL NACOGDOCHES MILLS LIMESTONE 11 SAN CULBERSON WARD HUDSPETH CRANE AUGUSTINE UPTON REAGAN HOUSTON SABINE CONCHO LEON TOM GREEN LAMPASAS IRION FALLS REEVES ANGELINA MCCULLOCH SAN SABA ROBERTSON 6 BELL TRINITY MADISON JASPER NEWTON MENARD SCHLEICHER POLK BURNET TYLER MILAM PECOS WALKER BRAZOS JEFF DAVIS CROCKETT MASON LLANO SAN WILLIAMSON JACINTO BURLESON KIMBLE 4 SUTTON HARDIN 3 GRIMES TRAVIS MONTGOMERY GILLESPIE LEE BLANCO ORANGE TERRELL WASHINGTON LIBERTY 10 BASTROP JEFFERSON KERR HAYS AUSTIN PRESIDIO WALLER EDWARDS VAL VERDE CHAMBERS REAL KENDALL FAYETTE BREWSTER CALDWELL HARRIS COMAL BANDERA FORT BEND COLORADO 19 GUADALUPE GALVESTON GONZALES KINNEY LAVACA UVALDE MEDINA BRAZORIA WHARTON BEXAR 23 WILSON DE WITT JACKSON FRIO MATAGORDA ZAVALA KARNES MAVERICK ATASCOSA VICTORIA GOLIAD CALHOUN DIMMIT BEE REFUGIO MCMULLEN LA SALLE ARANSAS LIVE OAK 7 12 SAN PATRICIO JIM WELLS NUECES 1. Abilene 14. Lubbock DUVAL WEBB KLEBERG 2. Amarillo 15. McAllen-Edinburg-Mission 3. Austin-Round Rock 16. Midland JIM HOGG ZAPATA BROOKS KENEDY 4. Beaumont-Port Arthur 17. Odessa 15 5. Brownsville-Harlingen 18. San Angelo STARR WILLACY 6. College Station-Bryan 19. San Antonio HIDALGO 5 CAMERON 7. Corpus Christi 20. Sherman-Denison 8. Dallas-Fort Worth-Arlington 21. Texarkana 9. El Paso 22. Tyler 10. Houston-Sugar Land-Baytown 23. Victoria 11. Killeen-Temple-Fort Hood 24. Waco 12. Laredo 25. Wichita Falls 13. Longview Prepared by the Labor Market and Career Information Department, TWC Edited by Real Estate Center at Texas A&M University

Table of Contents Demographics ..............................................................................................1 Education .....................................................................................................6 Employment .................................................................................................7 Economy ....................................................................................................14 Infrastructure ..............................................................................................15 Public Facilities ..........................................................................................16 Multifamily ..................................................................................................17 Housing ......................................................................................................21 Retail ..........................................................................................................32 Hotel...........................................................................................................35 Office..........................................................................................................36 Industrial ....................................................................................................42

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Houston-Sugar Land-Baytown Market Overview 2007 Demographics Houston-Sugar Land-Baytown Population* Percent Change Year Population - 1996 4,334,020 2.2 1997 4,427,401 2.4 1998 4,534,979 2.4 1999 4,644,526 1.5 2000 4,715,407 2.8 2001 4,845,089 2.5 2002 4,968,059 2.1 2003 5,074,184 2.0 2004 5,176,667 2.0 2005 5,280,077 4.9 2006 5,539,949 * July 1 population estimates Source: U.S. Census Bureau County Population* Growth Growth 1996-2006 County 1996 2006 (in percent) Austin 22,107 19.5 26,407 220,274 Brazoria 287,898 30.7 23,546 Chambers 28,779 22.2 299,863 Fort Bend 493,187 64.5 240,126 Galveston 283,551 18.1 3,172,959 Harris 3,886,207 22.5 63,793 Liberty 75,685 18.6 243,221 Montgomery 398,290 63.8 19,431 San Jacinto 24,760 27.4 28,700 Waller 35,185 22.6 * July 1 population estimates Source: U.S. Census Bureau -1-

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Area Cities With 10,000 or More Residents 1990 2000 Growth 1990-2000 (percent) City Population Population Alvin 19,220 21,413 11.4 Angleton 17,140 18,130 5.8 Baytown 63,850 66,430 4.0 Bellaire 13,842 15,642 13.0 Conroe 27,610 36,811 33.3 Deer Park 27,652 28,520 3.1 Dickinson 9,497 17,093 80.0 Freeport 11,389 12,708 11.6 Friendswood 22,814 29,037 27.3 Galena Park 10,033 10,592 5.6 Galveston 59,070 57,247 -3.1 Houston 1,630,553 1,953,631 19.8 Humble 12,060 14,579 20.9 Jacinto City 9,343 10,302 10.3 Katy 8,005 11,775 47.1 La Marque 14,120 13,682 -3.1 La Porte 27,910 31,880 14.2 Lake Jackson 22,776 26,386 15.9 League City 30,159 45,444 50.7 Missouri City 36,176 52,913 46.3 Pasadena 119,363 141,674 18.7 Pearland 18,697 37,640 101.3 Richmond 9,801 11,081 13.1 Rosenberg 20,183 24,043 19.1 South Houston 14,207 15,833 11.4 Stafford 8,397 15,681 86.7 Sugar Land 24,529 63,328 158.2 Texas City 40,822 41,521 1.7 West University Place 12,920 14,211 10.0 Source: U.S. Census Bureau -2-

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Texas Metropolitan Area Population* Change Percent Metropolitan Area 1996 2006 Change Austin-Round Rock 1,073,037 1,513,565 41.1 McAllen-Edinburg-Mission 503,411 700,634 39.2 Laredo 171,583 231,470 34.9 Dallas-Fort Worth-Arlington 4,627,649 6,003,967 29.7 Houston-Sugar Land-Baytown 4,334,020 5,539,949 27.8 Brownsville-Harlingen 312,086 387,717 24.2 San Antonio 1,599,427 1,942,217 21.4 Texas 19,340,342 22,859,968 18.2 Tyler 166,087 194,635 17.2 Sherman-Denison 102,993 118,478 15.0 El Paso 656,482 736,310 12.2 College Station-Bryan 172,341 192,152 11.5 Amarillo 217,579 241,515 11.0 Killeen-Temple-Fort Hood 318,613 351,322 10.3 Waco 205,894 226,189 9.9 Midland 114,412 124,380 8.7 Longview 190,556 203,367 6.7 Lubbock 247,099 261,411 5.8 Texarkana 127,694 134,510 5.3 Victoria 108,636 114,088 5.0 Odessa 121,519 127,462 4.9 Corpus Christi 398,529 415,810 4.3 San Angelo 104,574 105,752 1.1 Abilene 156,351 158,063 1.1 Beaumont-Port Arthur 380,417 379,640 -0.2 Wichita Falls 151,170 145,528 -3.7 * July 1 population estimates Source: U.S. Census Bureau -3-

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Houston-Sugar Land-Baytown MSA Projected Population Texas State Data Center Texas Water Development Year (Scenario 0.5) Board 4,715,407 2000 4,715,407 5,121,006 2005 - 5,545,165 2010 5,623,068 5,987,475 2015 - 6,444,638 2020 6,538,439 6,917,769 2025 - 7,402,101 2030 7,500,923 7,896,871 2035 - 8,400,148 2040 8,472,303 Sources: Texas State Data Center (2006 projection) and Texas Water Development Board (2006 projection) Texas Metropolitan Area Population Growth Forecast, 2000 - 2020 Texarkana Wichita Falls Beaumont-Port Arthur Abilene San Angelo Sherman-Denison Longview Lubbock Midland Tyler Waco Odessa Victoria College Station-Bryan Amarillo San Antonio Corpus Christi Texas Killeen-Temple-Fort Hood Houston-Sugar Land-Baytown El Paso Dallas-Fort Worth-Arlington Brownsville-Harlingen Austin-Round Rock McAllen-Edinburg-Mission Laredo 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: Texas State Data Center – Scenario 0.5 (2006 projection) -4-

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Household Composition Houston Brazoria Galveston PMSA MSA MSA Texas Average household size (2000) 2.82 2.82 2.60 2.74 Population younger than 18 (2000, in percent) 29.2 28.6 26.7 28.2 Population 65 and older (2000, in percent) 7.4 8.8 11.1 9.9 Source: U.S. Census Bureau (1999 definition) Distribution by Race and Hispanic or Latino Origin, 2000 (in percent) Houston Brazoria Galveston- Texas PMSA MSA City MSA Texas 77.1 72.7 White 58.7 71.0 8.5 15.4 Black 18.5 11.5 2.0 2.1 Asian 5.1 2.7 0.5 0.5 American Indian 0.4 0.6 9.6 7.2 Other 14.2 11.7 2.2 2.1 Two or more races 3.0 2.5 22.8 18.0 Hispanic (of any race) 32.9 32.0 Source: U.S. Census Bureau (1999 definition) -5-

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Houston-Sugar Land-Baytown Market Overview 2007 Education Educational Attainment, Persons Age 25 and Older (in percent) High school Some college, Associate's Bachelor's Master's Doctorate graduate no degree degree degree degree degree County 18.9 3.1 Austin 32.3 6.0 12.6 0.5 25.8 3.8 Brazoria 27.2 6.9 13.8 0.8 26.9 2.8 Chambers 32.5 5.5 8.4 0.2 21.8 8.4 Fort Bend 19.4 6.2 25.2 1.3 25.5 5.0 Galveston 26.4 6.3 14.7 1.2 Harris 21.3 5.8 21.6 4.7 17.9 1.0 Liberty 22.1 1.8 36.2 3.2 5.3 0.3 Montgomery 24.0 5.3 27.4 4.9 17.7 0.8 San Jacinto 21.9 2.2 38.6 2.5 6.3 0.3 Waller 22.3 4.2 31.4 3.3 11.0 0.8 Texas 22.4 5.2 24.8 5.2 15.6 0.8 Source: U.S. Census Bureau 2000 Educational Level, Persons Age 25 and Older (in percent) Houston-Galveston- Level of Education Brazoria CMSA Texas High School Graduate or Higher 76.4 79.2 Bachelor's Degree or Higher 26.5 23.9 Source: U.S. Census Bureau 2000 (1999 definition) Local College and University Enrollment, Fall Semester School 2002 2003 2004 2005 2006 Alvin Community College 4,161 4,049 3,933 3,828 3,983 Brazosport College 4,097 3,679 3,503 3,604 3,808 College of the Mainland 3,588 3,919 3,948 3,992 3,834 Lee College 6,329 6,233 5,860 4,576 5,268 NHMCCCD** Kingwood College 5,970 6,060 6,405 6,837 6,986 NHMCCCD** Montgomery College 6,258 6,712 7,180 7,971 8,155 NHMCCCD** North Harris College 10,698 10,466 10,106 10,878 10,407 NHMCCCD** Tomball College 7,891 7,420 7,342 7,600 7,749 NHMCCCD** Cy-Fair College 3,154 6,683 8,451 9,799 10,772 Prairie View A&M University 7,255 7,808 8,350 7,912 8,006 Rice University 4,784 4,959 5,112 5,114 5,119 Texas A&M University at Galveston 1,556 1,620 1,615 1,661 1,553 Texas Southern University 9,739 10,888 11,635 11,478 11,224 University of Houston 34,443 35,066 35,180 34,582 34,334 University of Houston - Clear Lake 7,753 7,776 7,785 7,826 7,706 University of Houston - Downtown 10,528 10,974 11,408 11,433 11,449 University of St. Thomas 5,116 4,826 3,562 3,627 3,524 ** North Harris Montgomery County Source: Texas Higher Education Coordinating Board -6-

Real Estate Center Market Overview 2007 Houston-Sugar Land-Baytown, TX Houston-Sugar Land-Baytown Market Overview 2007 Empl

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