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Homebuilders started construction on 4,067 homes in the Austin area in the third quarter — nearing a high set in 2006 before the national recession.
That is up more than 11 percent from the same period a year ago, according to the Austin American-Statesman, which cited data from Metrostudy. The additional housing is much-needed. A lack of inventory has pushed prices higher than ever.
Click to read more at Austin Business Journal.
A portion of State Highway 130 — the toll road that runs along Austin’s eastern periphery — is set to grow from four to six lanes.
The Texas Department of Transportation has started the process to expand the highway from where it hits SH-45 in Pflugerville to SH 71 near Austin Bergstrom-International Airport, the Austin American-Statesman reports.
Click to read more at Austin Business Journal.
A group of high-powered Chinese investors are in Austin this week to learn about potential business opportunities across Texas.
Backers of about 75 projects in search of funding were invited to the Oct. 12-15Texas-China Investment Summit, organized by Austin-basedAngelouEconomics, the Greater Austin Asian Chamber of Commerce and the Austin Chamber of Commerce. Those projects are collectively worth more than $3 billion, according to event organizer
Click to read more at Austin Business Journal.
One of the biggest office deals to impact Austin closed Thursday morning withCousins Properties Inc. (NYSE: CUZ) formalizing is acquisition of Parkway Properties Inc. (NYSE: PKY).
The deal worth upward of $5 billion has dramatic implications for Austin, where Cousins now becomes the largest landlord, at least downtown.
Read more at Austin Business Journal.
Austin can expect a lot of growth over the next few decades.
The area is projected to grow faster than any other large U.S. city by 2040, nearly doubling in size to almost 4 million residents.
Where will all of those new residents end up? Current trends show a lot of Austin’s growth concentrated in the suburbs. The map above shows the increase in population by percentage across each area Census tract, according to the last two editions of the five-year U.S. Census Bureau’s American Community Survey, from 2013 through 2014.
Click to read more at Austin Business Journal.
Here’s a stark reminder of the pecking order in Texas when it comes to commercial real estate activity: Austin, Dallas and Houston have added 43 million square feet of space of office space since 2011 but Houston accounted for the lion’s share of new inventory in that time with 26 million square feet added, or more than half.
Dallas’ office market grew by about 13 million square feet in that time while Austin added just four million square feet, according to a new report from CBRE Group Inc.
Read more at Austin Business Journal