Texas Population Growth Spurs Houston Home Demand
The Lone Star State continues to add new residents at a brisk pace, according to data from the U.S. Census Bureau, as reported in the Houston Business Journal. During 2017, Texas had the largest increase in population of any U.S. state, adding 400,000 people from July 2016 to July 2017.
Just over half of the population increase comes from new births, accounting for 210,000 new residents. International and domestic migration added another 190,000 people to Texas. Currently, the population in Texas is estimated at 28.3 million.
The population of the Houston area has been growing strong for nearly 20 years. According to a report by NBC, Harris County experienced a whopping 35% increase in population from 2000 to 2016! At last estimate by the Texas Department of State Health Services, the 2017 population of Houston-The Woodlands-Sugar Land Metropolitan Statistical Area stands at 6,928,233 people.
Meanwhile, a growing economy and improving energy sector outlook has boosted employment in Houston. According to the Bureau of Labor Statistics, total nonfarm employment in the Houston-The Woodlands- Sugar Land MSA was up 1.6% in October 2017 compared to October 2016. But what is most notable, is that October 2017’s increase marked the 14th consecutive month of year-over-year job gains.
Affordable homes, good schools, quality medical care, cultural opportunities and world-class amenities are some of the reasons why Houston draws new residents year after year! Given the combination of population growth and economic momentum, Houston home demand should remain healthy throughout 2018.
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079