This growth has been majorly reflected within both commercial and residential real estate markets in recent times. Demand for properties is on the rise, and that does not appear to be changing anytime soon.
Leading the charge in all this growth? Areas like Rockwall and Kaufman, Texas are among the top, fastest growing of all communities in not just DFW but the entire United States right now.
As we move further into 2022, Dallas-Fort Worth maintains its standing as the fastest growing metroplex in the entire country. Last year, the Census Bureau reported a whopping 97,290 additional residents from July 2020 to July 2021.
Economic growth has played a significant role in this trend and will continue to do so. DFW is now home to 24 fortune 500 companies and has been outpacing the national job gain average since June 2021. The U.S. Bureau of Labor Statistics recently reported a job gain rate of 7.4% in DFW compared to the national rate of 4.9% for the month of February 2022. If these trends continue, DFW will continue to see unprecedented levels of population growth in the coming months. And continuing to follow that growth? The demand for more new homes than ever and soaring housing and rental prices.
Collin and Denton counties were also two of the main drivers leading population growth in the area. And of course, Rockwall, Kaufman, and Ellis counties boasted impressive numbers based on percentages. Urban counties such as Dallas County have actually seen a declining population, unlike suburban and rural counties. This is likely due to the nature of building in urban areas over the suburbs, being a more expensive and time-consuming process with less available land. Worsening the housing crisis in Dallas, staffing issues back in 2020 caused the Dallas building permit office to begin backlogging permits, which delayed projects for months and cost builders thousands of dollars in additional expenses.
Fortunately, suburban and rural counties in DFW have not had to overcome any such obstacles. Colllin and Denton counties have been attracting all kinds of residents with lower crime rates and more affordable housing compared to Dallas County. The Census Bureau has ranked Rockwall County third and Kaufman County first of all the fastest growing counties in the United States! With land availability steadily declining within centralized DFW counties, we have been seeing a lot more development in rural counties within the metroplex spreading southeast where land is available and new subdivisions continue to be built as fast as labor and supplies can be procured.
Additional trends following and contributing to this massive growth include a booming industrial segment bringing more demands for land and warehouses, as well as bringing increased jobs in the warehouse and transportation industries to the area.
“The southeast Dallas Interstate 45 corridor is leading the market in construction activity with about 20 million square feet under construction, while Kaufman County is reporting about 3.3 million square feet underway,“ according to CoStar.
What does this tell us? As more retailers go online, and need more warehouse space and land to build warehouses, the industrial sector in Dallas will continue to grow and flourish and along with it, more jobs and more people coming to the area. So buckle up. It does not look like commercial real estate or residential real estate prices in the area are likely to go down anytime soon – as the booming growth of the region as a whole will offer insulation, more than likely, to any major market correction.
Leave your details, select your interest(s), and we’ll get you more information on how we can help.