The coronavirus pandemic has brought many activities to a standstill. But it did not succeed in slowing Austin’s boom in housing construction.
New data from Yardi Matrix, a provider of commercial real estate data and research, shows that Austin completed more homes in the first six months of 2020 than any other US city. In the first half of the year, the construction of 3,827 apartments in Austin was completed, according to Yardi Matrix.
Just behind Austin on that list is San Antonio, where 2,871 new homes came on the market in the first half of this year. Also in the top 20 are Houston, No. 7 with 2,085 homes; Dallas, No. 8 with 1,869 units; and Farmers Branch, No. 18 with 1,161 units.
“In the United States, we’ve seen a multitude of states, counties, and cities choose to shut down non-essential businesses to stay at home or seek refuge. Most of the construction activity has been started as an essential activity that can continue as normal during these contracts, ”said Doug Ressler, manager of business intelligence at Yardi Matrix, in a press release.
The entire Austin subway area is slated to complete 9,342 homes this year, according to Yardi Matrix. In this category, Austin ranks fifth among the major US cities. New home completions in the Austin area are expected to increase 9 percent in 2020 compared to last year.
“The population of the popular Texas metropolitan area increased by 62,000 from 2018 to 2019,” says Yardi Matrix. “In response to high demand, the Austin subway has been an active new build scene for the past five years and has completed over 50,000 new homes since 2016.”
In the Yardi Matrix forecast, Dallas-Fort Worth outperforms all other US metropolitan areas in the number of new homes expected to be completed this year – 19,318. This would be the third year in a row that DFW tops all of the subway areas for annual housing construction, with New York City ranking second.
While that’s an impressive number of homes, the expected final grand total for DFW this year would be 29 percent lower than last year, says Yardi Matrix.
In third place for planned completion of apartments in 2020 is the greater Houston area. Yardi Matrix expects the region to add 10,404 new homes this year, up 2 percent from 2019.
19th place for the expected completion of the apartments this year is the San Antonio area with 4,595 new units. That total would, however, represent a 20 percent jump from the previous year, putting San Antonio in fourth place for the percentage increase from 2019 to 2020.