Marcus Hiles, a respected property developer based in Dallas, shares his thoughts on reports of an upswing in home sales across Texas during 2016’s first quarter. Based on statistics garnered from the Data Relevance Project, the study was distributed by the Texas Association of Realtors and highlighted several key market indicators across the real estate spectrum. Inside the document’s many findings, the piece highlighted a 7.8 percent increase in the number of residences sold across the state for Q1 2016 compared to Q1 in 2015.
Marcus Hiles’ and his company Western Rim have been making urban districts greener leading to a marked difference in the level of natural assets. For example, their yearly tree planting exercises may help the lessening of 75 tons of carbon dioxide, while making oxygen that is sufficient for 6,000 individuals. Further, these planted trees will cause an annual reduction of 600 tons of carbon dioxide in the coming decade. Similarly, they will provide oxygen enough for 50,000 tenants.
Job growth in Texas has outpaced that of the U.S. as a whole, says Western Rim Property Services Chairman and CEO Marcus Hiles. As of January 2016, the state had added more than 1.3 million jobs to its pre-recession employment peak, a result of Texas achieving post-recession growth more than two years ahead of the national average. The unemployment rate in Texas is also lower – 4.4 percent compared to 5 in April than the national average, resulting in job growth that is two years ahead of the national average. This has resulted in a robust Consumer Confidence Index (CCI), which sits at 117.6 in Texas and 92.6 nationwide. $5 billion in tax cuts over the past three years have stimulated the Texas economy and driven a massive influx into the housing market. Single-family building permits are up 6 percent with the year-over-year price of existing homes increasing by 5.9 percent.
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