HOUSTON ECONOMIC OUTLOOK UPBEAT, REPORTS CBRE
HOUSTON (CB Richard Ellis) - Economic indicators such as job growth and housing offer an upbeat outlook for Houston, reports CB Richard Ellis in its second quarter 2011 retail market report.
Houston's economy is now back to prerecession levels, according to the Federal Reserve Bank of Dallas, and an "On Numbers" study of new data from the U.S. Bureau of Labor Statistics ranks Houston number one in retail job growth, with 4,100 retail jobs added since 2008.
Also, according to estimates released by the Texas Workforce Commission, Houston gained 45,000 jobs from May 2010 to May 2011.
The majority of Houston retail leasing activity is largely represented within the food and services industries, while grocery-anchored centers perform well because of their ability to attract significant amounts of consumer traffic.
Retailers continue to focus on the historically fast-growing, master-planned suburban areas and the high-income Inner Loop area. According to Metrostudy's quarterly statistics, the most recently reported top five master-planned communities were Cinco Ranch (770 home starts), The Woodlands (756), Telfair (379), Bridgeland (287) and Sienna Plantation (259).