REAL ESTATE
Stories from the Houston area
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OTHER STORIES TO FOLLOW IN 2022
TOP HOUSING AND REAL ESTATE STORY TO WATCH IN 2022
Economics group projects 75,500 jobs to come toHouston in 2022
Houston’s Livable Places Action Committee discuss plans for 2022 The Livable Places Action Committee made progress in 2021 on e orts by the city of Houston to create and act on a framework to make the city more walkable and a ordable. In a meeting held Dec. 14, the Livable Places committee discussed plans for future residential development, including the desire for continuous shaded sidewalks and parking separate from residencies. Livable Places also encourages additional public transportation, including available rail and bus networks around Houston.
The Greater Houston Partnership projects around 75,500 new jobs to be added in the Greater Houston area in 2022. Jobprojections
While in ation and worker short- ages continue to stunt a rebound of the Houston economy, forecasters with the Greater Houston Partnership project the area will still add 75,500 more jobs to the economy in 2022, including job growth in every sector. These projections were announced Dec. 10 alongside an update on how the area’s recovery trended in 2021, the second year of the coronavirus pandemic. As of October, the Houston area had recouped 269,000 jobs, or roughly 75% of the 361,400 jobs lost in the early stages of the pandemic, according to the report. The greatest job gains in 2022 are projected to be seen in the administra- tive services, government, health care, BY SHAWN ARRAJJ AND GEORGE WIEBE
professional services, and restaurants and bars industries, which will add a combined 40,400 jobs. “Several factors will drive Hous- ton’s growth in [2022]: a strong U.S. economy, expanding global trade, energy consumption returning to pre-crisis levels, pent-up consumer demand, local population growth and the ongoing housing boom,” o cials wrote in the report. After cooling o somewhat in October, the housing boom in Houston picked up again to close out 2022 and is projected to remain hot into next year, according to the Houston Association of Realtors. Single-family home sales increased 3.9% in November 2021 compared to last November with 8,320 houses sold, according to HAR. Total money spent on housing showed one of the largest year-to-date changes, increasing 20.6%. Total active listings fell 13.3% compared to Novem- ber 2020, according to the report. Average and median home prices climbed after a market dip in October, although average prices still fell below their peak this last summer. With a 5.6% change since last November, total property sales totaled 10,216 for the previous month. “We remain on track for a record 2021, and the Greater Houston Partner- ship sees positive conditions for local employment going into 2022,” HAR Chair Richard Miranda said.
Administrative services: 9,000
Professional services: 8,700
Health care: 8,400
Restaurants and bars: 7,200
2022 meeting schedule Meetings are open to the public and held via Microsoft Teams
Government: 7,100
Transportation: 6,500
Sept. 6 Oct. 4 Nov. 15 Dec. 20
May 3 June 7 July 12 Aug. 9
Jan. 11 Feb. 8 March 8 April 5
Manufacturing: 5,000
Energy: 4,000
Wholesale trade: 3,000
Work continues on apartments damaged by Hurricane Harvey The city of Houston will continue work in 2022 to rebuild multifamily developments in the city that were damaged by Hurricane Harvey in 2017. Local projects in the Bellaire, Meyerland and West University Place areas include the South Rice Apartments on South Rice Boulevard, which are 55% complete as of late December, and the Gala at MacGregor, which is 33% complete and located just east of Hermann Park. The program, launched in early 2019, both replaces homes damaged by Harvey and builds new projects to increase the supply of a ordable homes safe from future storms and ooding threats. The program is funded by the U.S. Department of Housing and Urban Development and is overseen by the Texas General Land O ce.
Construction: 2,700
Other: 2,300
Houston is projected to add 75,500 jobs in 2022, which would bring it closer to pre-pandemic job totals. Pandemic rebound
Finance: 2,100
Educational services: 2,000
Retail trade: 2,000
269,000 Jobs recovered as of October 2021
Estimated pandemic-related job losses in Houston:
Real estate: 2,000
Arts, entertainment: 1,600
361,400
Hotels: 1,200
Jobs left to recover:
92,400
Information: 700
SOURCE: GREATER HOUSTON PARTNERSHIP COMMUNITY IMPACT NEWSPAPER
SOURCE: GREATER HOUSTON PARTNERSHIP COMMUNITY IMPACT NEWSPAPER
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BELLAIRE MEYERLAND WEST UNIVERSITY EDITION • JANUARY 2022
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