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What to Expect from Partnership’s 2023 Houston Facts Release

Published Jul 25, 2023 by Brina Morales

White Oak Bayou Hike & Bike Greenway Trail (Courtesy: Lance Childers, Houston First Corporation)

The Houston region remains an economic powerhouse as it continues to attract new companies, investment and talent, according to the Greater Houston Partnership’s upcoming 2023 Houston Facts publication. 

Houston Facts has presented unvarnished information about the Houston region since 1959, and its predecessor publications—under different names, but with the same objective—dating back to 1906. Today, Houston Facts is a comprehensive almanac for the Houston region. 

Here are four valuable facts you can expect from this year’s edition, developed by the Partnership’s Research team and sponsored by Fifth Third Bank. The Research team, led by Chief Economist Patrick Jankowski, will provide a first look and additional insight into the 2023 Houston Facts publication on August 2. Click here to register for the special presentation.

Economy
Houston saw the second-best year on record for employment growth in 2022, with the metro area adding 145,700 jobs. Several factors are driving Houston’s growth including, a strong U.S. economy, close ties to the global economy, a surge in corporate activity and sustained population growth. The Partnership identified 540 companies that have announced relocations, expansions, or start-up operations in the region in 2021 and 2022. 

Demographics 
The Houston region is home to 7.3 million people and had the second largest numeric increase in population of any U.S. metro between July 2021 and July 2022, according to the most recent Census figures. Houston is also home to many people who were born outside of the U.S. – nearly one in four Houstonians, or 1.7 million residents, are foreign-born. 

Cost of Living
The region remains the second most affordable major metro among the nation’s 20 most populous metro areas. Houston’s living costs are 34.1 percent below the average of those 20 metro areas, and our overall living costs are 7.9 percent below the U.S. average. Housing costs also remain low with the region 89 percent below the average for the nation’s most populous metro areas and 17.9 percent below the average for all U.S. metros. 

Energy Transition Investment
As the region positions itself as the leader in the global energy transition, Houston has seen constant growth in annual energy transition investments over the last five years. Houston-based energy transition startups, businesses, and companies secured $6.1 billion in financing from private market investments in 2022, showing a 61.9 percent increase compared to the previous year.

Learn more about the Economy Series on August 2 to delve deeper into the insights of the 2023 Houston Facts publication, presented by Fifth Third Bank.

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Growth in Spring Boosts New Residential and Medical Developments

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As new development flourishes along the bustling FM 2920 corridor in Spring, the area is experiencing a remarkable surge in growth.  According to Community Impact, from 2016-2021, the zip code 77388, which encompasses the FM 2920 corridor, saw a 21 percent increase in population. As the North Houston suburb continues to attract residents, developers have expanded their footprint in the area. A Transwestern Houston Multifamily Market report shows that the Spring/Tomball submarket ranked the third highest for total new construction within the metro with 1,329 units in Q2 of 2023.   Click to expand Among the developments along the corridor are two new apartment complexes, Territory at Falvel and Virtuo Spring. Both are slated for completion this year. City Place, a 2,000-acre mixed-use district, is also adding a 326-unit apartment complex dubbed Echo Lake.   Additionally, the Everstead at Windrose, a 194-unit single-family rental community, is nearing completion. The project will feature world-class amenities including a resort-style pool, fitness center, playground, dog park and coffee shop.   Click to expand Medical developments are also growing in the area. The Spring Medical Plaza, a 55,354-square-foot medical complex, is set to open in May, securing a local surgical center as its first tenant. Kelsey-Seybold also recently opened its 40,000-square-foot expansion of its Spring Medical and Diagnostic Center.  “Kelsey-Seybold Spring Medical and Diagnostic Center has deep roots in this community, and as the area is growing, we are growing with it,” said Cecilia Fowler, Kelsey-Seybold senior director, Ambulatory Care, North Region in a statement.  Click to expand Gosling Oaks, a 50-acre mixed-use development, is also underway in the area. The property, projected to be completed next year, will incorporate 40,000 square feet of medical and professional office space, along with 100,000 square feet dedicated to retail and restaurant use.   Growth in development has driven enrollment rates at Spring ISD (SISD) schools to skyrocket. According to Community Impact, SISD’s enrollment increased by 628 students in the 2022-23 school year, marking a 1.9% increase from the previous year—the largest enrollment growth the district has had in more than a decade.  To accommodate growth, SISD is set to break ground on a new a site for Spring High School in 2025. According to a SISD news release, the school will sit on a 185-acre site and will feature state-of-the-art amenities and technologies and modern classrooms.   “We are so proud to support the campus’ future growth and the limitless possibilities this affords our students,” said school board President Justine Durant in the same news release.  Click to expand The district also recently unveiled plans for the Education, Performance and Instruction Center (EPIC), which will serve as a hub for districtwide events, including educational and performing arts showcases and high school graduation ceremonies. EPIC is expected to break ground next year with a target opening date of 2027.  Learn more about Houston’s Neighborhoods and Communities.  
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Fulshear’s Population Boom Drives Surge in New Development

3/21/24
Located west of Houston, the once small town of Fulshear has transformed into a bustling community, emerging as one of the fastest-growing cities in the state.   According to the U.S. Census Bureau, the city's population skyrocketed from 1,134 in 2010 to 16,856 in 2020, and as of July 2022, it surpassed 34,000 residents.  To accommodate growth, the city council is working to redraw the boundaries of its five districts. According to the Houston Chronicle, District 1, which contains most of the city’s current and future development, is on track to be significantly more populated than the other districts. In turn, the council hopes to begin the process to better align with the 2030 U.S. Census Bureau Report.   Meanwhile, the city has also undertaken initiatives to improve its infrastructure, supporting projects such as the expansion of FM 1093, which will later connect residents to the energy corridor, the Texas Medical Center and other areas of Houston, according to Fulshear Assistant City Manager Zach Goodlander. Additionally, work is underway to enhance walkability in Fulshear’s downtown district, including the addition of pedestrian sidewalks and the reconstruction of its main streets to alleviate traffic.  Fulshear’s rapid population growth has also sparked a surge in residential development, making it one of the most highly sought-after communities in the region. According to the Houston Association of Realtors’ Hottest Communities in the Houston Area report, the Fulshear area had the greatest percentage increase of home purchases in the fourth quarter of 2023, with transactions jumping 103.6 percent year-over-year.  Click to expand The city currently boasts a vast portfolio of master-planned communities and will soon add another one to its list with Cross Creek West. When complete, the 1,258-acre community will accommodate more than 3,000 homes. While home sales have already begun, the community’s upscale recreation complex and pool are expected to open this year.   “Fulshear is a popular and growing area that has excellent schools, abundant shopping and great access, thanks to the Westpark Tollway and Texas Heritage Parkway that opened,” said Rob Bamford, Senior Vice President and General Manager of Cross Creek West, in a statement.  Click to expand As new developments breathe life into Fulshear, the city is concurrently working to enrich the quality of life of its residents. Last year, the city opened the Fulshear Branch Library, a $13.4 million upgrade offering a larger space compared to its predecessor, along with added amenities such as an outdoor patio, study rooms and a state-of-the-art computer lab.  Click to expand Additionally, construction is expected to commence this summer on Eagle Landing Park, Fulshear’s newest green space which will feature soccer fields, a playground and a walking trail and Fulshear Central, a 125,000-square-foot mixed-use center that will feature a 100-room hotel, office condos, retail, walking trails and green space for community events and gatherings.  "[In Fulshear], you have the best of both worlds," said Don McCoy, President of the Fulshear-Katy Area Chamber of Commerce in a statement. "We have an old downtown district, but we also have a commercial district. There's something for everyone."  Discover more about the ongoing growth in Fort Bend County. 
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