Midland stands at the epicenter of an economic phenomenon of global importance which has created an enormous opportunity for the area. With proactive efforts, Midland can prepare for the challenges ahead and ensure the opportunities associated with oil and gas and related activity benefit the full community.
Midland stands at the epicenter of an economic phenomenon of global importance which has created an enormous opportunity for the area. With proactive efforts, Midland can prepare for the challenges ahead and ensure the opportunities associated with oil and gas and related activity benefit the full community.
Recent advances in the petroleum sector have led major analysts and energy companies to broadly anticipate expansive increases in Permian Basin production over the next few years. Much of this activity will be centered in the Midland area and the resulting growth will bring enormous potential benefits with profound implications for housing. In light of this growth, it is imperative that additional land be available for residential development. Proactive efforts to deal with issues and prepare for the coming growth can position the area to emerge stronger and more prosperous in the future.
Dr. Perryman speaks about some of the issues the nation is currently facing.
The National Association of Industrial and Office Properties is out with its annual review of the investment taking place in real estate and finds Texas is number one.
Housing prices are up. Way up! The robust market reflects a variety of factors, including population growth, job opportunities, and interest rates. During the pandemic, demand increased as people looked to upsize to allow more room for at-home work and/or school. Remote work also allowed many households to relocate, while stimulus funds helped many with down payments. At the same time, the pandemic slowed construction due to production shutdowns, logistics bottlenecks, and resulting shortages (and price increases) of some building materials – and a tight labor market didn't help. In other words, in our highly complex modern economy, the basics of supply and demand are alive and well.