If you’re a renter in Texas and you fail to pay your rent, your landlord may have the legal right to enter your home and take your belongings. The clause, called a landlord’s lien, is standard language in many residential leases, but it can also apply to stores and restaurants that fall behind on rent.
The Texas economy continues to outpace the U.S. economy in job creation. The state gained 285,200 nonagricultural jobs from February 2017 to February 2018, an annual growth rate of 2.3 percent, higher than the nation’s employment growth rate of 1.6 percent (Table 1 and Figure 1). The nongovernment sector added 283,500 jobs, an annual growth rate of 2.8 percent, also higher than the nation’s employment growth rate of 1.8 percent in the private sector
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It was a good year for commercial real estate’s industrial sector in 2017, and 2018 is expected to bring more of the same, according to Integra Realty Resources’ new 2018 Viewpoint Industrial Report.
“Industrial, without a doubt, stands head-and-shoulders above the other commercial property types as we enter 2018,” according to Hugh Kelly, the economist who partnered with Integra Realty Resources on the report. “A multi-year pattern of double-digit total returns, coupled with absorption rates exceeding the pace of new development, have bolstered occupancy levels and rent growth in the majority of U.S. markets.”
The numbers paint quite a positive picture. An increase of 2.64 percent in market rents is anticipated for the warehouse/manufacturing facilities in 2018, and the flex properties are expected to see an increase of 2.25 percent. Looking at individual cities, Cleveland, Hartford, Naples and Seattle are on track to experience a 5 percent—or more—rent growth this year.
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Economy expert Ray Perryman gave an overview of the national, state and local fiscal situations this week at PlainsCapital Bank’s 10th annual Economic Outlook Conference recent luncheon at the McKenzie-Merket Alumni Center at Texas Tech.
Perryman, who lives in the Midland-Odessa area and is CEO of the Waco-based Perryman Group, has toured the state giving similar presentations for 34 years. His presentations include a bipartisan analysis of how nationwide issues and discussions affect the economy on all levels.
The impact of the tax reform legislation passed last year has been one subject Perryman said he has been asked about often in recent months. He said the hypothesized positive effects of the $1.5 trillion tax cut over the next 10 years may be a bit ambitious, but the move will undoubtedly trigger some financial developments.
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Oil and cattle are the iconic business touchstones for Texas.
But it’s real estate development where the Lone Star State really leads the country.
Last year, Texas was the top U.S. state for commercial real estate development contributions to the economy.
With more than $24 billion in direct construction spending in Texas, the building sector contributed almost $59 billion to the state’s economy, according to a new report by the NAIOP, the Commercial Real Estate Development Association. The sector supports almost 380,000 jobs in the state, the new study finds.
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New development and ongoing operations of existing commercial real estate in the United States, across the spectrum of property types—office, industrial, warehouse and retail— supported 7.6 million American jobs and contributed $935.1 billion to U.S. GDP in 2017. That’s according to the recently released annual study, “Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation.
To put $935.1 billion in perspective, that’s more than the GDP of Turkey or the Netherlands or Switzerland. If U.S. CRE were its own country, it would be the 17th largest economy in the world, just behind Indonesia, at least according to the International Monetary Fund’s estimation of each country’s GDP.
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