Texas issued more than 63,000 multifamily permits in 2014, more than one and a half times the 15-year average, making it one of the strongest years for permit activity in the state, according to CBRE researchers. Texas issued more permits in the first two months of 2015 than in the same period in 2014; as Houston’s construction levels are expected to stabilize, the DFW market is gearing up for a more active construction year. Proposed apartment projects across the state have not begun to slow, indicating another strong multifamily construction year ahead. To illustrate the permitting picture, in February 2012 there were 2,758 permits issued in Texas and in 2015 there were 5,938. Actual units under construction in Texas peaked in Q4 '14 at more than 60,000 units with Q1 ’15 at around 56,000 units, after an upward trend started in Q1 ’13 with around 43,000 units, steadily going up from there.
Texas on Target for Record Year of Multifamily Permits Issued
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