CORPUS CHRISTI, Texas — New information from Point 2 and Yardi.com show that there has been a decline by 13.7 percent in the number of building permits issued last year compared to 2022.
Corpus Christi is feeling the decline less being only 10.14 percent.
What does this mean for the Coastal Bend?
Texas still leads the nation in housing starts with cities like Houston, Dallas and Austin leading the way, but Doug Kessler, from the real estate information services company Yardi.com, explained reasons why the decline is not affecting us here like in other parts of the state.
"You are buffered a bit," Kessler said. "The Texas Riviera obviously has that kind of asset where you have the oil and energy industry. We expect that that will continue."
Figures released by the city confirm building permits referred to in the study.
And where are the hottest places to build? Well, the southside is strong.
"The island is growing as well," Karo Azali of Azali Homes said. "That's going to be more of your out of towners looking for the beach lifestyle. You're going to get more towards the island traffic, but the price on the island is a little bit higher as well. So, London and the southside of Corpus right now are the two hottest areas that we're seeing the most demanding growth in."
Opendoor, another on line realtor says the top five zip codes start on the southside, including the island, and then onto the London area.
"Construction starts certainly have dropped," realtor Gary Graham said, "Obviously that's due primarily due to what the mortgage rates are right now. Anywhere from seven and a half to eight and a half and some of that's for first time home buyers. So, those mortgage rates are a deterrent to new construction."
One thing that usually is not mentioned is how immigration impacts our housing market according to Kessler.
"There's also one other aspect that you folks really have in spades and that's immigration," he said. "Immigration you're seeing both the pros and cons of that right up front. And what we see now is, irregardless of what side of the coin you're on for immigration, it is adding to the housing demand and the housing stock. Also from the stand point of being able to find construction labor."
To see more on these statistics, click here.
More from 3News on KIIITV.com:
- Nueces County Commission candidate dies on eve of election
- WATCH: 3NEWS Women's History Month Panel 2024
- Teenager shot in Molina neighborhood dies from injuries
- Experts weigh in on warning signs to look out for when it comes to online predators
- Concerns mount over safety after hit-and-run on SPID frontage road
- Hundreds of stash houses discovered since 'Operation Lone Star' began in 2021
- Boat washes up south of Bob Hall Pier, after investigation, gets new home
- Rodeo Corpus Christi concert lineup looks like Nothin' But A Good Time
Subscribe to our YouTube channel for your daily news and exclusive extended interviews.
Do you have a news tip? Tell 3!
Email tell3@kiiitv.com so we can get in touch with you about your story should we have questions or need more information. We realize some stories are sensitive in nature. Let us know if you'd like to remain anonymous.