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Economic Conditions and Housing Market Growth in Northwest ISD

Discover the strong economic conditions and booming housing market in Northwest Independent School District. Explore the job growth, low unemployment rate, and increasing home construction in the area.

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Economic Conditions and Housing Market Growth in Northwest ISD

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  1. 3Q13 Quarterly Report Northwest Independent School District Learn from Yesterday… Understand Today… Plan for Tomorrow

  2. Economic Conditions • Texas added 1 new job for every 3 people from 2000 to 2013, the U.S. added 1 job for every 7 people, Texas outperformed the U.S. job creation rate by more than two-to-one. (Forbes) • Texas has created more than 270 thousand non-farm jobs in the last 12 months. (Texas Comptroller’s Office) • The state's unemployment rate has been at or below the national rate for 81 consecutive months. (http://www.thetexaseconomy.org/economic-outlook/) • DFW is the 4thlargest MSA in the country behind only NYC, LA and Chicago (City Journal – Winter 2013) • Unemployment rates - Texas Labor Market Information (August 2013) • - U.S. 7.6% • - Texas 6.5% • - DFW MSA 6.2% • - Tarrant County 5.9% • - Fort Worth 6.2% • Apartment vacancy rate is below 6% which has led to a record high average monthly rent of $861, a 3.4% increase over last year. • DFW builders put up 5,861 new homes in the last quarter, a 27 percent increase year over year. (Dallas Business Journal)

  3. National Economic Overview Top Job Growth Markets Ranked by Percent Change in Emp. – Sept. 2013 7 out of the top 10 job growth cities are in Texas. Source: Forbes Magazine

  4. National Economic Overview Top 5 MSAs Ranked by Annualized New Home Starts 2013 Source: Metrostudy

  5. DFW Housing MarketStarts and Closings

  6. DFW Housing MarketMultiple Listing Service – YTD SFD Activity & Inventory Sept-13 %Change YTD Sales 69,256 20% Average Price 226,901 9% Median Price 174,500 10% Listings 23,422 -14% DOM 52 -25% Monthly Supply 3.2 -28% Source: Texas A&M Real Estate Center for NTREIS

  7. DFW New Home Ranking Report ISD Ranked by Annual Closings – 3Q13

  8. Foreclosures

  9. New Housing Activity Northwest ISD Housing Activity • 3Q13 starts are up above 350 for the second straight quarter, YTD starts are up 20% over 2012 YTD. • Closings are maintaining the pace of starts and will likely be over 1,000 units for at least 7 straight years. • Inventory is back up above 600 for the first time in more than 3 years.

  10. Annual Closing Distribution 3Q13

  11. Vacant Developed Lots 3Q13

  12. Future Lots 3Q13

  13. Overall Housing Data By Elementary Attendance Zone

  14. Enrollment History *Yellow box = largest grade per year *Green box = second largest grade per year

  15. Ten Year Forecast By Grade Level *Yellow box = largest grade per year *Green box = second largest grade per year

  16. Ten Year Forecast By Elementary School Campus

  17. Ten Year Forecast By Middle School and High School Campus

  18. Summary • 2013 could see over 1,300 new homes. • District has approximately 1,750 VDL, only a 18 month supply of lots • Peterson, Thompson and Lakeview have all had over 140 starts in the last 12 months. • Northwest ISD can expect an increase of approximately 6,247 students during the next 5 years. • 2017/18 enrollment projection 23,927 and will likely exceed 25,000 in the following year.

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