City Scoop | Fort Worth
Fort Worth Seeing Growth in Residential Markets
City Grill
Don Allen
Owner
Aberdeen Land Co.
The residential construction market in the greater Dallas-Fort Worth-Arlington area remains strong, with the entire metroplex continuing to see strong in-migration of people from other parts of the country who are looking to purchase homes. There is also strong demand from local buyers who want to purchase their first home, says Allen, the former president of the Greater Fort Worth Builders Association.
Construction costs have mostly stabilized, Allen says, noting that most supply chain disruptions, along with the accompanying material cost increases, have been alleviated. But the cost of new homes is significantly higher than it was in 2019, and this appears to be a new normal that won’t be reversed. “Higher mortgage rates have had a significant impact” on buyers as well, he says.
Overall, Dodge Data & Analytics expects the region’s 2023 volume of new project starts to tally roughly $37.5 billion, a decline of 8% from 2022 levels. Additionally, Dodge foresees an upward trend for 2024, with a construction spending forecast of $39.2 billion overall.
