Dallas Will Be Spared From Energy Slump

Dallas Will Be Spared From Energy Slump

As North Texas executives ponder the impact of the energy slump on the region, Dallas-based Residential Strategies' Ted Wilson said he doesn't expect North Texas' housing market to see much of a fallout from declining oil and gas prices.

"If you look at the Toyota move there's a total of 4,000 employees with 75 percent coming to North Texas," Wilson told me. "Whether it's something new or existing, what they are doing is still up in the air, but if they want to buy a new house in April 2017 they would need to get a home started in spring to December of this year.

Along with Toyota's new North American campus within the $2 billion Legacy West project in West Plano, Liberty Mutual Insurance, J.P. Morgan Chase and FedEx Office have also set up major headquarters or regional hubs within the 255-acre mixed-use development surrounding J.C. Penney's Plano headquarters.

That tight housing inventory is another reason why Wilson said he believes the energy slump won't impact North Texas' housing market. Lastly, Wilson said the region's diversified economy helps insulate North Texas from the drop in energy prices and will help laid off workers find new jobs in other industries.

Dallas-Fort Worth has five times the employment opportunities compared with Houston, he said, which is the major metro in Texas that has been most impacted by the fallout from oil and gas prices.

Article from Dallas Business Journal/Candace Carlisle

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Dated: February 22nd 2016
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