How does the Houston hotel market impact city residents?
While homes for sale in Houston are attracting property buyers, the city's hotels are also drawing interest.
According to the Houston Chronicle, many local hoteliers anticipate that their rates could rise in the next few years.
"Houston is getting ready to embark upon another real strong growth period," PKF Consulting's Randy McCaslin told the newspaper.
Hotels could have a dramatic effect on the Houston economy. New jobs could become available to Houston residents, which may further reduce the unemployment rate in this area.
The Houston hospitality and leisure industry
The U.S. Bureau of Labor Statistics notes that the metropolitan statistical area that contains Houston, Baytown and Sugarland saw job gains in its hospitality and leisure industry over the past year. Between June 2011 and June 2012, this business sector added 18,200 jobs, which was a 7.3 percent year-over-year increase.
McCaslin told the Houston Chronicle that he believes the hotel market could return to levels unseen in the area since the economic recession that plagued the United States in the late 2000s.
Construction could also impact the Houston economy
Growth is taking place in areas beyond Houston's hospitality and leisure industry.
In Uptown Houston, officials are considering ways to improve its transit system. The news source reports that these administrators have committed $85.5 million to make transportation improvements along Post Oak Boulevard and build a transit center near Bellaire.
"We are benefiting from growth in the overall Houston economy," Uptown District executive director John Breeding told the news source.
The plan could have a significant effect on the Houston construction industry. Local officials expect $147 million in construction costs as they prepare to make major transit improvements throughout the area.
Houston's construction industry has displayed significant growth recently, and this trend could continue if Upper Houston officials seek local help to complete future projects. The U.S. Bureau of Labor Statistics states that employment in the Houston area's construction industry increased by 4.4 percent between June 2011 and June 2012. Meanwhile, the United States saw national employment in this industry rise 0.2 percent during the same time frame.
Houston features a booming economy, which is reflected in its leisure and hospitality and construction industries. The city could become an attractive place for job seekers, and the homes for sale in Houston provide a viable option. These properties are available across the city, and give homebuyers the chance to become residents in this expanding economy.