Amarillo Residential Construction Boom
Tue, 25 Mar 2014 00:00:42 GMT —
Amarilloâ??s relatively healthy economy is attracting new residents, and low interest rates for mortgages are motivating them to buy. New housing developments are a common sight when driving near the periphery of the city.
The growth in Amarillo is clear, as housing starts are returning to normal levels, and poised to increase even more in years to come. More and more people are settling in this region, and driving up demand for new housing.
Demand is so high that builders complain that thereâ??s not enough available land to build homes. Specifically, theyâ??re referring to land that has infrastructure installed, like roads, power, water, and other utilities.
Greg Glenn, a b
roker with Prudential Realty, said that the growth is due to a
really good economy.
"I think what youâ??re going to see this year, theyâ??re going to be increased from that pent up demand for construction."
The epicenter of this new construction is the southwest side of town, specifically the Soncy corridor.
Projects are popping up all over Amarillo in order to accommodate these newcomers to this region who come here for the good economy, as well as people who are buying new homes and taking advantage of low interest rates.
This new growth does create some new challenges for the city.
"Infrastructure needs to step up, and the city has done a good job of getting there, but we still need more infrastructure," Lew Bradshaw, the executive officer of the Texas Panhandle Builderâ??s Association, said.
As long as people keep on settling here, and our unemployment rate remains low, the Amarillo metro area will continue to grow. Eventually, we may live to see Amarillo and Canyon form one continuous urban area.