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Texarkanatexarkana RealReal EstateEstate MarketMarket OverviewOverview TexarkanaTexarkana Jennifer S. Cowley Assistant Research Scientist Texas A&M University June 2001 © 2001, Real Estate Center. All rights reserved. RealReal EstateEstate MarketMarket OverviewOverview TexarkanaTexarkana Contents 2 Population 5 Employment 8 Job Market Major Industries 9 Business Climate 10 Education 11 Transportation and Infrastructure Issues Public Facilities 12 Urban Growth Patterns Map 1. Growth Areas 13 Housing 14 Multifamily 15 Manufactured Housing Seniors Housing 16 Retail Market Map 2. Retail Building Permits 17 Office Market 18 Map 3. Office and Industrial Building Permits 19 Industrial Market Conclusion RealReal EstateEstate MarketMarket OverviewOverview TexarkanaTexarkana Jennifer S. Cowley Assistant Research Scientist US Hwy 59 US Hwy 67 Interstate 30 Nash Texarkana US Hwy 82 State Line US Hwy 82 Wake Village US Hwy 67 State Hwy 93 State Hwy 245 Area Cities and Towns Counties Land Area of Texarkana MSA Texarkana, Arkansas Nash Bowie (Texas) 1,529 square miles Texarkana, Texas New Boston Miller (Arkansas) Boston Old Boston Population Density (2000) Hooks Wake Village 85 people per square mile Leary Wamba exarkana’s name comes from kana, Texas, and Texarkana, Arkansas, compasses 21 square miles and Texar- three state names: Texas, Arkan- are referred to as the State Line Cities kana, Arkansas, contains 16.5 square T sas and Louisiana. The city is lo- because the cities’ main thoroughfare, miles. The town is 25 miles north of cated in both Bowie County, Texas, State Line Avenue, is the Arkansas– the Louisiana border and 28 miles and Miller County, Arkansas. Texar- Texas border. Texarkana, Texas, en- south of the Oklahoma boundary line. 1 POPULATION Kelly Air Force Base, San Antonio Texarkana MSA Population Year Population 1990 120,323 1991 120,479 1992 120,882 1993 121,674 1994 122,369 1995 122,533 1996 123,294 1997 123,161 1998 122,813 1999 122,886 2000 129,749 Source: U.S. Census Bureau County Population Growth Growth 1990–2000 County 2000 Population (in percent) Bowie (Texas) 83,306 9.4 Miller (Arkansas) 40,443 5.1 Source: U.S. Census Bureau he Texarkana MSA population isting population in Bowie County. by 2020. This represents a growth rate had a 0.7 percent average an- The Texas Water Development Board, of 1.4 percent per year through 2020. T nual increase over the past de- however, forecasts Bowie County’s These projections do not include the cade. Texarkana is growing at a rate population will continue to grow after Arkansas section of the MSA. slower than the state as a whole. 2005 to 99,800 by 2010, and 107,850 The Texas State Data Center popula- tion projections are lower than the ex- 2 Texas Metropolitan Area Population Change, 1990–2000 (in percent) McAllen-Edinburg-Mission 48.5 Galveston-Texas City 15.1 Austin-San Marcos 48.2 Tyler 15.5 Laredo 44.9 El Paso 14.9 Dallas 31.5 Corpus Christi 14.3 Brownsville-Harlingen-San Benito 28.9 Victoria 13.1 Brazoria County 26.1 Waco 12.9 Houston 25.8 Texarkana 9.4 Fort Worth-Arlington 25.1 Lubbock 9.0 Bryan-College Station 25.1 Wichita Falls 7.8 Texas 22.8 Longview-Marshall 7.7 Killeen-Temple 22.6 Beaumont-Port Arthur 6.6 San Antonio 20.2 Abilene 5.8 Sherman-Denison 16.4 San Angelo 5.6 Amarillo 16.2 Odessa-Midland 5.1 Source: U.S. Census Bureau Bowie County Projected Population Texas State Texas Water Year Data Center Development Board 2005 85,802 — 2010 86,117 99,801 2015 85,099 — 2020 83,465 107,853 Sources: Texas State Data Center and Texas Water Development Board Projected Population Growth, 2000–2020 (in percent) 50 40 30 40.2 20 10 0 0 Texarkana MSA Texas Source: Texas State Data Center 3 Household Composition Bowie County Texas Median household size (1990) 2.5 2.7 Population younger than 18 (1999, in percent) 26.4 28.5 Population 65 and older (1999, in percent) 14.5 10.1 Source: U.S. Census Bureau Ethnic Distribution (in percent) Bowie County Texas Ethnicity 1990 2000 1990 2000 White 75.4 73.2 60.8 52.4 Hispanic 1.7 1.6 25.3 32.0 Black 21.8 22.9 11.7 11.3 Asian 0.4 0.4 0.3 2.7 American Indian 0.6 0.6 1.8 0.3 Other 0.1 0.0 0.1 0.2 Two or more races* — 1.3 — 1.1 * For the 2000 Census, the CensusBureau changed the “race” options, allowing people to report their race as “other” or as two or more races. Source: U.S. Census Bureau owie County has a larger por- nically diverse between 1990 and according to the U.S. Bureau of Eco- tion of population older than 65 2000, following the statewide trend. nomic Analysis. The state average was Bthan the state as a whole. The The average per capita income in the $26,834. county continued to become more eth- Texarkana MSA was $21,811 in 1999, 4 EMPLOYMENT 48,000 49,000 50,000 51,000 52,000 53,000 54,000 55,000 Source: U.S.BureauofLaborStatistics 10.0 12.0 14.0 Source: U.S.BureauofLaborStatistics 0.0 2.0 4.0 6.0 8.0 January-95 May 1990 Sept 1991 January-96 UnemploymentRate MSA Texarkana May 1992 Employment MSA Texarkana Sept Texarkana, TX January-97 1993 May (in percent) 1994 5 Sept January-98 1995 May Texarkana, AR 1996 Sept January-99 1997 May Sept 1998 January-00 1999 May Sept 2000 January-01 Top Ten Employers Top Ten Private Employers Red River Army DepotBergstrom Air Force Base,Cooper AustinTire and Rubber Military Manufacturing 2,700 employees 2,000 employees Cooper Tire and Rubber Christus St. Michael Hospital Manufacturing Health care 2,000 employees 1,650 employees Christus St. Michael Hospital Wadley Regional Medical Center Health care Health care 1,650 employees 1,500 employees Wadley Regional Medical Center Georgia Pacific Health care Paper and wood products 1,500 employees 1,400 employees Georgia Pacific Wal-Mart, Sam’s Club Paper and wood products Retail 1,400 employees 1,007 employees Wal-Mart, Sam’s Club International Paper Retail Finished lumber 1,007 employees 1,000 employees International Paper Kmart Finished lumber Retail 1,000 employees 435 employees Texarkana Independent School District Albertson’s Education Retail 800 employees 425 employees Texarkana, Arkansas School District Alcoa Mill Products Education Aluminum rolling mill 800 employees 380 employees City of Texarkana, Texas Day and Zimmerman Government Ammunition 466 employees 300 employees Source: Texarkana Chamber of Commerce, 2001 Texarkana Employment Growth by Industry MSA Texas Employment growth, 2000 (in percent) 1.1 3.2 Unemployment rate (in percent) 4.8 4.3 New jobs in 2000 600 288,900 Employment growth by sector, 2000 (in percent) Services –1.4 4.7 Trade 1.4 3.1 Manufacturing 5.2 0.1 Mining n/a 2.3 Finance, insurance and real estate 0.0 1.3 Construction 19.0 6.2 Government –1.8 1.7 Transportation, communications and public utilities 3.8 5.1 Sources: Texas Workforce Commission 6 Texas Metropolitan Area Employment Change, 1990–2000 (in percent) Austin-San Marcos 58.8 El Paso 15.4 Laredo 40.3 Waco 14.3 McAllen-Edinburg-Mission 35.8 Lubbock 14.0 Dallas 30.4 Sherman-Denison 12.5 Brownsville-Harlingen-San Benito 30.1 Longview-Marshall 12.2 Bryan-College Station 29.2 Abilene 11.4 Killeen-Temple 28.7 San Angelo 10.7 San Antonio 28.6 Corpus Christi 10.3 Fort Worth-Arlington 23.7 Galveston-Texas City 8.2 Texas 23.3 Wichita Falls 7.8 Tyler 22.9 Odessa-Midland 6.5 Victoria 22.4 Texarkana 4.5 Houston 22.1 Beaumont-Port Arthur 3.5 Amarillo 18.6 Brazoria County 2.3 Source: U.S. Bureau of Labor Statistics, February 2001 mployment in the Texarkana ment decreased to 4.8 percent for of Labor Statistics reports civilian em- area increased 1.1 percent dur- 2000, down from 5.2 percent in 1999, ployment at 53,890 for 2000 with an E ing 2000. Employment growth in according to the Texas Workforce unemployment rate of 4.7 percent. the area has been slower than employ- Commission. The Commission reports Timber companies, government and ment growth across the state as a that there were 53,000 employed in health care providers are major area whole for the past decade. Unemploy- nonagricultural jobs. The U.S. Bureau employers. 7 JOB MARKET alor Telecommunications ex- leased an industrial facility to refurbish hundred people are employed in the panded a call center in military equipment. The company is construction phase. V Texarkana, adding 152 em- expected to add 200 jobs by the end of International Paper laid off 65 em- ployees at the beginning of 2000. 2001. ployees temporarily in January 2001 BancorpSouth merged with First Fed- In Arkansas, the Arkansas Rural and 11 in June 2001. Montgomery eral; the merger will bring 25 new jobs Electric Cooperative is building a new Ward will close during 2001, laying off to Texarkana in 2001. At the Red River 150-megawatt power plant. Several 100 employees. Army Depot, Lear Siegler Services has MAJOR INDUSTRIES exarkana has a diverse economy. tion hospitals and three training and Manufacturing makes up 11 percent The Texas Workforce Commis- rehabilitation services for the handi- of Texarkana’s nonagricultural em- T sion reports the area’s top three capped. ployment. According to the Texas nonagricultural employment sectors — Trade represents 27 percent of the Workforce Commission, manufactur- services, trade and government — area’s nonagricultural employment.
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