San Antonio-New Braunfels, Texas

COMPREHENSIVE HOUSING MARKET ANAL YSIS San Antonio-New Braunfels, Texas

U.S. Department of Housing and Urban Development Office of Policy Development and Research As of September 1, 2011

Summary

Economy Rental Market Housing Market Area Economic conditions in the San The rental housing market in the HMA Antonio-New Braunfels HMA began is soft but improving. The current to recover during the past 12 months, rental vacancy rate is estimated to be led by nonfarm payroll job gains of 8 percent, down from the 9.5-percent more than 2 percent each in the educa- rate recorded in April 2010. During the tion and health services and the leisure next 3 years, demand is expected for and hospitality sectors. Employment 13,200 new rental units (see Table 1). Kimble Gillespie Travis growth is expected to average 1 percent Approximately 1,000 apartments are Blanco

Kerr Hays during the next 12 months and to currently under construction and will Kendall Ca satisfy a portion of the forecast demand. Comal ldw accelerate to 2 percent by the final el Bandera l year of the 3-year forecast period, with Guadalupe Go

Bexar nz most gains likely to occur in those two Table 1. Housing Demand in the

Uvalde Medina al es leading sectors. Table DP-1 at the end San Antonio-New Braunfels Wilson DeWitt of this report provides employment HMA, 3-Year Forecast, Atascosa Karnes September 1, 2011 to Zavala Frio

Goliad data for the HMA. September 1, 2014 Li ve Be Oa Dimmit La Salle McMullen e San Antonio- k Sales Market New Braunfels HMA The San Antonio-New Braunfels Hous- The sales housing market in the HMA Sales Rental Units Units ing Market Area (HMA) encompasses is soft, with an estimated vacancy rate eight counties in south-central Texas. of 2 percent. During the 3-year fore- Total Demand 33,450 13,200 The principal city of San Antonio, the cast period, employment and popula- Under 1,150 1,000 seventh largest in the United States, is tion gains are expected to support Construction located in Bexar County. New Braunfels, demand for 30,800 new market-rate Notes: Total demand represents estimated production necessary to achieve a balanced located in Comal and Guadalupe Coun- sales housing units and an additional market at the end of the forecast period. Demand for sales units includes mobile ties, is situated 30 miles northeast of San 2,650 mobile homes. The 1,150 homes homes. Units under construction as of Sep- Antonio and approximately 45 miles currently under construction will tember 1, 2011. A portion of the estimated 36,000 other vacant units in the HMA will southwest of the state capital, Austin. satisfy a portion of that demand (see likely satisfy some of the forecast demand. Table 1). In addition, a portion of the Source: Estimates by analyst 36,000 other vacant units in the HMA may come back on the market and Market Details satisfy some of the demand. Economic Conditions...... 2 Population and Households...... 4 Housing Market Trends...... 6 Data Profile...... 9 San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 2 Source: U.S.Bureau ofLaborStatistics may notaddtototals becauseofrounding. Notes: Basedon 12-month averagesthrough August 2010and August 2011.Numbers Table 2. ServiceProviding GoodsProducing Total NonfarmPayroll Jobs Government OtherServices Leisure &Hospitality Education&HealthServices Professional &BusinessServices FinancialActivities Information Transportation & Utilities Wholesale&RetailTrade Manufacturing Mining,Logging,&Construction Economic Conditions 12-MonthAverage NonfarmPayroll JobsintheSanAntonio- New BraunfelsHMA,bySector through 2008, annual gains averaged gains annual 2008, through 2005 from comparison, In percent. 1.9 or jobs, 16,400 by decreased payrolls nonfarm when 2009, in unprecedented was HMA the in loss job economies, national and regional the in trend the Following 2). Table (see 2010 August ending months 12 the during percent, 0.4 or jobs, 3,700 of decrease a with compared jobs 847,700 to percent, 1.1 or jobs, 9,100 by increased payrolls nonfarm 2011, August ending months 12 the year. During past the during recovery of signs show to began T to jobcreationindirecthealthcare growth inthissectorisattributed payroll thenonfarm percent. Muchof 5.2 added 6,500jobs, anincreaseof sector,tion andhealthservices which 2011, hiringwas strongintheeduca During the12monthsendingAugust 2008. in recorded jobs 852,700 of peak the below jobs payroll nonfarm 5,000 remains HMA the improvement, recent the Despite percent. 2.9 or jobs, 23,600 August 2010 12 Months Antonio-New BraunfelsHMA theSan he economy of Ending 160,900 101,000 126,500 100,800 122,900 747,100 838,800 31,200 65,500 18,500 19,800 43,550 48,100 91,700 August 2011 12 Months

161,800 103,900 133,000 100,200 123,500 756,800 847,700 Ending 31,750 65,150 17,700 19,850 45,000 45,850 90,850 Change Percent – 0.6 – 0.5 – 4.3 – 4.6 – 0.9 0.5 1.8 2.8 5.2 0.4 0.5 1.3 3.2 1.1 - which increasedby2,900jobs, or2.8 in theleisureandhospitalitysector, 2011, jobgainswere alsosignificant During the12monthsendingAugust cent fromthelevel recorded in2008. 9.1per billion in2009,anincreaseof totaled$18.9 and bioscienceindustry thehealthcare economic impactof indicatedthattheoverallsame report the HMAeconomy in2009.The $11billion on economic impactof and nursing homeshadacombined Commerce, hospitals, physicians, Greater SanAntonioChamberof nursing homes. Accordingtothe hospitals, physicians’ offices, and services, suchascareprovided in 3,300 construction jobsbetween 3,300 construction metropolitan area lostapproximately the SanAntonio-New Braunfels America, ated GeneralContractorsof (BRAC). AccordingtoTheAssoci Base ClosureandRealignment Act Defense(DoD)2005 of Department the contractsasaresultof military nearly $2billionin the completionof decrease innew homeproductionand a subsector,construction becauseof inthe the past12monthsoccurred thejoblossduring 2010. Allof during the12monthsendingAugust jobs compared withthenumber of 2,250jobs, or4.6percent, decline of sectorrecordedasignificant struction months, themining, logging, andcon HMA overall, duringthepast12 Despite recentjobgrowth inthe $11billionontheHMA impact of San Antoniohadanoverall economic the leisureandhospitalitysectorin Commerceshows that Chamber of released bytheGreaterSanAntonio restaurant industries. A2008report largely intheaccommodationand months. Hiringinthesectoroccurred duringthe previous 12 jobs reported percent, comparedwiththenumber of . - - - San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 3 Source: U.S.Bureau ofLaborStatistics Figure 2. Source: U.S. Bureau of Labor Statistics Note: Based on 12-month averages through August 2011. Figure 1. Source: San Antonio Economic Development Foundation Excludes local school districts. Notes: These figures were released before the formation of the Joint Base San Antonio. Table 3. Fort SamHouston Lackland AirForce Base Valero Energy Corporation Cullen/Frost Bankers,Inc. Bill MillerBar-B-Q Methodist Healthcare City ofSanAntonio Randolph AirForce Base H-E-B grocery stores United ServicesAutomobileAssociation Labor Force & Leisure &Hospitality12.3% Resident Employment Economic Conditions Education &HealthServices15.7% 1,000,000 700,000 750,000 800,000 850,000 900,000 950,000

Other Services3.7% Major EmployersintheSanAntonio-NewBraunfelsHMA

Braunfels HMA, by Sector Current Nonfarm Payroll Jobs in the San Antonio-New Through 2010 ployment Rate in the San Antonio-New Braunfels HMA, 2000 Trends in Labor Force, Resident Employment, and Unem Labor Force Government 19.1% Government Employer Name of 2000

2001

2002

Continued 2003 Resident Employment

2004 Manufacturing Financial Activities Leisure &Hospitality Education &HealthServices Government Government Wholesale &RetailTrade Financial Activities Government Government

2005 2013and2014,respectively.dates of Force Base(AFB),withcompletion Fort SamHoustonandLacklandAir awarded $110millionincontractsat however, becauseDoDrecently term, losses areexpected tobeshort March 2010and2011.Job Mining, Logging,&Construction5.4%

2006 Nonfarm Payroll Professional &BusinessServices11.8% Manufacturing 5.3% Sector 2007 Financial Activities7.7% Wholesale &RetailTrade 14.6% Information 2.1% Transportation &Utilities2.3% 2008

Unemployment Rate 2009

2010 Employees Number of 11,050 14,600 14,850 32,000 37,100 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 3,775 3,975 4,200 7,500 9,450 -

Unemployment Rate

tivities in the HMA of $13.3billion tivities intheHMAof economic impactfromDoDac data available, indicatean Affairs (OMA)in2006,thelatest Military Force andtheOfficeof Transformation Taskby theMilitary Data fromajointstudy conducted payroll jobsintheHMA(seeFigure1). allnonfarm for nearly 20percentof The government sectoraccounts through 2015. completion datesrangingfrom2012 totaling nearly $1billion,with already plannedformultiple projects is 2011 thatpost-BRAC construction inJanuary Officereported Program In addition,theSanAntonioJoint percent. Figure 2illustratestrendsin the unemployment rateaveraged 4.9 months. From 2000through2008, rate recordedduringtheprevious 12 percent, comparedwiththe7.2-percent in theHMAincreasedslightly, to7.5 2011, theaverage unemployment rate during the12monthsendingAugust Despite recentemployment growth, sumer andoperationalexpenditures. increasingcon billion becauseof is expected toincreasebyabout$1.6 baseoperationsontheHMA military thecombined economic impactof personnel. AccordingtoOMA,the andcivilianmately 80,000military is estimatedtoemploy approxi Table 3).Thenewly JBSA formed largest employers intheHMA(see and Fort SamHoustonwere thetwo Before October2010,LacklandAFB Randolph AFB, andCampBullis. Fort SamHouston,Lackland AFB, of legislation orderedtheconsolidation BRAC recommendations. The legislation implementingthe2005 in accordancewithcongressional Base SanAntonio(JBSA)formed annually. InOctober2010,Joint estimated - - -

San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 4 Economic Conditions Source: U.S. Bureau of Labor Statistics Note: Current is based on 12-month averages through August 2011. Figure 3. Population andHouseholds – 30 SectorGrowthintheSanAntonio-NewBraunfelsHMA,PercentageChange,2000toCurrent – 20 – 10

Continued 0 the 3-year forecastperiod,withthe and by2percentthefinalyear of 1 percentduringthenext 12months expected tocontinue toincrease, by payrollsNonfarm intheHMAare from 2000through2010. and unemployment rateintheHMA the laborforce, resident Population to growth hasreturned economy was expanding morerapidly. from 2005through2008,when the accelerated to2.9percentannually year from2000through2004 but tion growth averaged 1.9 percenta population ayear earlier. Popula 1.6percentcomparedwiththe of estimated tobe2,199,000,anincrease Antonio-New BraunfelsHMAis A 10 the population of theSan the populationof 1,2011, September s of 20 employment, 30 - 40 2000 to the current date.2000 tothecurrent ment sectorgrowth intheHMAfrom HMA. Figure3illustratesemploy remaining forecastjobgrowth inthe the will likely accountforthebulkof and theleisurehospitalitysectors professional andbusinessservices expected toleadjobgrowth. The sector education andhealthservices the HMAincreased byanaverage During the2000s, thepopulation of 1,2014. September and totalapproximately 2,328,000by by 43,000,or1.9percent,annually the populationisexpected toincrease economy. During theforecastperiod, slower growing, althoughimproving, inresponsetothe in-migration decreased since 2009,theresultof averaging 1.9percent annually the levels recordedintheearly 2000s, 50 Total NonfarmPayroll Jobs Service Providing Goods Producing Wholesale &RetailTrade Manufacturing Education &HealthServices Professional &BusinessServices Financial Activities Transportation &Utilities Government Other Services Leisure &Hospitality Mining, Logging,&Construction Information - San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 5 Figure 5. by analyst Sources: 2000and2010—2000Census2010Census;currentforecast—estimates Figure 4. Figure 6. Sources: 2000and2010—2000Census2010Census;current—estimatesbyanalyst by analyst Sources: 2000and2010—2000Census and2010Census;currentforecast—estimates

Average Annual Change Average Annual Change 100,000 200,000 300,000 400,000 500,000 Population andHouseholds 10,000 15,000 20,000 25,000 30,000 10,000 20,000 30,000 40,000 50,000 5,000 0 0

0 Braunfels HMA,2000toForecast Population andHouseholdGrowthintheSanAntonio-New Components of Population Change in the San Antonio-New Braunfels HMA, 2000toCurrent Number of Households by Tenure in the San Antonio-New Braunfels HMA, 2000toForecast 2000 to2010 2000 to2010 2000 Net NaturalChange Population

Continued Renter 2010 toCurrent 2010 toCurrent change the growth camefromnetnatural during thedecade;remainder of thepopulation gain 60 percentof accounted fornearlyin-migration 43,100, or2.3percent, ayear. Net of 2010 (resident births minus(resident births resident Owner Households Net Migration Current toForecast Current toForecast Current the HMAhasbeenslower thandur months, thehouseholdgrowth ratein population growth duringthepast18 thedeclinein Largely becauseof forecast date. change in the HMAfrom2000to population for thecomponents of continues toimprove. SeeFigure4 23,000 peopleayear astheeconomy into theHMAisexpected toaverage 3-year forecastperiod, net migration the weakened economy. Duringthe 19,950 people, primarily because of population growth, or anaverage of the to approximately 50percentof August 2011, net decreased migration deaths). Inthe12monthsending cast date. in theHMAfrom2000tofore- population andhouseholdgrowth 1,2014.Figure6showsSeptember to totalapproximately 817,600by by 15,350,or1.9percent,annually households isexpected to of During the forecast period, the number date.for 2000,2010,andthecurrent householdsbytenure intheHMA of earlier. Figure5illustratesthenumber householdsayear the number of lessthan1percentcomparedwith of has 771,600households, anincrease April1,2010.Currently,of theHMA nually duringthe2000s, to763,022as 16,200,or2.4percent,an average of householdsincreasedbyan of ing theprevious decade. Thenumber

increase

- - San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 6 Sources: U.S.CensusBureau,Building PermitsSurvey Notes: Includestownhomes. datathrough August 2011. Figure 7. 10,000 12,000 14,000 16,000 2,000 4,000 6,000 8,000 Housing Market Trends 0

Single-Family BuildingPermitsIssuedintheSanAntonio- New BraunfelsHMA,2000to2011

2000

2001

2002

2003

2004

2005 Sales Market annually from2006through2007. 25,100homessold from thepeakof homesaleshasdeclinedgradually of ing theprevious 12months. Thepace compared withthenumber solddur 7percent 18,075 units, adecreaseof new andexisting homestotaled of 12 monthsendingAugust 2011,sales at Texas A&MUniversity, duringthe According totheReal EstateCenter resulting fromaslower economy. standards anddecreaseddemand strictlending currently softbecauseof Antonio-New BraunfelsHMAis The saleshousingmarketintheSan Real EstateOwned(REO)andshort distressedsales, of year earlier. Adecreaseinthenumber compared withthepricerecordeda to $186,300,upapproximately 4percent family homesintheHMAincreased the average salespriceforsingle- the 12monthsendingAugust 2011, Despite thedeclineinsales, during rate unchanged froma year ago. existing homesalesintheHMA,a of lessthan1percent currently represent Condominiums andtownhomes

2006 ;

estimates byanalyst 2007

2008

2009 which includes

2010

2011 - 21 percent, to 4,300 homes, compared family was homespermitted down single- August 2011,thenumber of nary data, during the 12 months ending declining demand.Basedonprelimi issued,slowedpermits inresponseto by the number single-family of building asmeasured New homeconstruction, 2010. from 4.6percent in September quent, in foreclosure, orin REO, down HMA were 90ormoredays delin homeloans in the 2011, 4.3 percent of September Applied Analytics, asof home salesprices. AccordingtoLPS sales, contributed totheincreasein approach 1year onthemarketbefore to localsources, mostcondominiums downtown SanAntonio. According HMA isconcentratedprimarily in my. Thecondominiummarketinthe quirements, andaweakened econo sales prices, large downpayment re high haltbecause of come toavirtual has New condominiumconstruction date.current issued intheHMAfrom2000to single-family buildingpermits ber of to $175,000.Figure7shows thenum HMA typically range from$125,000 for newly constuctedhomesinthe Cibolo toNew Braunfels. Salesprices from on theInterstate35corridor Boerne, and Antonio, inthecityof currently underway San innorthern is duction, new homeconstruction Despite therecentdecreaseinpro annually from2004through2007. issued 13,100permits the average of activity hasbeenwellstruction below 2010. Since2009,single-family con the 12-monthperiodendingAugust during with 5,475homespermitted - -

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San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 7 Sales Market Housing Market Trends Source: Estimatesbyanalyst satisfy someoftheforecastdemand. and aportionoftheestimated36,000othervacantunitsinHMA Notes: Excludesmobilehomes.The1,150homescurrentlyunderconstruction Table 4. 400,000 300,000 250,000 200,000 175,000 150,000 125,000 100,000 From

Estimated DemandforNewMarket-RateSalesHousing 2011 toSeptember1,2014 in theSanAntonio-NewBraunfelsHMA,September1, Continued Price Range($) andhigher 399,999 299,999 249,999 199,999 174,999 149,999 124,999 To Broadway property. $3.8 million at the90-unit, 20-story to at the146-unit Vidorra property with pricesrangingfrom$195,000 minium units areofferedforsale they sell. bedroom unit, $830 foratwo-bedroom San Antonioaveraged $640foraone- 2011 was 8.5percent.Effective rentsin 1, September rate inSanAntonioasof Listing Network (ALN),thevacancy trends. AccordingtoThe Apartment lar totheoverall rental housingmarket marketconditions aresimi Apartment standards remainhigh. lending for rentalunitsasmortgage in productionandstrongdemand adecrease the pastyear becauseof rentshaveapartment increasedduring ure 8).Rental occupancyand average rate recordedinApril2010(seeFig- 8 percent,down fromthe9.5-percent an estimatedoverall vacancy rateof currently softbutimproving, with San Antonio-New BraunfelsHMAis The rentalhousingmarketinthe Rental Market Demand Units of 2,150 2,475 3,700 4,625 5,225 6,475 4,625 1,550 Currently, several condo

Percent of Total 12.0 15.0 17.0 21.0 15.0 7.0 8.0 5.0 willlikely

- is expected for2,650 mobilehomes forecast period. In addition, demand the 13,000 homesbythelastyear of homes during2012andincreaseto Demand isexpected to housing intheHMAbypricerange. demand fornew market-ratesales demand. Table 4illustratesestimated theforecast and satisfysomeof units may comebackonthemarket the36,000othervacant of a portion demand (seeTable 1).Inaddition, this of willmeetaportion struction 1,150 homescurrently undercon market-rate homesintheHMA.The demand isexpected for30,800new During the3-year forecastperiod, data. Duringthe 2years ending August 2010,basedonpreliminary during the12-monthperiodending compared with1,400unitspermitted the 12monthsendingAugust 2011 50 percentto2,075unitsduring increasednearlyunits permitted, multifamily sured bythenumber of asmea Multifamily construction, 2010. of with rentsinthethirdquarter 2011compared of the thirdquarter HMA increased2percentto$730in to Reis, Inc., rentsinthe apartment a three-bedroomunit.According two-bedroom unit,and $1,225 for for aone-bedroomunit,$940 with effective rentsaveraging $770 fels hada4.5-percentvacancy rate, unit. InComalCounty, New Braun- unit, and$1,025forathree-bedroom inventory in the HMA. thetotalhousing mated 6percent of homes currently makeup anesti during thenext 3years. Mobile average 7,800 - - - San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 8 Figure 9. Sources: 2000and2010—2000Census2010Census;current—estimatesbyanalyst Figure 8. Source: Estimatesbyanalyst demand. Numbersmaynotaddto totalsbecauseofrounding. Notes: The1,000unitscurrentlyunderconstructionwillsatisfy some ofthestructural Table 5. Sources: U.S.CensusBureau,BuildingPermitsSurvey Notes: Excludestownhomes.Includesdatathrough August 2011. Monthly Gross Total 840 ormore 640 to839 Rent ($) Rental Market Housing Market Trends 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 One Bedroom 0 10.0

0.0 2.0 4.0 6.0 8.0 September 1, 2014 the San Antonio-New Braunfels HMA, September 1, 2011 to Estimated Demand for New Market-Rate Rental Housing in

Multifamily BuildingPermitsIssuedintheSanAntonio-New Braunfels HMA,2000to2011 HMA, 2000toCurrent Rental Vacancy RatesintheSanAntonio-New Braunfels

2000 Demand Units of 4,625 4,150 Continued

460 2001 2000

2002 7.0 Monthly Gross Total 1,230 ormore 1,030 to1,229 830 to1,029 2003 Rent ($) Two Bedrooms 2004

2005 the current date.the current issuedfrom2000to building permits multifamily illustrates thenumber of was increasingmorerapidly. Figure9 through 2008,whenemployment annuallyunits permitted from2005 well below 5,075 theaverage of multifamily hasbeen construction 1,2011,thepaceof September 2010 9.5 Demand Units of

6,600 5,275 2006 660 660 ;

estimates byanalyst 2007

Three orMore Bedrooms 2008 Monthly Gross Total 1,225 ormore 1,025 to1,224 Rent ($)

2009 Current 8.0

2010 Demand Units of 2011 1,975 1,775 200 units inleaseup, several properties units, respectively. Inadditiontothe for one-,two-, andthree-bedroom averaging $750,$1,020,and$1,250 124units, withrents and consistsof inApril2011 completed construction HomesinSanAntonio Apartment three-bedroom units. Canyon Carmel two-bedroom units, and$1,300 for for one-bedroomunits, $1,000 for at Lookout Hollow average $750 inMarch2011.Rentsconstruction complex inSelma,completed Counties. LookoutHollow, a240-unit in Bexar, Comal,andGuadalupe lease up in the HMA,primarily Several arecurrently in properties HMA byrent. demand forrentalhousingin the Table 1).Table 5illustratesestimated thisdemand(see of meet aportion will currently underconstruction units in2014.The1,000apartments from 4,200unitsin2012to6,500 rental unitsintheHMA,increasing expected for13,200new market-rate During thenext 3years, demandis in thearea. averages forrecently completedunits 252 unitswithrentsinlinethe willconsistof Sundance Apartments way. Whencompletedin2012, isunder SundanceApartments of inNew Braunfels,north, construction plant.Toat anearbyCaterpillar the 2 years inresponsetorapidexpansion Seguin hasacceleratedduringthepast in 2011. Multifamily construction October expected completiondateof development isunderway withan the160-unitOakHollow of struction throughout theHMA.InSeguin,con are currently underconstruction - San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 9 Data Profile Table DP-1. Sources: U.S.CensusBureau;DepartmentofHousingandUrbanDevelopment;estimatesbyanalyst family incomesarefor1999,2009,and2011. Notes: Employmentdatarepresentannualaveragesfor2000,2010,andthe12monthsthrough Median FamilyIncome Rental Vacancy Rate Owner Vacancy Rate Total HousingUnits Percent Renter Renter Households Percent Owner Owner Households Total Households Total Population Nonfarm Payroll Jobs Unemployment Rate Total ResidentEmployment San Antonio-NewBraunfelsHMADataProfile, 2000toCurrent

1,711,703 $41,900 648,593 213,495 387,770 601,265 745,200 785,220 35.5% 64.5% 2000 7.0% 1.5% 4.0% 2,142,508 $57,200 821,503 274,499 488,523 763,022 841,400 916,219 36.0% 64.0% 2010 9.5% 2.0% 7.3% 2,199,000 $57,800 841,700 276,800 494,800 771,600 847,700 919,400 Current 35.9% 64.1% 8.0% 2.0% 7.5%

2000 to2010 Average AnnualChange(%) 3.2 2.4 2.5 2.3 2.4 2.3 1.2 1.6 August 2011.Median 2010 toCurrent 1.0 1.7 0.6 0.9 0.8 1.9 1.1 0.5 San Antonio-Ne w Braunfels , T X • COMPREHENSIVE HOUSING MARKET ANALYSIS 10 SanAntonioTX_12.pdf org/publications/pdf/CMARtables_ market forthisHMA,goto For tothe housing additionaldatapertaining building permits. single-family andmultifamily the discussionsof activity. theseestimatesare included in Someof thisadditional construction an estimateof the analyst, throughdiligent fieldwork, makes in theresidentialbuildingpermits. Asaresult, andarenotreflected as commercialstructures Forpermit. example, someunitsareclassified building orareissuedadifferenttypeof permit orcreatedwithoutabuilding are constructed activity thatoccursinanHMA.Someunits necessarily allresidentialbuilding reflect Building Permits: donot Buildingpermits specified as“other”vacant bytheCensusBureau. workers;use; usedbymigrant andthecategory held forseasonal,recreational,oroccasional includes units rentedorsoldbutnotoccupied; available therefore forsaleorrent.Theterm vacant units include allvacant units thatarenot Other Vacant Units: InHUD’s analysis, other the development pipeline. orunitsin for unitscurrently underconstruction excess vacancies. Theestimatesdonotaccount theanalysis, growth, losses, and dateof the as-of the3-year forecastperiodgiven conditionson of needed toachieve abalancedmarketattheend thetotalhousing production the estimatesof buildingactivity.are notaforecastof Theyare Demand: Thedemandestimatesintheanalysis estimates Forecast period:9/1/2011–9/1/2014—Analyst’s date:9/1/2011—Analyst’sCurrent estimates 2010: 4/1/2010—U.S. DecennialCensus 2000: 4/1/2000—U.S. DecennialCensus Data DefinitionsandSources www.huduser.org/publications/econdev/mkt_analysis.html For on othermarketareas, additionalreports pleasego to . www.huduser. The factualframework forthis analysis follows the may beunderconsiderationbytheDepartment. insuranceproposalsthat anymortgage of acceptability regardingthe tomakedeterminations does notpurport local housingmarketconditionsandtrends. Theanalysis ful tobuilders, mortgagees, with andothers concerned findings,information, andconclusionsmay alsobeuse Development (HUD)initsoperations. Thefactual theU.S. HousingandUrban guidance of of Department This analysis fortheassistanceand hasbeenprepared [email protected] 817–978–9414 Fort Worth HUDRegional Office L. David Vertz, Economist Contact Information on localeconomicandhousing marketconditions. government officialswhoprovided dataandinformation sourcesandstatelocal appreciation tothoseindustry modified bysubsequentdevelopments. HUDexpresses its national sources. Assuch,findings orconclusionsmay be datefromlocaland availableinformation ontheas-of aspossible basedon ings areasthoroughandcurrent and MarketAnalysis Division. Theanalysis andfind guidelines andmethodsdeveloped byHUD’s Economic . - -