Lewisville/Clemmons Economic Overview

ECON NOTES

November, 2014

Local Econ Development:

Lewisville/Clemmons Economic Overview:

Lewisville and Clemmons continues experiencing growth. Clemmons has grown in population from 18,627 to 19,108 or 2.6%. Lewisville from 12,639 to 13,050 or 3.3%. (Source US Census Bureau). These communities have a combined population growth of 5.9%.

According to the Karnes report, “preliminary figures signaled an uptick in the recovery during the past 12 month period ending in October 2013……unemployment rate decreased 1.6% points to 8.3% from 9.9% reported in the year prior.” (Source: Karnes Reports 3rd Quarter)

New Developments:

 Recently announced new businesses are continuing through the permitting process: Walmart Express, Sheetz, McDonalds, and more.

 A New 31 unit housing development is scheduled to be built off Middlebrook. It cleared the planning board is to be heard by Council.

 The median along Lewisville-Clemmons Rd is finished and the round-a-bout at Peachaven and Harper is open.

 The traffic signal at Lewisville-Clemmons Road is up and operating.

 WalMart Express, second McDonalds and a Sheets are coming to Clemmons.

 The Dairi-O is under construction.

 314 unit Parr apartments is under construction, schedule to begin leasing after the first of the year.

 Office/Retail building leasing at Tanglewood Commons.

 Pedestrian paths around Village Point Lake is underway ECON NOTES

 The County held two input meetings about the new library. ECON NOTES

Market Status

 Retail vacancy rate in Clemmons dropped from 17.7% to 14.4%

 Retail vacancy rate in Lewisville dropped from 27.5% to 25.6%

 Jobless rate continues to improve.

Residential Real Estate:

The Winston-Salem Regional Association of Realtors reports a ten month inventory of homes on the market. The average sales price of a home is up over 4%. National Association of Realtors predicts home prices are continuing to grow modestly in 2014 at a pace of 5 to 5.5%.

Commercial Real Estate:

Buildings Total sq. ft. Sq. ft. Vacant Vacancy Rate

Industrial 6 277,000 102,000 36.82%.

Office* 7 104,743 73,845 29.13%

Retail 7 324,393 75,626 14.4%

*62,000 sq. ft. of office proposed.