Tuesday, December 18, 2007
Merry Christmas!
Merry Christmas from www.HomesInTyler.com and www.LivingInTyler.com . RE/MAX Tyler is here to serve your Real Estate needs. Call me any time 903-570-2383
Saturday, August 18, 2007
High Employment Rate
Tyler Posted 95.4 Percent Employment Rate
Tyler posted a 95.4 percent employment rate for July, an increase of four-tenths of a percentage point over the July 2006 rate.The state's rate slipped three-tenths of a percentage point last month, according to a Texas Workforce Commission report on Friday.The Tyler area saw a net 700-job decrease as local school districts reduced their staffs for the summer, the TWC said. Professional and business services experienced a 100-job gain, and all remaining categories saw no change.The Tyler area has gained 200 jobs since January and 1,000 jobs since July 2006, the report said.Longview also saw an employment rate increase from 94.5 percent a year ago, to 95.3 percent in July. The area saw a net job loss of 400.Government decreased by 400 jobs, and manufacturing de-creased by 100 jobs, the report said. Trade, transportation and utilities gained 100 jobs.Longview has added 1,000 new jobs since January and 1,900 jobs since July 2006.Seasonally adjusted nonagricultural employment in Texas grew by 29,400 jobs in July, the third largest gain this year. The state's employment rate dipped from 95.9 percent in June to 95.6 percent, but was up significantly from 95.1 percent a year ago and higher than the national rate of 95.4 percent.The state's annual job growth rate is a strong 2.6 percent with Texas employers adding 265,900 jobs over the past 12 months."Texas employers continue to create jobs at an exceptional pace, reflecting the underlying strength of our state's economy," said TWC Chairwoman Diane Rath. "By outpacing the national job growth rate, Texas offers job seekers tremendous opportunities."Midland experienced the highest employment rate in the state, at 96.8 percent. McAllen-Edinburg-Mission saw the lowest, at 92.8 percent.
Tyler posted a 95.4 percent employment rate for July, an increase of four-tenths of a percentage point over the July 2006 rate.The state's rate slipped three-tenths of a percentage point last month, according to a Texas Workforce Commission report on Friday.The Tyler area saw a net 700-job decrease as local school districts reduced their staffs for the summer, the TWC said. Professional and business services experienced a 100-job gain, and all remaining categories saw no change.The Tyler area has gained 200 jobs since January and 1,000 jobs since July 2006, the report said.Longview also saw an employment rate increase from 94.5 percent a year ago, to 95.3 percent in July. The area saw a net job loss of 400.Government decreased by 400 jobs, and manufacturing de-creased by 100 jobs, the report said. Trade, transportation and utilities gained 100 jobs.Longview has added 1,000 new jobs since January and 1,900 jobs since July 2006.Seasonally adjusted nonagricultural employment in Texas grew by 29,400 jobs in July, the third largest gain this year. The state's employment rate dipped from 95.9 percent in June to 95.6 percent, but was up significantly from 95.1 percent a year ago and higher than the national rate of 95.4 percent.The state's annual job growth rate is a strong 2.6 percent with Texas employers adding 265,900 jobs over the past 12 months."Texas employers continue to create jobs at an exceptional pace, reflecting the underlying strength of our state's economy," said TWC Chairwoman Diane Rath. "By outpacing the national job growth rate, Texas offers job seekers tremendous opportunities."Midland experienced the highest employment rate in the state, at 96.8 percent. McAllen-Edinburg-Mission saw the lowest, at 92.8 percent.
Thursday, August 9, 2007
Tyler News
This year property taxes will drop 2.5 cents from 22.37 cents per $100 valuation to 19.9 cents per $100 valuation, resulting in a 7.6 percent drop in the average tax bill. And, despite valuation increases, the city will still be collecting less in property taxes than it did 15 years ago.This year's taxable values grew $600 million from last year's $5.57 billion to $6.17 billion. The jump represents a 10.8 percent increase over last year's budget.But even with appraisals up, many property owners could receive a lower tax bill because of the elimination of the general bond debt.Sales tax revenues are expected to grow by about 5 percent during the coming fiscal year, city officials say, going from $23,008,800 to $24,159,240.The budget also suggests a bill increase of about 13 cents per month for regular trash pick-up services.MAJOR EXPENDITURESThis year's budget provides for a 4 percent pay increase for city employees, and funding increases for traffic and road management, public safety and the city's parks department.$32.37 million was set aside for public safety and will pay for the addition of 12 new firefighters, a new fire truck, two additional bicycle/traffic officers and a number of other improvements.The city parks department will receive $3.6 million, which will fund several major projects such as the renovation of park restrooms and water fountains. The city also plans to plant 150 new trees over the next year, and has created the new position of city arborist to maintain both new and pre-existing trees throughout the city.Traffic operations and road projects will receive a boost in funding from the $2.46 million set aside for their budget.The city expects to launch a major overlay project and expand a new traffic management system to help alleviate traffic congestion, during the course of the coming year.Regular City Council meetings are held on the second and forth Wednesday of every month at 9 a.m. at City Hall.Other items approved during Wednesday's regular City Council meeting include:
Resolution approving the issuance of Tyler Health Facilities Development Corporation Revenue Bonds to finance and refinance certain projects for East Texas Medical Center Regional Healthcare System.
Payment to Boren Scott Title Company in the amount of $265,393 for acquisition of right-of-way for Phase Two of the Grande Boulevard extension project.
Contract for the 2007 asphalt overlay project to the low bidder Simon Traylor and Sons, Incorporated for $279,936.
Award quote for the 2006 Community Development Block Grant sidewalk project in the amount of $12,770 to Johnson Construction.
Resolution approving the issuance of Tyler Health Facilities Development Corporation Revenue Bonds to finance and refinance certain projects for East Texas Medical Center Regional Healthcare System.
Payment to Boren Scott Title Company in the amount of $265,393 for acquisition of right-of-way for Phase Two of the Grande Boulevard extension project.
Contract for the 2007 asphalt overlay project to the low bidder Simon Traylor and Sons, Incorporated for $279,936.
Award quote for the 2006 Community Development Block Grant sidewalk project in the amount of $12,770 to Johnson Construction.
Thursday, June 28, 2007
Tyler Population Up 12.5% in 6 Years
By TOM MITSOFF
Web Editor
The City of Tyler's population was 94,146 on July 1, 2006, according to estimates released by the U.S. Census Bureau today.That is up from the 83,650 in the official 2000 U.S. Census. Population in the city has grown each year since 2000, according to the bureau's estimates, including by 2,177 between 2005 and 2006, or 2.3 percent.Among East Texas cities, Lindale had the highest percentage of growth from 2005 to 2006, up 6.9 percent (4,010 to 4,290), and Bullard 6.1 percent (1,560 to 1,656). Mabank was up 3.4 percent, and Whitehouse was up 2.9 percent (7,116 to 7,327). Other growth rates in East Texas from 2005 to 2006 include Quitman, Mount Pleasant, Alba, Yantis and Chandler, 2.5 percent each; Mineola and Canton, 2.0 each; Gun Barrel City, 1.8; Hawkins, 1.7; Noonday, 1.6; New Chapel Hill and Troup, 1.5 each; Winnsboro, 1.4; Longview, Kerens, Pittsburg and Wills Point 1.3; Frankston, 1.2; Palestine, Van and Kilgore 1.1; Lufkin and Grand Saline, 1.0; Overton, Winona, Arp, Gladewater, Tool, Tatum, Nacogdoches, Henderson, Carthage, Marshall, Sulphur Springs, Athens, New Summerfield, Big Sandy, Payne Springs, Coffee City, Jacksonville, Rusk, Malakoff, Brownsboro, Murchison, Gilmer, Athens, New Summerfield and Alto all had growth rates of less than 1 percent.No East Texas towns and cities lost population between 2005 and 2006, according to the Census Bureau estimates.Between July 1, 2000 and the same day in 2006, the Census Bureau estimates that Lindale's population grew 45.2 percent (from 2,954 to 4,290). Other area six-year growth rates include Bullard 44 percent; Whitehouse 37 percent; Mabank 31 percent; Chandler 22 percent; Gun Barrel City, 17 percent; Yantis 14 percent; Hawkins 12 percent; Mineola, Athens and Wills Point 11 percent each; Canton and Quitman 10 percent each; Van 9 percent; Kerens, Tool, Noonday and Payne Springs, 8 percent each; Winnsboro, Grand Saline, Brownsboro, Murchison and Gilmer, 7 percent; Troup, Coffee City, Kilgore and Pittsburg, 6 percent; Sulphur Springs 5 percent; Winona, Ore City, Big Sandy, Frankston, Malakoff, Longview, Arp, Nacogdoches, New Summerfield, 4 percent; Gladewater, Jacksonville, Lufkin and Palestine and Henderson, 3 percent; and Tatum and Rusk, 1 percent.Census Bureau estimates show that Alto lost 40 residents, or about 3.3 percent of its population, between 2000 and 2006.
Web Editor
The City of Tyler's population was 94,146 on July 1, 2006, according to estimates released by the U.S. Census Bureau today.That is up from the 83,650 in the official 2000 U.S. Census. Population in the city has grown each year since 2000, according to the bureau's estimates, including by 2,177 between 2005 and 2006, or 2.3 percent.Among East Texas cities, Lindale had the highest percentage of growth from 2005 to 2006, up 6.9 percent (4,010 to 4,290), and Bullard 6.1 percent (1,560 to 1,656). Mabank was up 3.4 percent, and Whitehouse was up 2.9 percent (7,116 to 7,327). Other growth rates in East Texas from 2005 to 2006 include Quitman, Mount Pleasant, Alba, Yantis and Chandler, 2.5 percent each; Mineola and Canton, 2.0 each; Gun Barrel City, 1.8; Hawkins, 1.7; Noonday, 1.6; New Chapel Hill and Troup, 1.5 each; Winnsboro, 1.4; Longview, Kerens, Pittsburg and Wills Point 1.3; Frankston, 1.2; Palestine, Van and Kilgore 1.1; Lufkin and Grand Saline, 1.0; Overton, Winona, Arp, Gladewater, Tool, Tatum, Nacogdoches, Henderson, Carthage, Marshall, Sulphur Springs, Athens, New Summerfield, Big Sandy, Payne Springs, Coffee City, Jacksonville, Rusk, Malakoff, Brownsboro, Murchison, Gilmer, Athens, New Summerfield and Alto all had growth rates of less than 1 percent.No East Texas towns and cities lost population between 2005 and 2006, according to the Census Bureau estimates.Between July 1, 2000 and the same day in 2006, the Census Bureau estimates that Lindale's population grew 45.2 percent (from 2,954 to 4,290). Other area six-year growth rates include Bullard 44 percent; Whitehouse 37 percent; Mabank 31 percent; Chandler 22 percent; Gun Barrel City, 17 percent; Yantis 14 percent; Hawkins 12 percent; Mineola, Athens and Wills Point 11 percent each; Canton and Quitman 10 percent each; Van 9 percent; Kerens, Tool, Noonday and Payne Springs, 8 percent each; Winnsboro, Grand Saline, Brownsboro, Murchison and Gilmer, 7 percent; Troup, Coffee City, Kilgore and Pittsburg, 6 percent; Sulphur Springs 5 percent; Winona, Ore City, Big Sandy, Frankston, Malakoff, Longview, Arp, Nacogdoches, New Summerfield, 4 percent; Gladewater, Jacksonville, Lufkin and Palestine and Henderson, 3 percent; and Tatum and Rusk, 1 percent.Census Bureau estimates show that Alto lost 40 residents, or about 3.3 percent of its population, between 2000 and 2006.
Wednesday, June 20, 2007
Building Permits
Article published Jun 17, 2007
Building Permits
The city of Tyler issued 47 building permits, for $21.81 million in estimated construction valuation, during the week of June 3-9. Through May, the city issued 2,796 permits for an estimated valuation of $119.62 million. Through May 2006 it issued 2,895 permits for an estimated valuation of $104.73 million.
Permits issued June 3-9:
COMMERCIAL
Green Acres Baptist Church, 1607 Troup Highway, three stories, 100,440 square feet new construction and addition to education building, $16 million.
Ken Mass, 612 N. Border Ave., 450 square feet, Mass Barber Shop, $37,500.
Heritage Properties, 5348 Old Jacksonville Highway, grading permit, no value listed.
COMMERCIAL REMODEL
First Baptist Church, 301 W. Ferguson St., $4,600.
Burns & Noble, 110 N. College Ave., $455,560.
Marla and Alan Jasper, 217 N. College Ave., $36,000.
RESIDENTIAL
Ron-Slo Inc., 764 Esperanza Place, two stories, 3,300 square feet, $412,500.
Ron-Slo Inc., 766 Esperanza Place, two stories, 3,958 square feet, $494,750.
Ron-Slo Inc., 768 Esperanza Place, two stories, 3,741 square feet, $467,625.
Ron-Slo Inc., 770 Esperanza Place, two stories, 3,300 square feet, $412,500.
Ron-Slo Inc., 1120 La Vista Drive, two stories, 4,909 square feet, $613,625.
Deborah Davis, 6708 Fleta Circle, 2,225 square feet, $209,284.
Jim and Pam Essman, 1403 Old Creek Drive, add 312 square feet, $25,000.
Gene Johnson Homes, 415 E. Frazier St., 1,753 square feet, $75,000.
Pyramid Homes, 6811 Mandy Lane, 2,412 square feet, $212,328.
Stricklin Homes Inc., 7009 Walden Drive, 1.5 stories, 4,161 square feet, $366,292.
Lester and Phyliss Tucker, 1315 Bradley Ave., add 1,000 square feet, $20,000.
Habitat for Humanity of Smith County, 1831 Alice St., 1,172 square feet, $103,171.
Mauricio Orrostieta, 3615 Gish Lane, 480-square-foot storage shed, $4,000.
Riverbend Custom Homes, 810 Marquette Lane, 3,314 square feet, $291,731.
Baker Realty Group, 8412 Stonebridge Way, 2,547 square feet, $239,570.
Lindale Homes, 2543 Guinn Farms Road, 2,225 square feet, $195,867.
Darrell Guthrie, 840 Colonial Drive, carport, $14,500.
Griselda Alexander, 3206 Rolling Hill Drive, add 348 square feet, $15,000.
Bob Kurtz Homes, 7005 Walden Drive, 3,376 square feet, $340,000.
RESIDENTIAL REMODEL
Robert Pirtle, 115 E. Second St., $60,000.
Edda Nina Lewis, 403 Southgate Ave., $15,000.
Belinda Roger, 714 Bennett, $4,500.HVACSeventeen permits for 27 units, $548,613.
SIGNOne permit, $1,000.
SWIMMING POOLTwo permits, $135,000.
Building Permits
The city of Tyler issued 47 building permits, for $21.81 million in estimated construction valuation, during the week of June 3-9. Through May, the city issued 2,796 permits for an estimated valuation of $119.62 million. Through May 2006 it issued 2,895 permits for an estimated valuation of $104.73 million.
Permits issued June 3-9:
COMMERCIAL
Green Acres Baptist Church, 1607 Troup Highway, three stories, 100,440 square feet new construction and addition to education building, $16 million.
Ken Mass, 612 N. Border Ave., 450 square feet, Mass Barber Shop, $37,500.
Heritage Properties, 5348 Old Jacksonville Highway, grading permit, no value listed.
COMMERCIAL REMODEL
First Baptist Church, 301 W. Ferguson St., $4,600.
Burns & Noble, 110 N. College Ave., $455,560.
Marla and Alan Jasper, 217 N. College Ave., $36,000.
RESIDENTIAL
Ron-Slo Inc., 764 Esperanza Place, two stories, 3,300 square feet, $412,500.
Ron-Slo Inc., 766 Esperanza Place, two stories, 3,958 square feet, $494,750.
Ron-Slo Inc., 768 Esperanza Place, two stories, 3,741 square feet, $467,625.
Ron-Slo Inc., 770 Esperanza Place, two stories, 3,300 square feet, $412,500.
Ron-Slo Inc., 1120 La Vista Drive, two stories, 4,909 square feet, $613,625.
Deborah Davis, 6708 Fleta Circle, 2,225 square feet, $209,284.
Jim and Pam Essman, 1403 Old Creek Drive, add 312 square feet, $25,000.
Gene Johnson Homes, 415 E. Frazier St., 1,753 square feet, $75,000.
Pyramid Homes, 6811 Mandy Lane, 2,412 square feet, $212,328.
Stricklin Homes Inc., 7009 Walden Drive, 1.5 stories, 4,161 square feet, $366,292.
Lester and Phyliss Tucker, 1315 Bradley Ave., add 1,000 square feet, $20,000.
Habitat for Humanity of Smith County, 1831 Alice St., 1,172 square feet, $103,171.
Mauricio Orrostieta, 3615 Gish Lane, 480-square-foot storage shed, $4,000.
Riverbend Custom Homes, 810 Marquette Lane, 3,314 square feet, $291,731.
Baker Realty Group, 8412 Stonebridge Way, 2,547 square feet, $239,570.
Lindale Homes, 2543 Guinn Farms Road, 2,225 square feet, $195,867.
Darrell Guthrie, 840 Colonial Drive, carport, $14,500.
Griselda Alexander, 3206 Rolling Hill Drive, add 348 square feet, $15,000.
Bob Kurtz Homes, 7005 Walden Drive, 3,376 square feet, $340,000.
RESIDENTIAL REMODEL
Robert Pirtle, 115 E. Second St., $60,000.
Edda Nina Lewis, 403 Southgate Ave., $15,000.
Belinda Roger, 714 Bennett, $4,500.HVACSeventeen permits for 27 units, $548,613.
SIGNOne permit, $1,000.
SWIMMING POOLTwo permits, $135,000.
Tuesday, May 22, 2007
Monday, May 7, 2007
Building Permits, April 29
The city of Tyler issued 34 building permits, for $3.3 million in estimated construction valuation during the week of April 15-21. Through March, the city issued 1,737 permits for an estimated valuation of $87.63 million. Through March 2006 it issued 1,615 permits for an estimated valuation of $48.81 million.
Permits issued April 15-21:
COMMERCIAL
Hall & Associates, 7938 S. Broadway Ave., 16,000 square feet, Broadway Commons, $1.4 million.
Refuge Church of Tyler, 1300 E. Duncan St., grading permit, no value listed.COMMERCIAL
REMODEL
Charles and Christi Taylor, 105 N. Spring Ave., No. 8, $1,500.
Brookshire Grocery Co., 113 NNW Loop 323, $80,000.
Dr. Scott Ellis, 5611 Old Bullard Road, $39,800.
Danny Allen-Nu Tech Corp., 1301 Clinic Drive, $48,000.
Roosth Properties, 4019 S. Broadway Ave., $46,500.RESIDENTIAL
Andrew and Sue Kulaga, 1015 Wilder Place, outdoor kitchen and sewer pump, $45,000.
Lindale Homes, 5841 Thompson Place, two stories, 2,606 square feet, $224,406.
Antasnet Nelson, 2108 Wolford Ave., add carport, $1,500.
Barry Robinson, 1719 E. Elm St., grading permit, no value listed.
Lindale Homes, 2529 Meadowland Court, 2,131 square feet, $187,592.
Cooper Quality Homes, 8375 Castlelton Way, 4,300 square feet, $378,529.
Gerardo Ramirez, 2135 Glenview Ave., structural alteration and add carport, $500.
Conaway Homes, 6039 Grace Ave., two stories, 3,997 square feet, $351,855.
Lindale Homes, 2536 Meadowland Court, 2,740 square feet, $241,202.RESIDENTIAL
REMODEL
Jose Ruben Alvarez, 807 W. Martin Luther King Jr. Blvd., enclose carport, $1,500.
Joe Lister, 5065 Ross Ave., $10,000.HVACEleven permits for 14 units and one condenser, $99,524SIGNTwo permits, $12,500.SWIMMING POOLThree permits, $127,500.
Permits issued April 15-21:
COMMERCIAL
Hall & Associates, 7938 S. Broadway Ave., 16,000 square feet, Broadway Commons, $1.4 million.
Refuge Church of Tyler, 1300 E. Duncan St., grading permit, no value listed.COMMERCIAL
REMODEL
Charles and Christi Taylor, 105 N. Spring Ave., No. 8, $1,500.
Brookshire Grocery Co., 113 NNW Loop 323, $80,000.
Dr. Scott Ellis, 5611 Old Bullard Road, $39,800.
Danny Allen-Nu Tech Corp., 1301 Clinic Drive, $48,000.
Roosth Properties, 4019 S. Broadway Ave., $46,500.RESIDENTIAL
Andrew and Sue Kulaga, 1015 Wilder Place, outdoor kitchen and sewer pump, $45,000.
Lindale Homes, 5841 Thompson Place, two stories, 2,606 square feet, $224,406.
Antasnet Nelson, 2108 Wolford Ave., add carport, $1,500.
Barry Robinson, 1719 E. Elm St., grading permit, no value listed.
Lindale Homes, 2529 Meadowland Court, 2,131 square feet, $187,592.
Cooper Quality Homes, 8375 Castlelton Way, 4,300 square feet, $378,529.
Gerardo Ramirez, 2135 Glenview Ave., structural alteration and add carport, $500.
Conaway Homes, 6039 Grace Ave., two stories, 3,997 square feet, $351,855.
Lindale Homes, 2536 Meadowland Court, 2,740 square feet, $241,202.RESIDENTIAL
REMODEL
Jose Ruben Alvarez, 807 W. Martin Luther King Jr. Blvd., enclose carport, $1,500.
Joe Lister, 5065 Ross Ave., $10,000.HVACEleven permits for 14 units and one condenser, $99,524SIGNTwo permits, $12,500.SWIMMING POOLThree permits, $127,500.
Friday, March 23, 2007
Smith County Makes Big Gains
From Staff, Wire Reports
Smith County saw a population increase from 190,501 to 194,635 from July 1, 2005, to July 1, 2006, a one-year increase of 2.2 percent, accodring to a U.S. Census Bureau report released Thursday."Our growing population is a positive result of the planning and vision of caring members of our community, both past and present," County Judge Joel Baker said. "Smith County provides many opportunities for its citizens, and it is a great place for people to live, work and raise their families."But growth brings challenges, he added."With these positive changes come an increased demand for services and infrastructure and challenges to find the necessary funding," Baker said. "I am confident that we will all work together to find solutions to meet the needs of a thriving community."Tyler Mayor Joey Seeber said the news comes as no surprise."This confirms what we've known for some time, that we're seeing an increased demand for city services," he said. "It's also an indication the city and county are growing at a rate greater than we did in the last decade."That's why the city is currently engaged in the Tyler 21 long-range planning process."We recognize our city is growing and growing faster, and we need to be prepared for the growth we expect to continue in the next 20 and 30 years," Seeber said.Some Texas counties were among the fastest-growing in the report, which showed that the pace of rebuilding after Hurricane Katrina has slowed, leaving New Orleans and some other Gulf Coast areas with less than half the people they had before the storm. And some of the hardest hit might never regain their population, experts say.The latest Census Bureau estimates say that 10 months after the hurricane, Orleans Parish in Louisiana had slightly less than half the people it did before the storm. Nearby St. Bernard Parish had less than a fourth of its pre-storm population.The estimates were for July 1, 2006, but experts said few people have moved back since then."We're still doing cleanup but not bringing many housing units on line," said Greg Rigamer, a demographer in New Orleans. "We are in the process of rehabbing a lot of properties. It takes time to do that."Other Gulf Coast communities, meanwhile, have grown as hurricane victims fled to nearby cities and Americans continued a decades-long migration to coastal areas, according the new Census Bureau estimates.Harris County, home to Houston, added more than 123,000 people from 2005 to 2006. Houston attracted many Katrina refugees.The Census Bureau estimates annual county population totals as of July 1, using local records of births and deaths, IRS records of people moving within the United States and census statistics on immigrants.Smith County's growth has been steady, adding 3,000 to 4,000 or so each year since 2000, the bureau's tables show. In 2000, Smith County had a population of 175,453. Over the next six years, the population growth totaled 19,182 new residents, or an increase of 10.9 percent.Rigamer said the Census estimates for the New Orleans area were consistent with his research.Among the bureau's findings:
Of the five U.S. counties that lost the most people from 2005 to 2006, four were hit by Hurricane Katrina. The biggest decrease was in Orleans Parish, where the population dropped by nearly 229,000, to about 223,400. The others were St. Bernard Parish, La.; Harrison County, Miss., and Jefferson Parish, La.Wayne County, Mich., rounded out the top five in population loss. The county, which includes Detroit, has been hit by layoffs in the automotive industry.
Maricopa County, Ariz., home to Phoenix, added the most people from 2005 to 2006. The county added nearly 130,000, to about 3.8 million. It was followed by Harris County, Texas; Riverside County, Calif.; Clark County, Nev., and Tarrant County, Texas.
Chattahoochee County, Ga., had the highest percentage growth from 2005 to 2006, at 13.2 percent, to just over 14,000 people.
St. Bernard Parish had the biggest percentage decline from 2005 to 2006, losing 76.2 percent of its population, to about 15,500.University of New Orleans political scientist Susan Howell said a lot of people are moving in and out of New Orleans even as the overall population number has stabilized.Howell surveyed city residents last fall and found that about a third were considering leaving the city in the next two years. She said the biggest reasons were crime, the slow pace of recovery and concerns about flooding."The full population will not come back," Howell said. "But it will certainly, at some point, stabilize. The question is, will it stabilize at a point where people will have a good quality of life?"Al Palumbo, branch manager for a New Orleans real estate agency, said it is a buyer's market in many of the neighborhoods that were hit hardest by Hurricane Katrina.He said there are many opportunities for young people to move into areas where they could not afford to live before the storm."I think this is going to be a younger town," Palumbo said.
Smith County saw a population increase from 190,501 to 194,635 from July 1, 2005, to July 1, 2006, a one-year increase of 2.2 percent, accodring to a U.S. Census Bureau report released Thursday."Our growing population is a positive result of the planning and vision of caring members of our community, both past and present," County Judge Joel Baker said. "Smith County provides many opportunities for its citizens, and it is a great place for people to live, work and raise their families."But growth brings challenges, he added."With these positive changes come an increased demand for services and infrastructure and challenges to find the necessary funding," Baker said. "I am confident that we will all work together to find solutions to meet the needs of a thriving community."Tyler Mayor Joey Seeber said the news comes as no surprise."This confirms what we've known for some time, that we're seeing an increased demand for city services," he said. "It's also an indication the city and county are growing at a rate greater than we did in the last decade."That's why the city is currently engaged in the Tyler 21 long-range planning process."We recognize our city is growing and growing faster, and we need to be prepared for the growth we expect to continue in the next 20 and 30 years," Seeber said.Some Texas counties were among the fastest-growing in the report, which showed that the pace of rebuilding after Hurricane Katrina has slowed, leaving New Orleans and some other Gulf Coast areas with less than half the people they had before the storm. And some of the hardest hit might never regain their population, experts say.The latest Census Bureau estimates say that 10 months after the hurricane, Orleans Parish in Louisiana had slightly less than half the people it did before the storm. Nearby St. Bernard Parish had less than a fourth of its pre-storm population.The estimates were for July 1, 2006, but experts said few people have moved back since then."We're still doing cleanup but not bringing many housing units on line," said Greg Rigamer, a demographer in New Orleans. "We are in the process of rehabbing a lot of properties. It takes time to do that."Other Gulf Coast communities, meanwhile, have grown as hurricane victims fled to nearby cities and Americans continued a decades-long migration to coastal areas, according the new Census Bureau estimates.Harris County, home to Houston, added more than 123,000 people from 2005 to 2006. Houston attracted many Katrina refugees.The Census Bureau estimates annual county population totals as of July 1, using local records of births and deaths, IRS records of people moving within the United States and census statistics on immigrants.Smith County's growth has been steady, adding 3,000 to 4,000 or so each year since 2000, the bureau's tables show. In 2000, Smith County had a population of 175,453. Over the next six years, the population growth totaled 19,182 new residents, or an increase of 10.9 percent.Rigamer said the Census estimates for the New Orleans area were consistent with his research.Among the bureau's findings:
Of the five U.S. counties that lost the most people from 2005 to 2006, four were hit by Hurricane Katrina. The biggest decrease was in Orleans Parish, where the population dropped by nearly 229,000, to about 223,400. The others were St. Bernard Parish, La.; Harrison County, Miss., and Jefferson Parish, La.Wayne County, Mich., rounded out the top five in population loss. The county, which includes Detroit, has been hit by layoffs in the automotive industry.
Maricopa County, Ariz., home to Phoenix, added the most people from 2005 to 2006. The county added nearly 130,000, to about 3.8 million. It was followed by Harris County, Texas; Riverside County, Calif.; Clark County, Nev., and Tarrant County, Texas.
Chattahoochee County, Ga., had the highest percentage growth from 2005 to 2006, at 13.2 percent, to just over 14,000 people.
St. Bernard Parish had the biggest percentage decline from 2005 to 2006, losing 76.2 percent of its population, to about 15,500.University of New Orleans political scientist Susan Howell said a lot of people are moving in and out of New Orleans even as the overall population number has stabilized.Howell surveyed city residents last fall and found that about a third were considering leaving the city in the next two years. She said the biggest reasons were crime, the slow pace of recovery and concerns about flooding."The full population will not come back," Howell said. "But it will certainly, at some point, stabilize. The question is, will it stabilize at a point where people will have a good quality of life?"Al Palumbo, branch manager for a New Orleans real estate agency, said it is a buyer's market in many of the neighborhoods that were hit hardest by Hurricane Katrina.He said there are many opportunities for young people to move into areas where they could not afford to live before the storm."I think this is going to be a younger town," Palumbo said.
Wednesday, March 21, 2007
TYLER'S LOOP ATTRACTS ARIZONA BUYER
TYLER'S LOOP ATTRACTS ARIZONA BUYER
TYLER (Tyler Morning Telegraph)
– An Arizona private investment firm has purchased 543 contiguous acres for developing a mixed-use community between Loop 323 and Lake Bellwood.
"Middle-sized markets like Tyler often get overlooked by large institutional investors, but I know Tyler is a great town and I asked them to come look. Once they visited, they were sold," said Eric Davis, president of TierraStar Real Estate in McKinney, which helped facilitate the sale for the owners, Westchase Land Development and Martin Heines. Davis is also a former vice president of the Tyler Economic Development Council.
TYLER (Tyler Morning Telegraph)
– An Arizona private investment firm has purchased 543 contiguous acres for developing a mixed-use community between Loop 323 and Lake Bellwood.
"Middle-sized markets like Tyler often get overlooked by large institutional investors, but I know Tyler is a great town and I asked them to come look. Once they visited, they were sold," said Eric Davis, president of TierraStar Real Estate in McKinney, which helped facilitate the sale for the owners, Westchase Land Development and Martin Heines. Davis is also a former vice president of the Tyler Economic Development Council.
Tuesday, March 20, 2007
Real Estate Slowdown, Subprime Meltdown--Now What?
Morningstar.com
Real Estate Slowdown, Subprime Meltdown--Now What?
Friday March 16, 4:30 pm ET By Ganesh Rathnam
We at Morningstar had long believed that the runup in real estate prices from 2001 to the end of 2005 was unsustainable and had to end at some point. We've also been bearish on property REITs during that time, as most of their returns came from price appreciation--driven by ever-higher estimates of underlying property valuations--rather than dividends and dividend growth. My colleague Craig Woker went as far as comparing the real estate bubble to the dot-com bubble of the late 1990s and 2000. He detected the same emotional approach toward purchasing real estate that people adopted toward purchasing stock in Webvan.com and Pets.com--the "so many people can't be wrong" rationalization. Arguably, buyers were more confident in their real estate purchases because real estate is more tangible, with real intrinsic value.
Signs of WeaknessSince 2005, we've seen several signs of weakness. Growth in real estate prices has slowed significantly, and reported prices have dropped precipitously in a few of the most speculative areas such as Miami and San Diego. However, we think the decline is far more severe than headline numbers would suggest. Sale prices can be propped up by having a buyer purchase at the list price, while the seller throws in incentives such as free upgrades, parking spots, and help with closing costs, assessments, and even mortgages. A more telling metric is the drop in sales volume and the buildup of inventory. It stands to reason that if sales volume remained at normal levels, price declines would be more severe. But perhaps the canary in the coal mine was the retirement of www.condoflip.com--a Web site catering to speculators who flipped condos sight unseen.
Subprime MeltdownThe riskiest companies took the first hit. With the prices of real estate seemingly heading in only one direction, subprime mortgage originators resorted to bad underwriting and exotic products to create an illusion of affordability. We had identified a possible liquidity crunch as a key risk for these companies, but the speed of the meltdown was surprising. Seemingly overnight, these companies were hit with two crushing blows. An expected uptick in delinquencies forced the lenders to repurchase delinquent loans, and at the same time, creditors closed off the financing spigots, causing a liquidity crunch and leaving firms vulnerable to liquidation. Indeed, several of them have filed for bankruptcy or shut down operations, and more bankruptcies could be on the way. We would suggest that only the most aggressive investors speculate on these firms.
However, we believe more conservative investors can profit from this meltdown as well. All this real estate doom and gloom has served up opportunities to invest in several high-quality businesses at bargain prices. At Morningstar, we pride ourselves on being contrarian investors. We heartily agree with Buffett's maxim of buying to the sound of cannons and selling to the sound of trumpets. We've identified companies whose businesses are temporarily suffering due to real estate exposure but are fundamentally sound and should prosper when things return to normal. Moreover, these companies are not at the mercy of fickle and skittish short-term financiers, whose sudden cold feet could drive an otherwise viable company out of business. We would put these firms on our watch list and pounce at 5-star prices.
HomebuildersHomebuilders, as one might expect, have been the most prominent casualty of the slowdown in residential real estate. The industry has experienced severe compression in gross margins, the markup charged to homebuyers over land and building costs. Record cancellations have eroded the pricing power of these companies, forcing them to batten the hatches to wait out this downturn. Worse, most of these companies extrapolated 2005 trends into the future and got caught with too much land on their balance sheets, using costly debt to carry this (for now) dead asset. However, we've identified some builders that have avoided this problem and are positioned to weather this storm.
Meritage Homes (NYSE:MTH - News)Meritage Homes is one of the largest builders in the nation, and importantly, has a large presence in Texas to balance out exposure to boom-bust states such as California, Nevada, and Florida. It was at the top of the class in maintaining a lean inventory throughout the boom due to its deft use of options. Today, it sits with less than one year's worth of owned land based on current order rates, and less than six years' worth including option commitments. It's easy to see why Meritage will likely fare better in the current downturn than competitors. To add icing to the cake, its shares trade at less than book value. Though the market is currently fixated on the company's exposure to formerly hot markets, we see opportunity.
MDC Holdings (NYSE:MDC - News)MDC Holdings, like Meritage, stresses holding less land on its balance sheet, allowing it to earn impressive returns on capital. Its total land position, at less than three years of lots based upon current production rates, is among the lowest in the industry. This is important, as it means less possibility of impairments and also gives the company a leg up on competitors once the eventual upturn arrives. Without a bloated balance sheet, MDC will be in a position to reload its land pipeline at significantly cheaper prices. Though industrywide returns will be depressed for several years, MDC should be among the leaders going forward.
Title InsurersWe believe that the title insurance industry is healthy and has demonstrated the ability to weather troughs in real estate cycles. The industry serves multiple segments that usually perform independently. For example, despite a double hit of weak seasonal and cyclical factors in the residential market in the fourth quarter of 2006, all three companies we cover ( First American (NYSE:FAF - News), Fidelity National (NYSE:FNF - News), and LandAmerica (NYSE:LFG - News)) showed decent profits, propped up by commercial real estate. We expect the companies will grow along the lines of population and household increases. Solidifying the moat around these companies is the fact that, despite the bad press and regulatory concerns, there is no substitute to the role the title companies play in real estate transactions.
First American This company has rapidly gained share profitably, and the ancillary products that augment title revenue are way ahead of the competition. Even better, the company recently bought CoreLogic, a data management company that customizes and markets information derived from First American's enormous real estate database. The company is leveraging this data to become a leader in providing real estate information, which adds to economic returns.
Mortgage InsurersMortgage insurers provide protection to lenders making real estate loans to lower-income home buyers, who want to enjoy the benefits of home ownership but are unable to afford a 20% downpayment that the secondary market requires. Barring a recession that leads to outsized job losses among the lower-income demographic, the mortgage insurers should weather the current storm in fine shape, in our opinion. Over an economic cycle, mortgage insurers have shown the ability to withstand recessions, competitive threats, and regulatory scrutiny. We believe the fundamentals are good for this industry, particularly due to the increased housing demand from minorities and immigrants. Long-term forecasts predict a growing percentage of the population pursuing the American dream of home ownership, and mortgage insurers assist many first-time buyers in taking this step.
MGIC Investment (NYSE:MTG - News)We believe that MGIC's decision to acquire Radian Group (NYSE:RDN - News) is timely because it strengthens MGIC's moat. The acquisition increases MGIC's size, giving it a better chance of navigating the choppy, cyclical nature of the mortgage-interest-sensitive real estate markets. The combined entity will also possess the added benefit of multiple executions of credit enhancement through financial guaranty capabilities, an area in which Radian has traditionally excelled.
PMI Group (NYSE:PMI - News)Captive insurers with large lenders such as Wells Fargo (NYSE:WFC - News) have been steadily eroding PMI's market share in the U.S. The company has combated this by expanding internationally, carving the second-largest presence in Australia. A growing portion of market participants now opt for customized mortgage pool protection outside of the government-sponsored secondary market. Via its lead investment in financial guarantor FGIC, PMI hopes to use cutting-edge marketing to meld mortgage insurance with credit-enhancement services.
BanksWe've identified a high-quality bank that has been unfairly punished because of its perceived vulnerability due to exposure to subprime mortgage originations and real estate loans held on the balance sheet. Large banks have a diversified revenue stream and are less dependent on real estate loans and mortgage originations than they once were. What's more, banks tend to hold the best-quality loans on their books and typically experience charge-off rates of less than 25 basis points on mortgages.
Wells Fargo Wells Fargo is one of the best-run banks in the country. The firm, in all fairness, has a larger exposure to real estate than the average large bank and, according to Inside Mortgage Finance, is the largest subprime mortgage originator. However, the firm's underwriting is exceptional, resulting in the mortgage portfolio sporting minuscule charge-offs. Wells Fargo's ace in the hole is its large mortgage servicing portfolio, which acts as a natural hedge to its mortgage loan origination business.
Jim Ryan and Eric Landry contributed to this article. Ganesh Rathnam owns shares in First American and call options on New Century Financial.
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Real Estate Slowdown, Subprime Meltdown--Now What?
Friday March 16, 4:30 pm ET By Ganesh Rathnam
We at Morningstar had long believed that the runup in real estate prices from 2001 to the end of 2005 was unsustainable and had to end at some point. We've also been bearish on property REITs during that time, as most of their returns came from price appreciation--driven by ever-higher estimates of underlying property valuations--rather than dividends and dividend growth. My colleague Craig Woker went as far as comparing the real estate bubble to the dot-com bubble of the late 1990s and 2000. He detected the same emotional approach toward purchasing real estate that people adopted toward purchasing stock in Webvan.com and Pets.com--the "so many people can't be wrong" rationalization. Arguably, buyers were more confident in their real estate purchases because real estate is more tangible, with real intrinsic value.
Signs of WeaknessSince 2005, we've seen several signs of weakness. Growth in real estate prices has slowed significantly, and reported prices have dropped precipitously in a few of the most speculative areas such as Miami and San Diego. However, we think the decline is far more severe than headline numbers would suggest. Sale prices can be propped up by having a buyer purchase at the list price, while the seller throws in incentives such as free upgrades, parking spots, and help with closing costs, assessments, and even mortgages. A more telling metric is the drop in sales volume and the buildup of inventory. It stands to reason that if sales volume remained at normal levels, price declines would be more severe. But perhaps the canary in the coal mine was the retirement of www.condoflip.com--a Web site catering to speculators who flipped condos sight unseen.
Subprime MeltdownThe riskiest companies took the first hit. With the prices of real estate seemingly heading in only one direction, subprime mortgage originators resorted to bad underwriting and exotic products to create an illusion of affordability. We had identified a possible liquidity crunch as a key risk for these companies, but the speed of the meltdown was surprising. Seemingly overnight, these companies were hit with two crushing blows. An expected uptick in delinquencies forced the lenders to repurchase delinquent loans, and at the same time, creditors closed off the financing spigots, causing a liquidity crunch and leaving firms vulnerable to liquidation. Indeed, several of them have filed for bankruptcy or shut down operations, and more bankruptcies could be on the way. We would suggest that only the most aggressive investors speculate on these firms.
However, we believe more conservative investors can profit from this meltdown as well. All this real estate doom and gloom has served up opportunities to invest in several high-quality businesses at bargain prices. At Morningstar, we pride ourselves on being contrarian investors. We heartily agree with Buffett's maxim of buying to the sound of cannons and selling to the sound of trumpets. We've identified companies whose businesses are temporarily suffering due to real estate exposure but are fundamentally sound and should prosper when things return to normal. Moreover, these companies are not at the mercy of fickle and skittish short-term financiers, whose sudden cold feet could drive an otherwise viable company out of business. We would put these firms on our watch list and pounce at 5-star prices.
HomebuildersHomebuilders, as one might expect, have been the most prominent casualty of the slowdown in residential real estate. The industry has experienced severe compression in gross margins, the markup charged to homebuyers over land and building costs. Record cancellations have eroded the pricing power of these companies, forcing them to batten the hatches to wait out this downturn. Worse, most of these companies extrapolated 2005 trends into the future and got caught with too much land on their balance sheets, using costly debt to carry this (for now) dead asset. However, we've identified some builders that have avoided this problem and are positioned to weather this storm.
Meritage Homes (NYSE:MTH - News)Meritage Homes is one of the largest builders in the nation, and importantly, has a large presence in Texas to balance out exposure to boom-bust states such as California, Nevada, and Florida. It was at the top of the class in maintaining a lean inventory throughout the boom due to its deft use of options. Today, it sits with less than one year's worth of owned land based on current order rates, and less than six years' worth including option commitments. It's easy to see why Meritage will likely fare better in the current downturn than competitors. To add icing to the cake, its shares trade at less than book value. Though the market is currently fixated on the company's exposure to formerly hot markets, we see opportunity.
MDC Holdings (NYSE:MDC - News)MDC Holdings, like Meritage, stresses holding less land on its balance sheet, allowing it to earn impressive returns on capital. Its total land position, at less than three years of lots based upon current production rates, is among the lowest in the industry. This is important, as it means less possibility of impairments and also gives the company a leg up on competitors once the eventual upturn arrives. Without a bloated balance sheet, MDC will be in a position to reload its land pipeline at significantly cheaper prices. Though industrywide returns will be depressed for several years, MDC should be among the leaders going forward.
Title InsurersWe believe that the title insurance industry is healthy and has demonstrated the ability to weather troughs in real estate cycles. The industry serves multiple segments that usually perform independently. For example, despite a double hit of weak seasonal and cyclical factors in the residential market in the fourth quarter of 2006, all three companies we cover ( First American (NYSE:FAF - News), Fidelity National (NYSE:FNF - News), and LandAmerica (NYSE:LFG - News)) showed decent profits, propped up by commercial real estate. We expect the companies will grow along the lines of population and household increases. Solidifying the moat around these companies is the fact that, despite the bad press and regulatory concerns, there is no substitute to the role the title companies play in real estate transactions.
First American This company has rapidly gained share profitably, and the ancillary products that augment title revenue are way ahead of the competition. Even better, the company recently bought CoreLogic, a data management company that customizes and markets information derived from First American's enormous real estate database. The company is leveraging this data to become a leader in providing real estate information, which adds to economic returns.
Mortgage InsurersMortgage insurers provide protection to lenders making real estate loans to lower-income home buyers, who want to enjoy the benefits of home ownership but are unable to afford a 20% downpayment that the secondary market requires. Barring a recession that leads to outsized job losses among the lower-income demographic, the mortgage insurers should weather the current storm in fine shape, in our opinion. Over an economic cycle, mortgage insurers have shown the ability to withstand recessions, competitive threats, and regulatory scrutiny. We believe the fundamentals are good for this industry, particularly due to the increased housing demand from minorities and immigrants. Long-term forecasts predict a growing percentage of the population pursuing the American dream of home ownership, and mortgage insurers assist many first-time buyers in taking this step.
MGIC Investment (NYSE:MTG - News)We believe that MGIC's decision to acquire Radian Group (NYSE:RDN - News) is timely because it strengthens MGIC's moat. The acquisition increases MGIC's size, giving it a better chance of navigating the choppy, cyclical nature of the mortgage-interest-sensitive real estate markets. The combined entity will also possess the added benefit of multiple executions of credit enhancement through financial guaranty capabilities, an area in which Radian has traditionally excelled.
PMI Group (NYSE:PMI - News)Captive insurers with large lenders such as Wells Fargo (NYSE:WFC - News) have been steadily eroding PMI's market share in the U.S. The company has combated this by expanding internationally, carving the second-largest presence in Australia. A growing portion of market participants now opt for customized mortgage pool protection outside of the government-sponsored secondary market. Via its lead investment in financial guarantor FGIC, PMI hopes to use cutting-edge marketing to meld mortgage insurance with credit-enhancement services.
BanksWe've identified a high-quality bank that has been unfairly punished because of its perceived vulnerability due to exposure to subprime mortgage originations and real estate loans held on the balance sheet. Large banks have a diversified revenue stream and are less dependent on real estate loans and mortgage originations than they once were. What's more, banks tend to hold the best-quality loans on their books and typically experience charge-off rates of less than 25 basis points on mortgages.
Wells Fargo Wells Fargo is one of the best-run banks in the country. The firm, in all fairness, has a larger exposure to real estate than the average large bank and, according to Inside Mortgage Finance, is the largest subprime mortgage originator. However, the firm's underwriting is exceptional, resulting in the mortgage portfolio sporting minuscule charge-offs. Wells Fargo's ace in the hole is its large mortgage servicing portfolio, which acts as a natural hedge to its mortgage loan origination business.
Jim Ryan and Eric Landry contributed to this article. Ganesh Rathnam owns shares in First American and call options on New Century Financial.
Get Morningstar's portfolio tools, data, and editorial insight, plus Analyst Reports on 1,450 stocks and 2,000 funds. Start your free 14-day trial today.
Monday, March 12, 2007
Thursday, March 8, 2007
Business Prospects Strong In Tyler
By GREG JUNEK Business Editor
The new year has barely begun, but indicators point to good chances of job growth in Tyler and Smith County, Tyler Economic Development Council Chairman Barham Fulmer said Wednesday.Fulmer, addressing about 200 people during the council's 18th annual luncheon in Harvey Convention Center, said although the area started the year under a "cloud" with Goodyear Tire & Rubber Co. maintaining plans to close its Tyler plant, business prospects have continued to be very strong."There has been more prospect activity at TEDC over the last four months than I've seen in the years I've participated here," Fulmer said. "And we are on more short lists - and I mean some very short. We are so close to being able to announce some things that we can almost taste it. ... Something's going to pop, because there's too much working, and it's going to be a really good year."TEDC officials said because of confidential negotiations, they could not say what the companies were, but prospects include an Internet company project, dubbed "Project White," that would start with 100 new jobs and increase that number to 450 in four to five years."Tyler is the only location they are still considering," TEDC President and CEO Tom Mullins said.Also, a medical management company wants to expand in Tyler by constructing a 15,000-square-foot building and adding 80 new jobs.And Trane has proposed construction of a 20,000-square-foot laboratory testing facility, a $4 million investment resulting in 16 new technology jobs and nine jobs retained. The company plans to add 160 employees throughout the plant, bringing its total employee number to about 2,300, Mullins said.Tyler City Council on Wednesday approved a four-year tax abatement for the proposed Trane project, and the abatement request is scheduled to go before Smith County commissioners on Monday.Mullins presented an overview of 2006 economic activity for Tyler and Smith County, which included
A growth of the Tyler work force to 97,605 and an employment rate of 95.4 percent.
A 13 percent decrease in the number of homes sold, reflecting the national trend, but a 14 percent gain in the average price of a residential home.
Total property values at nearly $11 billion, a 10 percent increase over 2005.
Building permit values increasing 30 percent over those of 2005.
Retail sales reaching almost $3 billion, a 2 percent increase over 2005.
An increase in the office occupancy rate to 88 percent.
A decrease in city of Tyler and Tyler Independent School District tax rates.Since its beginning in 1989, the TEDC has helped create nearly 6,900 jobs, retain more than 8,700 jobs and encourage $423 million in new investment, Mullins said.Featured speaker Carlton Schwab, president and chief executive officer of the Texas Economic Development Council, agreed the Tyler area has the conditions for continued economic growth."You're the linchpin of East Texas," Schwab said. "I'm not telling you anything you don't know, but you've got the most diverse economy and you're the fastest-growing metro area in East Texas. ... For a city this size, you've got so much going on."The state of Texas has decided it wants to attract life science, advanced manufacturing, aerospace defense, information technology, telecommunications, energy and petrochemical industries, and the Tyler area has companies in just about all of these areas, he said.Since Schwab became the Texas council's president and CEO in 1999, the 900-member organization has developed into a recognized leader in the professional development of its members and a powerful voice for economic development policy in the state, according to information from TEDC.
By GREG JUNEK Business Editor
The new year has barely begun, but indicators point to good chances of job growth in Tyler and Smith County, Tyler Economic Development Council Chairman Barham Fulmer said Wednesday.Fulmer, addressing about 200 people during the council's 18th annual luncheon in Harvey Convention Center, said although the area started the year under a "cloud" with Goodyear Tire & Rubber Co. maintaining plans to close its Tyler plant, business prospects have continued to be very strong."There has been more prospect activity at TEDC over the last four months than I've seen in the years I've participated here," Fulmer said. "And we are on more short lists - and I mean some very short. We are so close to being able to announce some things that we can almost taste it. ... Something's going to pop, because there's too much working, and it's going to be a really good year."TEDC officials said because of confidential negotiations, they could not say what the companies were, but prospects include an Internet company project, dubbed "Project White," that would start with 100 new jobs and increase that number to 450 in four to five years."Tyler is the only location they are still considering," TEDC President and CEO Tom Mullins said.Also, a medical management company wants to expand in Tyler by constructing a 15,000-square-foot building and adding 80 new jobs.And Trane has proposed construction of a 20,000-square-foot laboratory testing facility, a $4 million investment resulting in 16 new technology jobs and nine jobs retained. The company plans to add 160 employees throughout the plant, bringing its total employee number to about 2,300, Mullins said.Tyler City Council on Wednesday approved a four-year tax abatement for the proposed Trane project, and the abatement request is scheduled to go before Smith County commissioners on Monday.Mullins presented an overview of 2006 economic activity for Tyler and Smith County, which included
A growth of the Tyler work force to 97,605 and an employment rate of 95.4 percent.
A 13 percent decrease in the number of homes sold, reflecting the national trend, but a 14 percent gain in the average price of a residential home.
Total property values at nearly $11 billion, a 10 percent increase over 2005.
Building permit values increasing 30 percent over those of 2005.
Retail sales reaching almost $3 billion, a 2 percent increase over 2005.
An increase in the office occupancy rate to 88 percent.
A decrease in city of Tyler and Tyler Independent School District tax rates.Since its beginning in 1989, the TEDC has helped create nearly 6,900 jobs, retain more than 8,700 jobs and encourage $423 million in new investment, Mullins said.Featured speaker Carlton Schwab, president and chief executive officer of the Texas Economic Development Council, agreed the Tyler area has the conditions for continued economic growth."You're the linchpin of East Texas," Schwab said. "I'm not telling you anything you don't know, but you've got the most diverse economy and you're the fastest-growing metro area in East Texas. ... For a city this size, you've got so much going on."The state of Texas has decided it wants to attract life science, advanced manufacturing, aerospace defense, information technology, telecommunications, energy and petrochemical industries, and the Tyler area has companies in just about all of these areas, he said.Since Schwab became the Texas council's president and CEO in 1999, the 900-member organization has developed into a recognized leader in the professional development of its members and a powerful voice for economic development policy in the state, according to information from TEDC.
Tuesday, February 20, 2007
Welcome to my Real Estate Blog
Hi Everyone! Thanks for coming to my Tyler Texas Real Estate Blog. I hope you will find this Blog informative and helpful. I will be posting stories good and bad of Real Estate Transactions, new listings, articles and maps. I look forward to helping anyone in the Tyler Texas Real Estate Market in any way. You can contact me anytime at jonathan@livingintyler.com . Have a Great Day! Jonathan
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