Newspaper article THE JOURNAL RECORD

Okc Housing Starts to Mushroom in 1991

Newspaper article THE JOURNAL RECORD

Okc Housing Starts to Mushroom in 1991

Article excerpt

GD0;AGB;IP1,1.6;MC3;ITS;PS51,66;XP;END;

By Tim Hartley Oklahoma City is expected to experience the nation's most dramatic improvement in housing starts next year, according to a report from Chicago Title & Trust Co.

With 2,800 new homes projected to be built in 1991, Oklahoma City would rank 52nd in the U.S., but a 33 percent improvement from 1990's 2,100 housing starts would rank as the largest percentage increase in the country.

Barring further serious economic decline, construction of new homes nationwide will increase 2.4 percent to 1.3 million next year, according to Chicago Trust & Title, the largest title insurer in the U.S.

"But in Texas and Oklahoma, new housing starts will jump dramatically," according to the report.

A survey of 60 U.S. cities reflects a slowdown in residential real estate sales and a softening economy, with the Northeast being hit the hardest.

Frank J. Riha, vice president for Chicago Title's Gulf Central region, the improvement in housing growth which has already begun in the oil patch will get even better.

Texas, with a projected 16 percent improvement to 57,500 new housing starts in 1991, ranks third among the top 10 states in the Chicago Title forecast. California and Florida lead the U.S. in total projected housing starts, but the bestpercentage increases are in Texas and Oklahoma.

A 23 percent increase is projected for Oklahoma, according to the survey.

"The 1991 forecast indicates the recovery in the oil patch states is gaining momentum," Riha said. "There will be impressive comebacks for metropolitan areas that hit bottom in the late 1980s."

Houston will see a 28 percent increase to 15,300 new housing starts in 1991, and Dallas-Fort Worth is projected to see a 13 percent jump to 25,000 starts, according to Chicago Title.

Tulsa will exprience a 13.6 percent jump in 1991, to 2,500 starts from 2,200 in 1990.

Other Texas cities in the survey include El Paso, projected to improve by 9.5 percent; Austin, up 10 percent; and San Antonio, up 5.9 percent.

Colorado Springs is expected to see 1,800 new homes built in 1991, a 28 percent improvement from 1990; and Denver will have new housing starts totaling 5,100, a 6 percent jump from 4,800 in 1990.

New Orleans also is expected to share in the growth in the Gulf Central region in 1991 with 2,300 new homes, a 15 percent jump from 2,000 in 1990.

The national estimate by Chicago Title is based on a revised 1990 total of 1. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.