Mortgage rates soared in 2022. Corporate headquarters relocations to the Lone Star State dropped precipitously from their record levels in 2021. Are the two related?
When the housing market adjusts, Texas will again be a prime target for relocations, he said. When that happens, roughly half of the companies coming to the Lone Star State will choose DFW based on historical preferences.
If you look at the previous housing correction, most people define that as 2006 to 2008, and then the rebound from the housing market bust in 2012 to 2013, you can see that somewhat reflected in the numbers.There are some other variables. Part of the reason I think we saw a lot of relocations last year was because of the Covid lockdown. The Texas markets have led the nation pretty much from the beginning of Covid even until now. Austin was actually No. 1.
In 2021 Austin beat out Dallas by a couple of relocations. But you can see how much they fell off compared to Dallas, which is the highest in 2022. Out of all the relocations in the last 15 years, 49% — we’ll just round that to say half — moved to DFW. These are all coming from out of state. It doesn’t count moves from, say, Dallas to Houston or other moves within Texas.It's not just relocations that are down. It's big commitments to space.
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