Sustaining a Strong Economy
Apr 04, 2013 02:54PM ● Published by tina
Despite a recession the Southlake economy is proving strong
At a recent Chamber of Commerce luncheon, Southlake city officials shared encouraging data proving the economy in Southlake is strong despite the recession. With positive growth in commercial valuation, sales-tax revenue and residential real-estate, Southlake has continued to achieve the best financial ratings even in a tough environment.
Square footage of commercial development throughout the city has reached an all-time high, with a cumulative area of 10,567,812 square feet. In keeping with this growth, sales-tax revenue in our shopping and entertainment districts for the fiscal year 2013 was also the highest on record at $19,140,000. It was noted that sales tax revenue for the all-important December holiday shopping season has grown each year dating back to 2011. Commercial valuation, or the value of properties including medical, office, retail and mixed use facilities has been estimated for this year’s first quarter as in excess of $526 million — a near five-fold increase from valuations as recent as 2000.
On the home front, residential economic indicators are also standing strong in Southlake. According to data from Texas A&M University and Hexter-Fair Title, there were 560 home sales through December of 2012, an increase of 25 percent. With average days on the market down 13 percent to just 73 days and a healthy average sales price of $592,917, the inventory of homes is declining into what is now looking to be a seller’s market once again.