Despite a recession the Southlake economy is proving strong
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At a recentbrChamber of Commerce luncheon, Southlake city officials shared encouraging databrproving the economy in Southlake is strong despite the recession. With positivebrgrowth in commercial valuation, sales-tax revenue and residential real-estate,brSouthlake has continued to achieve the best financial ratings even in a toughbrenvironment.
Squarebrfootage of commercial development throughout the city has reached an all-timebrhigh, with a cumulative area of 10,567,812 square feet. In keeping with thisbrgrowth, sales-tax revenue in our shopping and entertainment districts for thebrfiscal year 2013 was also the highest on record at $19,140,000. It was notedbrthat sales tax revenue for the all-important December holiday shopping seasonbrhas grown each year dating back to 2011. Commercial valuation, or the value ofbrproperties including medical, office, retail and mixed use facilities has beenbrestimated for this year’s first quarter as in excess of $526 million — a nearbrfive-fold increase from valuations as recent as 2000.
On the homebrfront, residential economic indicators are also standing strong in Southlake.brAccording to data from Texas A&M University and Hexter-Fair Title, therebrwere 560 home sales through December of 2012, an increase of 25 percent. With average days on the market down 13brpercent to just 73 days and a healthy average sales price of $592,917, thebrinventory of homes is declining into what is now looking to be a seller'sbrmarket once again.