As ExxonMobil Campus Rises, Home Sales in The Woodlands Boom

renderings of Exxon's new campus provided by Exxon Mobil Corp
ExxonMobil employees won't be moving into the company's new campus south of The Woodlands till early next year. But they’re already driving up home sales in the region.

Local home sales hit a new monthly record in July, according to the Houston Association of Realtors. Contracts closed on more than 7,700 single-family homes. Shad Bogany, chairman of the Texas Association of Realtors, says neighborhoods to the north of the city are experiencing the fastest growth.

"The Woodlands area seems to be leading the charge, and a lot of that has to do with the ExxonMobil relocation there, with the huge campus. As you get outside The Woodlands, for those who can’t afford it, Spring, things are picking up in the Conroe area, and [the U.S.] 290 [Corridor], that whole little pie-shape right there is doing extremely well."

Bogany says the strong sales in and around The Woodlands reflect the larger trend of Houston’s job growth boosting the region’s housing market. The Texas Workforce Commission reports Houston has added more than 309,000 net new jobs since the bottom of the recession — more than double the number of jobs lost during the downturn.

 

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...