Kubota Tractor Corp. and Kubota Credit Corp. announced that they will move their headquarters to Grapevine from the Los Angeles area. The relocation is projected to create at least 344 new jobs and $51 million in capital investment in Texas. The state of Texas extended Texas Enterprise Fund grant offer of $3.8 million to Kubota. The move is expected to occur in the next 18 months. Employees at a Fort Worth office and in Georgia also will move to the Grapevine headquarters, the company said. The new headquarters will be on a 25-acre site just northeast of Grapevine Mills on city-owned property.
Annual rent increases across the U.S. last month outpaced the rise in home prices for the first time in at least five years, a milestone that should spur potential home buyers. Nationally, average rental rates increased 4% year over year, and in the DFW area, the average increase was 6%. An Urban Land Institute survey showed that nearly all millennials expect to be homeowners, but many are choosing to remain mobile while awaiting a better career opportunity.
CoreLogic — an international property information firm that is based in Southern California — is considering an office consolidation at the Cypress Waters development on LBJ Freeway. The company would consolidate its Richardson and Westlake offices into a new 325,600-square-foot building that would be ready in mid-2017. 1,300 local workers would consolidate in this location and 300 workers will relocate from Tennessee, North Carolina, Georgia, Oregon, Colorado and Maryland. The company said it intends to create an additional 200 jobs that would work out of the $68 million office project.
According to the U.S. Department of Commerce, Texas was identified as the nation’s leader in foreign exports and total job creation resulting from such sales. More than $289 billion in goods and 1.1 million jobs were supported from the Texas export market in 2014, a staggering lead over California, which ranked second and had $174 billion in goods and 775,000 jobs. About a fifth of Texas’ $289 billion ($59.1B) in exported goods last year were petroleum and coal products, with computer and electronic products, valued at $46.6 billion in 2014 being the next-leading category of exports.
There are only about 3,100 finished, vacant new houses in North Texas — a fraction of what would be expected in a market with almost 7 million people. This year’s wet weather, shortages of labor and lots, and rising construction costs are constraining housing production in North Texas. New home starts in the D-FW are still about 50% below where they were before the recession. The good news is that home buyers with a home to sell can contract on a new build and have plenty of time to sell their current residence and make their moving plans.