What's New in Riverstone
Businesses finding the suburbs superb
By Jennifer Latson
Copyright 2010 Houston Chronicle
May 18, 2010, 4:32PM
Businesses finding the suburbs superb
As Houston's suburbs draw increasing numbers of new homeowners, so too have they attracted business owners. Growing numbers have chosen to plant their new businesses on the other side of Loop 610.
Despite the recession, Houston's suburban economy continues to swell, at a speed economists say will outpace the Inner Loop's job growth, on a percentage basis, over the next 20 or so years.
Two leading counties — Fort Bend and Montgomery — will continue to capture about 20 percent each of the new job growth in the Houston metro area, just as they've done over the past decade, according to Barton Smith, an economics professor at the University of Houston, who heads the school's Institute for Regional Forecasting.
But counties with relatively small employment figures will see rapid job growth: Brazoria County, which currently sees about 3 percent of the region's new job growth, will jump to 6 percent, according to Smith's latest estimate. Chambers County will jump from half a percent to 3 percent, Galveston County from 3 percent to 5 percent, Waller County from 1 percent to 3.4 percent, and Liberty County from 1 percent to 4.4 percent. “These are relatively small numbers, but it represents a fairly significant change in the overall environment,” Smith said.
That overall environment is marked by decentralization, powered by employers who are finding that property values can be lower outside the Loop, while population rates are climbing and infrastructure is improving.
Decline in Harris County
In the past three decades, Harris County has seen a steady decline in its ability to capture employment growth.
“In the 1980s, Harris County captured 79 percent of all employment growth in the eight-county area,” Smith said. “During the last five years, from '05 to '10, Harris County captured 53 percent. By 2035, Harris County will capture only about 37 percent.”
That doesn't mean the Inner Loop would be a ghost town. It would still house the bulk of existing jobs. But the new shoots of job creation would flourish in the suburbs.
Since Harris County “is starting with 85 percent of all employment in the metro area, that total will drop to about 67 percent,” he said. “But it's a pattern that's been going on since the '70s, and it's gradually accelerating. Not only are people moving to the suburbs, but so are jobs.”
Since Harris County “is starting with 85 percent of all employment in the metro area, that total will drop to about 67 percent,” he said. “But it's a pattern that's been going on since the '70s, and it's gradually accelerating. Not only are people moving to the suburbs, but so are jobs.”
Energy Corridor
In the fast-growing Energy Corridor, a Houston suburban area mostly in western Harris County along Interstate 10, population will grow by 29 percent through 2025, office space will increase 36 percent and retail space will grow by 40 percent, according to estimates in an economic growth study.
“Ten or 15 years from now, the Energy Corridor is literally going to be the geographic center of the Houston region,” said David Hightower, executive vice president of the real estate group Wolff Companies and president of the board of directors for the Energy Corridor Management District. “If you look at the long-term growth projections, a significant part of the projected growth will be northwest, west and southwest of Houston. What is central to that? The Energy Corridor.”
Looking good in Fort Bend
In Fort Bend County, the recession barely slowed construction on homes in the suburban area's sprawling planned communities.
“It is surprising, but they're doing very well,” said Louis Garvin, president and CEO of the Fort Bend County Chamber of Commerce. “And this is not in the starter-home range, but in the midrange.”
Riverstone, a master-planned community in Sugar Land, this year had some of its best sales months , Garvin said, despite the struggling overall housing market.
Sugar Land scored a coup in 2008 when it enticed Minute Maid to relocate from downtown Houston, wooed by economic incentives that included a direct cash incentive of $240,000 per year for 10 years from the Sugar Land Development Corp.
Fort Bend's economy has also seen a boost in the medical sector since Memorial Hermann built a hospital in Missouri City and St. Luke's built one in Sugar Land. Those medical anchors drew more doctors' offices, Garvin said, which spurred development in general.
“We've attracted a professional, more highly educated population here, and their being here is going to attract others,” he said. “We've had so much growth, and everything's new and shiny.”
Ivy Bend in Riverstone
Riverstone's newest custom home neighborhood, Ivy Bend, is located on Lake Riverstone. Visit our Custom Sales Office for more information or call (281) 778-0414.
Riverstone Opens New Enclave with 50-Foot Homesites
Fort Bend’s Riverstone is expanding its product offerings with a new neighborhood that has — for the first time in the community’s history — 50-foot properties.
The new neighborhood of Stonebrook features designs by David Weekley Homes and Plantation Homes. Prices begin in the $200,000s. Both builders are including a generous mix of one-story plans — designs that have been gaining interest among local buyers, said Tom Wilcox, Riverstone’s general manager. Stonebrook is the first of several neighborhoods Riverstone expects to open this year.
Riverstone Now a Top 10 Selling Community in Houston
During 2008, Riverstone enjoyed a 25 percent increase in sales from the previous year.
Following a strong sales performance in 2008, Riverstone is now one of the top-selling communities in the greater Houston area, according to Metrostudy, a national housing market research and consulting firm. The development placed in the top 10 for both new-home starts and closings. Riverstone is located in the heart of thriving Fort Bend County and is planned for 5,000 more homes over the next eight years.
In addition, the greater Houston area was recently ranked the '#1 Healthiest Housing Market for 2009' by Builder Magazine. To read more, click here.
Houston Among the Best
Houston is the best place to live, work and play. Don't just take our word for it. See what others are saying about our city.
Forbes - Best Cities to Buy a Home (Houston's #1)
Forbes - Top 10 Up-And-Coming Tech Cities
Kiplinger - No. 1: Houston, Texas
The Washington Post - Houston's Pipelines of Prosperity
The Chicago Tribune - Houston Doesn't Have a Problem
Money Magazine - Best Places To Live: No. 56, Missouri City, TX
Money Magazine - Best Places To Live: No. 64, Sugar Land, TX
Businessweek.com - Forty Strongest U.S. Metro Economies: Houston-Sugar Land-Baytown, No. 9
Riverstone Amenities
Did you know Riverstone has added new amenities? A new Recreation Center, located in Creekstone Village, made a great new 'splash' to the community. Also, just adjacent to the new facility is a new Bark Park-- an obstacle course and fun area for your pooch.
Lake Rivestone
The new bridge over Lake Riverstone is located on University Boulevard. The bridge features pedestrian walkways and great views of Lake Riverstone, which spans over a mile in length; the area's new neighborhoods are taking shape.
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