An article by Jennifer Dawson was pubilshed in the Houston Business Journal. It gives some insight into the coming of Exxon to the Spring/Woodlands area. We are expecting this move over the next couple of years will create a demand for more housing in the area.
The Exxon Mobil Corporation is consolidating
in North Harris County and it is creating an estimated 2,850 construction
jobs for the Houston Area due to the massive complex being constructed.
Exxon plans to relocate professionals from other cities to handle the
385-acre Exxon project.
It is expected that 70% of those construction workers will remain in the area after construction is completed.
Approximately 20 of the imported
construction employees, who earn from $70,000 to $150,000 or more per year,
have purchased homes in the areas of Spring and The Woodlands already.
These cities are close to Exxon’s site at Interstate 45 and
the Hardy Toll Road.
The company is planning to house about 8,000 employees at this new location.
The company plans to vacate 4.3
million square feet of leased and owned space around Houston.
In addition to construction
employment, thousands of other new positions are anticipated as businesses are
formed or expanded to service the minimum 8,000 people who will work there on a
daily basis by the end of 2015. Although these are future projections, the local Real Estate Companies are getting ready for the housing market changes. This is good news for builders and home sellers as well.
For every $100 million in construction
contracts at Exxon that supports 950 direct construction jobs and 1,100 indirect jobs,
according to a general multiplier rule from the U.S. Bureau of Economic
By that measure, approximately
2,850 construction jobs and 3,300 indirect jobs could be created by this one project over the next few years.
More construction jobs will be
created to build the infrastructure for Exxon’s 385 acres and the adjacent
1,800-acre Springwoods Village master-planned community that is coming in the future.
Infrastructure development of the two projects is tied together because they are both within Harris County
Improvement District #18, a special funding district created by the Texas
Legislature in 2009. Springwoods Realty
Co., the entity developing Springwoods Village, prompted creation of the
district as a funding mechanism for development.
The municipal management district
has the power to design and build roadways, a water plant, sewer plant,
drainage channel and detention, said Lynn Humphries of Allen Boone Humphries
Robinson LLP, the Houston attorney who represents Harris County Improvement
District #18. It seems that the entity is like a big
municipal utility district.
Exxon may decide to move 2,500 employees from Fairfax, Virginia to the Houston area, but that has not been decided at this time.
Obviously creating 2,500 jobs will have a significant economic impact on the local communities and will help improve land values and demand for housing.