This year promises to be a good one for Texas contractors if all the projects currently on the drawing boards materialize. Virtual Builders Exchange (VBX) is currently reporting $535 billion in planned construction for 2022– that’s billion with a “B”.
In fairness, $400 billion of that number is allocated to just one project and Texas is currently vying with three other states to be The Chosen One. If selected, Texas would be home to Telosa, a sustainable city of the future expected to house five million residents. The mammoth project is the brainchild of billionaire Marc Lore, former CEO of E-Commerce for Walmart. See project #2021-7095 for details if you are a VBX Concept & Design subscriber.
Excluding the mythical city of Telosa, that still leaves $135 billion of new construction planned for Texas this year. Here’s a peak at the top five categories:
- Manufacturing & Industrial – 40 projects valued at $40 billion, including new distribution centers; recycling centers; trucking facilities; a chip factory; food processing plant and a hydrogen production facility.
- Federal / State / Municipal – 340 projects totaling over $35 billion, including new police and fire stations; County Courthouses; new City Halls; recreation centers and improvements to public parks.
- Education – 391 projects with a combined estimated cost of $22 billion, involving 104 High schools; 56 new Middle Schools; 146 Elementary Schools; and nearly $150 million of new construction for Blinn College.
- Entertainment / Theater / Sports – 36 projects valued at $4.2 billion, with planning underway for new Performing Arts centers; wedding venues; sports complexes and a $100 million-dollar multipurpose expo center.
- Housing / Apartments / Condos – 251 projects with an estimated value of $3.7 billion. The number of housing projects planned for Texas nearly doubled from the figure reported by VBX in 2020, a clear indication of the influx of new residents expected for the Lone Star State. Project types range from a plethora of “affordable” apartment developments in Austin to pricey, “luxury” condos in Galveston.
Accounting for all the projects above still leaves another $12 billion on the table scattered among the remaining categories, including transportation projects, healthcare, office space, retail, hotel, etc. The VBX team is monitoring every one of them and providing continuous updates to our members.
Based on our data base of projects currently in the planning stage, here’s the top ten hot spots for construction activity in 2022:
2022 HOT SPOTS: (Top Ten by Region)
If you would like to know about planned construction and/or projects in the bidding phase, please call our Members Services department at (877) 221-6418; email us at askme@virtualbx.com and/or visit www.virtualbx.com for more information about our services and payment options.