Texans are known for their many phrases. They'll be the first to remind you that everything's bigger in Texas. The market for building new homes is no exception.
According to new research by Trulia, Texas is leading America's homebuilding race with Austin, Dallas and Houston collectively on track to build 130,000 new homes this year — an amount that would be more than 10% of all permits in the U.S. Specifically, the three Texas towns are building more than 45 markets combined.
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Homebuilding throughout the U.S.
Other areas throughout the country are experiencing a boom in homebuilding. While most pale in comparison to Texas, here are the areas on track to build more homes in 2017.
(Photo: StatistaCharts/Trulia)
Related: Update on homeowners' insurance market
What this means for the insurance industry
No matter how big or small the homebuilding trend, the insurance industry is sure to take note of it and react. Constructing homes means more jobs and employment in certain areas, while simultaneously presenting more risks and liabilities for individuals and firms involved in the process. For agents and brokers, more homes mean more opportunities to provide coverage, especially as certain states have been ravaged by extreme weather and high insured losses.
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Whatever the implications may be, the market for homes in Texas is certainly going to be on the insurance industry's radar throughout 2017.
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