A Look at the Economic and Demographic Projections for the City of Denton Page: 3
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Table 2
Buildin Permits
YTD- Jan '08 36 1,340 6,740 47,500
YTD- Jan '07 66 2,510 9,840 79,600
YTD - %O Change -45.5% -46.6% -31.5% -40.3%
Year Total 2006 1,207 43,590 162,750 1,378,200
YTD- Jan '08 0 2,490 4,930 28,400
YTD- Jan '07 0 1,520 3,430 32,800
YTD - % Change N/A 63.8% 43.7% -13.4%
Year Total 2006 0 12,920 53,890 460,700
Source: Housing Economics produced by the National Association of
Home Builders, U.S. Census Bureau, City ofDentonOn top of everything, there's the
"sub-prime" mess, which nobody
seems to fully understand-except
that millions of these mortgages
were packaged and sold around
the globe. With a sluggish
economy and falling home prices,
many of these mortgage holders
are upside down, and foreclosures
both nationwide and in the
Dallas-Fort Worth area are at
their highest since the real estate
collapse of the mid-1980s.
Though the Metroplex hasn't
experienced the housing price
bubble now bursting on the east
and west coasts, a huge amount
of sub-prime lending has
occurred locally-$7.5 billion in
2006 alone.Importantly, the basic industries in north Texas remain healthy.
Defense-related
manufacturing continues to expand. The information technology sector has rebounded strongly
from the "tech wreck" earlier in the decade. DFW's role as a major logistics center continues to
increase in tandem with growing global exports from Texas. Though residential construction has
fallen about 25 percent over the past year, this decline has been more than offset by new
commercial, industrial, retail and public infrastructure projects.Figure 2
Hotel Receipts for the City of Denton
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000ooo
$0o
2004 2005 2006 2007The hospitality industry is also on an
uptick, with convention venues
across the Metroplex reporting an
increase in bookings. Though high
energy prices have hit the wallets of
local businesses and households, on
balance they've been a plus for the
region. Not only is the Metroplex
home to dozens of oil and gas
companies, the Barnett Shale is now
the biggest natural gas play in the
continental U.S., pumping billions of
new dollars into the north Texas
economy each year.Source: Texas Comptroller
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Clower, Terry L. & Weinstein, Bernard L. A Look at the Economic and Demographic Projections for the City of Denton, report, April 2008; (https://digital.library.unt.edu/ark:/67531/metadc30418/m1/4/?q=%22Denton%22: accessed April 30, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Center for Economic Development and Research.