According to CoStar, Builders Anticipate Greater Need for Housing in the Area.
Apartment development is rising in the Sherman-Denison, Texas, metropolitan area, following economic development announcements that are expected to transform the area’s economy into a high-tech manufacturing hub.
There are 946 multifamily units under construction through the end of November, the highest on record.
Sherman-Denison is just over an hour's drive north along U.S. 75 from the center of the Dallas-Fort Worth area, and multifamily construction has risen sharply through the fourth quarter, with 560 units starting so far. That level is poised to climb higher as permitting activity picks up. Developers pulled permits for 1,259 units so far in 2023, and another 709 units in 2022. Permitting activity over the past two years easily eclipses the cumulative permits pulled going back to 1980, totaling 1,326 units.
Sherman-Denison has 143,131 residents, growing 18% since 2010. The multifamily market is still relatively small, with around 5,900 market-rate units.
Recent economic development wins for the area include Texas Instruments, GlobiTech and Finisar making way for more wafer fabrication plants in Sherman, with the potential to bring thousands of jobs to the small community. Some of these firms have broken ground with new manufacturing facilities, transforming the area with 6 million square feet under construction with an existing industrial inventory of just 10 million square feet.
The largest building underway is Texas Instruments’ 4.7 million-square-foot fabrication plant for 300-millimeter semiconductors. The $30 billion investment is expected to bring 3,000 jobs and likely will produce its first wafers in 2025. Meanwhile, GlobiTech is building a 1.3 million-square-foot production facility with an expected completion date in 2025. The plant is expected to bring 1,500 jobs to the area.
These plans will galvanize the commercial and socioeconomic links between the Dallas-Fort Worth region and Sherman-Denison, potentially attracting more firms and people to the area. In turn, Sherman-Denison will need more housing options for current and future residents to support expected growth.