The health of an economy is typically framed in terms of unemployment rates, however, another key indicator is the rate of residential and commercial development. The City of Irving, which has one of the lowest unemployment rates in the state, is reporting a surge in the number of permits issued for residential development. These two indicators are good signs for the city’s local economy.
“If this trend continues, we should see the highest number of residential permits since 2009,” said City of Irving Inspections Director Gary Miller.
At the close of May, Irving had issued 321 permits for single-family development for the fiscal year. This data represents a 47 percent increase from last year’s development rates. The value of this construction is approximately $98 million, placing the average value of new homes built in Irving at $352,000. “It shows an upstart that the economy is continuing to get better, so I think that’s good news for Irving,” said City Manager Tommy Gonzalez. “We have higher-quality homes, which means it helps the schools and aids in providing for more retail in the area.”
Single-family developments are emerging all across Irving. Examples include the Lakes of Las Colinas—a privately secured community, and the Enclave at Riverside Village an area with 64 single-family lots, and developments south of State Highway 183 such as the Wyatt’s Place and Rose Oaks subdivisions.
“With July’s arrival of the DART Orange Line, signs are pointing to continued success in terms of residential development for the City of Irving,” Gonzalez said
