Population Gains and Job Growth Catapult Storage

Passco Companies and Patriot Self Storage Management recently acquired a self-storage property.

HOUSTON—The recovery of the oil, gas and energy sectors, coupled with robust professional and business services-related hiring drove an encouraging rate of job growth in 2017, as employers bolstered payrolls by 45,500 workers. Amid low-4% unemployment and higher-paying organizations, firms will expand at a faster pace in 2018, driving the creation of 75,000 positions, according to the latest self-storage report by Marcus & Millichap. Houston’s employment base will expand by 2.5% in 2018, double the national rate. In 2017, a 1.5% gain was registered.

An increasing number of job openings will also attract more young professionals in 2018, bolstering the metro’s millennial population by more than 24,000 individuals, the largest influx of any primary market, GlobeSt.com learns. Influenced by strong income growth, household formations should also rise, totaling 53,000 by year end. After advancing by 1.7% in 2017, the metro’s population will rise by 1.9% this year, representing an increase of 130,500 residents.