June 2, 2016
About a year ago, the new Exxon Mobil Corp. campus opened in Springwood TX, about 20 miles north of Houston. With 10,000 employees arriving, residential homebuilders rushed to build, convinced the employee influx would drive housing demand. This hoped-for trend was called the “Exxon Effect.”
But most of the relocated employees signed year-long leases at Class A apartments, rather than buying homes. According to Gracepoint Homes president Tom Cox Jr., residents new to the area want to learn more before buying. Others, concerned about the oil slump, are waiting.
Cox, whose company recently opened residential community Stillwater in the area, said renters will eventually become buyers. He also indicated that interest in Stillwater is coming from those already in the area, as opposed to transplants.