Josh: Construction material prices continue to rise, Douglas Elliman real estate firm is now hiring, and Stepan Company Chemical Project is approved. Thank you for tuning into Construction Business TV. My name is Joshua Vita, and this is your Houston Weekly Update.
Hello and welcome back to this additional weekly update. This is your first time here welcome. I'm glad to have you here with us. I’d like to mention if you are in commercial real estate, residential real estate, or a trade any kind of construction go to the description right now and schedule your free interview. That again is a free interview. Also make sure to hit that bell and subscribe buttons they update what's happening in construction business. OK, let's hit that first story today.
All right, our first story today is about that Stepan ‘s Company chemical project, so the Texas Comptroller has approved a tax incentive deal worth $202.9 million for the construction of an alkoxylation facility in LaPorte, Texas. The facility will produce chemicals for products like detergent, hard surface cleaners, and disinfectants. That tax incentive came via Chapter 313 of the Texas tax Code. This allows school districts to reach agreements with companies behind certain industrial projects limiting the values of those projects in which the school district can levy property taxes. Now Stepan company looking to start construction in the third quarter of this year of 2021 and start commercial operations two years later. They will require 150 full-time equivalent workers for the project during the peak construction time in 2022.
OK, our next story up today is about Douglas Elliman hiring right now. So, Douglas Elliman is a residential real estate firm that markets high end luxury homes and condominiums, and they recently announced their expansion effort in Houston. So, Douglass Elliman headquarters is at 2001 Kirby Drive and the River Oaks area, and they plan to hire between 50 to 75 new agents in Houston. Now the new hires will handle re-sale condominium sales, rentals, corporate location, and builder sales. Douglas Elliman is currently overseeing a $2.9 billion in the project pipeline within Texas.
OK, our last story up today is about material prices continuing to rise. So, there has been a boom of new projects, nationwide and this is causing supplies to be exhausted and material prices to rise. The National Association of Home Builders report that lumber costs have jumped from $500 per thousand board feet since October and to $1100 per thousand board feet in April. Now the NAHB also said that has caused come family home prices to increase by More than $24,000. US Commerce Secretary Gina Raimondo said the cause of the average new multifamily unit has increased by $9,000 due to the surge in lumber prices. Now, steel prices have already been high since the 2018 25% tariffs from the Trump administration. The limiting of the inbound shipment drove up the prices of steel and steel prices are at the highest point since 2008. With material costs soaring, companies wanting to get creative to keep projects moving along.
Thank you again for watching this edition out weekly update. If you like the video, make sure to give it a big thumbs up. Hope you all have a wonderful weekend, and I will see you next week.
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