Exxon is bringing more employees to The Woodlands, Texas. It was approved yesterday in Commissioner's Court and confirmed at a lunch yesterday by County Judge Sadler and The Woodlands Economic Development president, Gil Staley that Exxon is moving up to 1,500 employees to the next two buildings to be built in Hughes Landing. These positions are unique to the region and are unrelated to the 10,000 employees Exxon will house on their new Mega-Campus in Spring, Texas.
The most recent downturn in the real estate market is not a new phenomenon. Just like the economy, real estate has always been cyclical. There have been several instances in history where debt flooded the market and drove up real estate development cost and pricing overall. Aside from the current real estate crash we are pulling out of, many people remember the crash of the late eighties and early nineties – The “Savings and Loan (S&L) Crisis” or “RTC (Resolution Trust Corporation) Days” as it is known.
Not dissimilar to the current real estate downturn, the crash of the late eighties was caused by loose banking regulations and over-leverage. Our recovery out of the modern-day crash however, is different.