Texas Breaks More Records in March 2023: Labor Force Size, Number Employed, and Job Count

From Texas Workforce Commission-

AUSTIN ⎯ Texas attains new records in March 2023 with the largest civilian labor force and greatest number of people employed in state history. The seasonally adjusted civilian labor force increased by 78,800 to reach a series-high 14,898,100 people, while the unemployment rate held steady at 4.0 percent. Texas added 28,600 positions to reach another series-high job count at 13,839,200 total nonfarm jobs. Since March 2022, 575,100 positions have been added.

“In setting this 18th consecutive monthly employment record, Texas demonstrates the strong employment opportunities in the state,” said TWC Chairman Bryan Daniel. “TWC strives to support continued growth with work-based learning tools that advance Texas’ expanding needs.”

Texas’ over-the-year employment growth through March 2023 outpaced the nation in every one of the 11 major industries. Over the month, Leisure and Hospitality led job growth with 7,400 positions added, followed by Construction, which increased by 5,800 jobs. Also of note, both Trade, Transportation and Utilities and Private Education and Health Services grew by 5,400 jobs in March.

“The state’s private industries are booming, with a 4.6 percent growth rate over-the-year,” said TWC Commissioner Representing Employers Aaron Demerson. “From manufacturing to professional and business services, TWC and our 28 Workforce Solutions partners across the state have tools to help Texas employers, large and small, keep pace with the rapidly growing Texas economy.”

The Midland Metropolitan Statistical Area (MSA) recorded the lowest unemployment rate among Texas MSAs with a not seasonally adjusted rate of 2.6 percent in March, followed by Amarillo at 3.1 percent, then College Station-Bryan at 3.2 percent.

“The Texas civilian labor force, with 14.9 million people, continues to demonstrate resilience and growth,” observed TWC Commissioner Representing Labor Alberto Treviño III. “Here at TWC, we are focused on unlocking opportunities for our workforce. From apprenticeships to upskilling to quality child care, we are dedicated to helping every Texan have the opportunity to reach their career goals.”

Employment estimates released by TWC are produced in cooperation with the U.S. Department of Labor’s Bureau of Labor Statistics. All estimates are subject to revision. To access this and more employment data, visit TexasLMI.com.


 

Office Space Leased at 529 SH 46 E in Boerne

Congratulations to our client, Federal Cartridge Company on their new office space at 529 SH 46 E in Boerne!

Federal was founded in 1922 in Anoka, Minnesota. They now develop thousands of specialized, high-quality shotshell, centerfire, and rimfire loads for hunters and shooters.

529 SH 46 E

Learn more about Federal and its products here.


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529 SH 46 E

Lease Renewal at 50 Rust Lane

Congratulations to ARS Will Fix It on renewing their lease at 50 Rust Lane! Will Fix it offers expert service for your HVAC and plumbing.

Lease Renewal at 50 Rust Lane

50 Rust Lane is a 2,500 square foot industrial warehouse located in Boerne, Texas.

Contact us today if you’re looking for the perfect space for your business!


Lease Renewal at 50 Rust Lane

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Lease Renewal at 50 Rust Lane

171 Enterprise Pkwy Fully Leased

171 Enterprise Pkwy in Boerne, TX is now fully leased!

171 Enterprise Pkwy is a 15,795± SF industrial building built in 2017 featuring warehouse and office space. This property is also for sale. Learn more here.

Congratulations to The Bridge Fellowship on their new office space!


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Where to Celebrate Valentine’s Day in Boerne, Texas

Where to Celebrate Valentine’s Day in Boerne, Texas

Here’s Where to Celebrate Valentine’s Day in Boerne, Texas! Support your favorite local restaurants!


Richter Tavern

153 S Main St, Boerne, TX 78006

Richter Tavern will be offering a special Valentine’s Day menu with an optional welcome cocktail and wine-tasting add-on.

See their Valentine’s Day menu here.

Make your reservation by calling (830) 331-2675

Richter Tavern Logo | Where to Celebrate Valentine's Day in Boerne, Texas


The Bevy

101 Herff Rd, Boerne, TX 78006

For Valentine’s Day, The Bevy will be offering a 5-course dinner for $60 per person.

See the Valentine’s Day menu and make your reservation here.


Peggy’s on the Green

128 W Blanco Rd, Boerne, TX 78006

Peggy’s on the Green will be offering a 3-course pre-fixed dinner menu for $99.95 per person.

See the Valentine’s Day menu here.

Make your reservation by calling (830) 572-5000


The Creek Restaurant

119 Staffel Street, Boerne, TX 78006

The Creek’s chef has curated a 5-course dinner menu just for Valentine’s Day!

See the Valentine’s Day Menu here.

Make your reservation by calling (830) 816-2044

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Valeria

109 Waterview Parkway, Boerne, TX 78006

Valeria will be offering a 5-course dinner with wine pairings this Valentine’s Day.

See the menu here.

Make your Reservation by calling (830) 331-1393

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Where to Celebrate Valentine’s Day in Boerne, Texas

141 Industrial Drive Now Leased

141 Industrial Drive located in Boerne, TX has been leased off-market by Glen Boehm.

Congratulations to Flourish Floral and Design studio on their new home!

Learn more about Flourish Floral and Design Studio here.


Are you on the hunt for a new home for your business, or have commercial space you’d like to lease out or sell? Give us a call today to find out how we can help!

Read our testimonials!

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141 Industrial Drive Now Leased

37131 IH-10 W Fully Leased

We are excited to announce Johns Road Business Park, (37131 IH-10 W, Boerne, TX 78006)  is now fully leased!

The newest tenant,  Hill Country Physical Medicine will be occupying unit#400. You can learn more about them here: https://www.hillcountryphysicalmedicine.com/us/

37131 IH-10 W Fully Leased | Hill Country Physical Medicine Logo


Are you on the hunt for a new home for your business, or have commercial space you’d like to lease out or sell? Give us a call today to find out how we can help!

Read our testimonials!

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37131 IH-10 W Fully Leased

 

Top 3 Commercial Properties for Lease in The Texas Hill Country

Here are our top 3 commercial properties for lease in the Texas Hill Country! Whether you’re looking for that perfect retail space or something more industrial, we’ve got it!

1361 S Main Street, Boerne, TX 78006

1361 S Main Street is a retail property available for lease located in the heart of Boerne’s Main Street. The space is 1,447 SF and has a large open retail area, a private restroom, an office, and storage room. Learn More

Top 3 Commercial Properties for Lease in The Texas Hill Country | 1361 S Main Street, Boerne, TX 78006


52 Worth Drive, Boerne, TX 78006

52 Worth Drive, an industrial property coming soon to Boerne. The building totals 6,000 SF with a 1,000 SF office and 1,000 SF storage space above the office. Learn More

Top 3 Commercial Properties for Lease in The Texas Hill Country | 52 Worth Drive, Boerne, TX 78006


6333 De Zavala, San Antonio, TX 78249

6333 De Zavala Rd is a property unlike any other in the country! The Endeavors Veteran Wellness Center provides accessible integrated health and wellness services to veterans, their families as well as military dependents. NOW OPEN and searching for an acupuncturist and massage therapist. Learn More

Top 3 Commercial Properties for Lease in The Texas Hill Country | 6333 De Zavala, San Antonio, TX 78249


Top 3 Commercial Properties for Lease in The Texas Hill Country
Top 3 Commercial Properties for Lease in The Texas Hill Country

 

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What You Need to Know About Environmental Site Assessments

What is an Environmental Site Assessment and How Can It Affect My Commercial Property?

In certain situations, owners of commercial properties may need to have Environmental Site Assessments done. An ESA evaluates a property for the presence of chemicals or substances that can be toxic to the environment. When commercial property owners or buyers need an assessment of a site where a manufacturing business or property development is located or is proposed, an ESA might be conducted.

Environmental Site Assessments

The property owner or buyer does the assessment seeking CERCLA liability protection. CERCLA is an acronym for Comprehensive Environmental Response, Compensation, and Liability Act, which is the 1980s law for establishing when a property owner or other persons are liable for a toxic site. An ESA is conducted by property owners or potential buyers to establish clearly what site mitigations steps are needed, whether for past contamination or to prevent it in the future, and to absolve themselves of liability.

Who initiates the study?

An ESA can be triggered when a commercial property owner presents permit application on plans for a construction project on the property or plans for a business that will impact the environment. County, state or federal regulations may call for an ESA if the construction or business will produce wastewater, discharge gases or chemicals into the air and other effects.

A study may also be ordered by a regulatory agency if it believes an existing site may have toxic contamination, or to establish steps needed for a proposed facility to operate. Finally, a lender may order a study on a property for which it is considering making a loan.

Who conducts the study?

The site assessment is conducted by a certified Environmental Professional, as recognized by the American Society for Testing and Materials. An Environmental Professional has degrees in engineering or related sciences, is a licensed Professional Engineer or Professional Geologist with five years of experience in those fields, and has 10 years of experience in environmental assessment assisting or interning with an EP.

The standards are rigorous, and your ESA must be conducted by a bona fide EP to be accepted as legitimate.

Environmental Site Assessments

What will the study determine?

Whether for an existing or a proposed site, the study will determine whether environmental exposures will be minimal or significant, and the steps needed to mitigate exposure. A multidisciplinary approach is taken, employing expertise in chemistry, geology, botany and atmospheric physics.

The study looks at the types of contamination found or for which there is potential, the impact on the site itself and neighboring properties, the history of the property, previous permits filed with government agencies, topography maps to determine runoff flow and more.

The assessment also helps establish liability for environmental contamination; who the responsible parties are who should pay for mitigation. This is where CERCLA liability comes into play.

What types of sites need an ESA?

The types of sites for which an ESA is needed include:

Natural gas production plants

Electricity generation plants and substations

Manufacturing plants

Metal processing and manufacturing

Rock quarries

Mining

Dams

Any of these sites near environmentally sensitive areas such as wildlife reserves and wetlands

Wastewater processing

Landfills

Food processing plants

Highways, dredging for lakes and waterways

Phases of ESA

ESAs are conducted as Phase 1 and Phase 2 if needed.


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Sources:
https://www.thebalancesmb.com/what-is-an-environmental-assessment-do-i-need-one-844484
https://www.astm.org/e1527-21.html
https://en.wikipedia.org/wiki/Phase_I_environmental_site_assessment
https://a3e.com/what-is-an-environmental-site-assessment/
https://www.rmagreen.com/rma-blog/who-can-conduct-phase-i-environmental-site-assessments
https://www.actenviro.com/cercla-liability/#:~:text=CERCLA%20establishes%20clear%20liability%20for%20an%20individual%2Fgroup%20that,owner%20didn%E2%80%99t%20have%20control%2Fresponsibility%20regarding%20the%20disposal%20activity.

1031 Exchange: The Wealth Building Tax Provision

Among the various tax deferment provisions tucked into the federal tax code is a potent wealth-building tool for real estate investors: the 1031 exchange. If certain requirements are met, it allows real estate investors to defer taxes on the sale of a property by investing the proceeds into another investment property. The requirements take careful study, which we will cover in this overview.

What is a 1031 Exchange?

The 1031 exchange is so named from the section of the U.S. tax law from which it is used. Also known as a like-kind exchange, it allows a real estate investor to sell an investment property and defer, not avoid, capital gains taxes on the sale. This can only be done if the like-kind property is identified and purchased with the proceeds within a certain time. Both properties must be owned for business or investment use.

Gains can be rolled from property to property over a period of years. The gains only become taxable once they are realized by a cash-out sale, without being reinvested.

Used effectively, the 1031 exchange is an excellent means of growing wealth over the years by deferring taxes so that the maximum amount of available capital continues to work and grow.

Defining like-kind

What is a like-kind property? The tax code gives the investor some leeway as to the type of property for which the sold property is swapped. Swaps can be done with residential rental properties, shopping centers, warehouses, working farms or ranches and more. Using a commercial real estate professional like a CCIM can help you meet the like-kind requirement.

Vacation homes used as rentals can be swapped under certain, limited conditions. Under certain requirements, the 1031 provision can also be used for a home that was formerly a private residence.

1031 Exchange

Meeting required deadlines

Ideally, you already have an available like-kind property in mind when you sell. This doesn’t always work out, so a simple clean swap may not be available. In that case a delayed swap can be done under certain conditions.

In a delayed exchange, a qualified intermediary acts as a middleman. This middleman works with your real estate professional to help you secure the replacement property. This is a licensed professional who takes your cash in a type of escrow account and will use it to purchase the next property for you. You cannot take possession of the cash proceeds of the sale, since this could negate 1031 eligibility.

45 days is the amount of time you have from the sale of the first property to identify the next property and notify your intermediary in writing of your intent to purchase.

You must close on the new property within 180 days of the close of the first property. This clock runs concurrently with the 45-day rule. For example, if you notify the intermediary of the new property right at the deadline of that 45-day rule, you have 135 days remaining to close on the new property.

Reverse exchange

Another way to make a 1031 exchange is called a reverse exchange. In this case the investor purchases the new property before selling the currently owned property. Often the investor knows which property he or she intends to sell. Title to the new property is held by a person known as an exchange accommodation Titleholder. Now the deadlines apply to the property to be sold: 45 days to identify the property to sell, 135 days thereafter to close.

Additional tax rules

There are a few other tax implications to understand.

If you retain part of the cash from a 1031 exchange it is taxable, usually as a capital gain.

If you have a mortgage on the property sold and exchange for a property with a lower liability mortgage, the difference is treated as taxable income.

Finally, if you exchange depreciable property for non-depreciable property, such as land with buildings for undeveloped land, you will be subject to the recapture of the depreciation from the developed property, incurring an ordinary income tax liability on the recaptured depreciation.

Vacation houses

A vacation home can be swapped with another house if you stop using it yourself and rent it out for six months to a year before the exchange.

Summary

The 1031 exchange is a powerful tool for helping a real estate investor build wealth through tax deferral. It is important to have a professional agent like a CCIM guide you through the process. A CCIM can ensure that you meet the tax code requirements for an acceptable transaction.


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Boehm Commercial Group loves to stay in touch with current and potential clients. Do not hesitate to reach out with any comments, questions or concerns! We love hearing from you!