Because of the oversupply of apartments created by the building boom of the early 1980s as well as the peso devaluations, an average of only 248 multifamily units was built annually from 1986 through 1991. In 1996, permits were up to 1,838, the highest level in more than 10 years. In the first 6 months of 1997, permits were issued for 614 units, which was only slightly less than the number for the same period in 1996. Despite the volume of apartment construction in recent years, the rental market does not show signs of softening. According to Apartment MarketData Research Services, apartment occupancy in the Valley rose from 91.2 percent in March 1997 to 94 percent in May 1997.
All indicators are for continued growth in the area.
The completion of I-69 along with current expansion of bridges into Mexico should have a major impact on growth in the Valley by maximizing movement of goods between the United States and areas south of the U.S. border and by promoting tourism in the area.