Venture capital investments are an important measure of economic growth, Marcus HIles points out, because the influx of dollars allows companies to hire more workers, upgrade equipment, and ramp up product development and marketing efforts. As a result, capital firms receive a considerable portion of the profits, as successful young companies are sold or go public, and continue the cycle.
Marcus Hiles noted that as millennials seek more room than they can afford in the city, empty nesters look to downsize and minimize upkeep, and recent college graduates search for their first residence, developers have had to react to shifts in the market. This has resulted in the suburbs becoming decidedly more urban. Former New York City resident Rima Chodha, who recently moved to a townhome in nearby Huntington Station, stated in the New York Times, “What makes us happy is a small, functional, modern space along with a community and amenities that provide the quality of life we’ve become accustomed to while living in the city.” Apartments and townhomes are now commonly seen near town centers, within walking distance of restaurants, pubs, clubs, shops, schools, biking paths and train stations. These modern multifamily residences allow tenants to retain a semblance of a city life, with the added amenities of landscaping and maintenance services, walking trails, dog parks, gyms, business centers, and spas.
The state will undoubtedly see continued growth. Forbes Magazine underscores the economics behind it, noting that, “In fact, there is no regional economy that has more momentum than the one that straddles the 74 miles between San Antonio and Austin.” Marcus Hiles envisioned this situation when he launched Western Rim Properties thirty years ago, intending to provide communities that tenants would value for their lavish interior features, outdoor entertainment components, fitness centers, and proximity to nature. Formerly dependent on oil, the Texas economy has grown and invited a wide range of industry due to its advantageous tax structure, affordable housing, and location along the Mexican border. Bloomberg elaborates, reporting that “Harris County, a global hub for the energy industry, has added more than 440,000 people since 2010 with annual increases averaging 2 percent over the past five years,” independently growing has remained strong despite the decreasing oil prices. Furthermore, corporate jobs with AT&T, American Airlines, and similar companies have brought 186,000 positions to the Dallas area within the same time frame.
As President-elect Donald Trump moves into power, Marcus Hiles is interested in how his extensive real estate experience will affect policy. As stated in a Nov. 10, 2016 article in Forbes by Lawrence Yun, predictions for short term economic growth from a “combination of tax cuts and government spending in the form of upgrading nation’s infrastructure and for national defense” suggest there will be a stimulus in the first half of 2017. Additionally, a moderate rise in interest rates, inspired by an accelerated GDP, will give consumers confidence and equate to an improved overall economy. If, as the article projects, the growing economy is paired with increased productivity, America can expect more jobs, increased tax revenue, a lower deficit, and manageable inflation rates. Additional good news will come if President-elect Trump elects to amend Dodd-Frank, which looks like it may happen following a Nov. 10, 2016 comment in the Wall Street Journal stating, “President-elect Donald Trump’s transition team promised to dismantle the 2010 Dodd-Frank law,” easing financial regulations and making compliance cheaper for smaller banks. Action on this issue would cause significant increases in real estate loans, improving building activity. Mr. Trump has also suggested that land use and zoning regulations might see changes to lower the cost of building, further boosting construction.
It is often said that one makes a living by what they get for work completed but that a life is earned by what they give. Dallas-based real estate development expert and avid philanthropist Marcus Hiles provides the perfect example of both. Dovetailing his passionate work into a network of efforts to give back to the community and benefit both local and global causes, Hiles has made it his purpose to offer a better future for all. Growing up the son of an urban minister, Hiles learned of the challenge presented by limited resources, assisted by strong faith and family. Embracing the horizontal and vertical progress of his work, Hiles’ charitable actions have delivered widespread rewards and advantages.