Integra Realty Resources (IRR) completed a hotel market study for Brownwood on November 9th, and reported Brown County’s population projected to increase at a 0.4% annual rate from 2016‐ 2021, equivalent to the addition of an average of 155 residents per year.
The study concludes: “Because of the increases in occupancy, as well as the moderate employment and population growth within the City of Brownwood, it is determined that there is adequate demand for new lodging.”
The report also stated: “Brown County experienced growth in the number of jobs and has maintained a generally lower unemployment rate than Texas over the past decade. We anticipate that the Brown County economy will improve and employment will grow, strengthening the demand for real estate.”
Hotel occupancy is expected to continue to increase with the addition of a Sports Coordinator position in Brownwood that will recruit events to take advantage of the Brownwood Sports Complex that includes 11 children and adult baseball and softball fields, an aquatics center, Gordon Woods Stadium, and a new 22-field soccer complex. The position will also recruit for events at the Brownwood Coliseum, the disc golf course, the skateboard park, and other events at Brownwood’s 22 parks.
Expansions are also underway at the Brownwood Regional Medical Center and in the Brownwood Industrial Park that includes 3M, Kohler, Superior Essex and other major employers. Retail is also on the rise with the recent opening of The Cotton Patch Cafe and the McAlister’s Deli.
View the full document: hotel market study.
