It seems almost impossible to stimulate an industry without creating broader complementary effects. One example has been the twin effects of the bipartisan CHIPS and Science Act, introduced by the Biden administration and signed into law in August 2022, and the Texas CHIPS Act. They've set off additional activity that resulted in a stronger CRE market.

The first law set aside $52.7 billion – including $39 billion in manufacturing incentives – for American semiconductor research, development, manufacturing and workforce development. The other act established the Texas Semiconductor Innovation Consortium (TSIC) and the Texas Semiconductor Innovation Fund (TSIF) and provided a $698 million fund to incentivize private businesses to expand semiconductor manufacturing in the Lone Star State.

Both came together and shook up the small Texas market of Sherman-Denison, which is 70 miles north of Dallas, according to RealPage. When governments stimulate jobs, some effects should be predictable, like employees needing a place to live.