Austin Texas 2008 Economic Forecast "The economic outlook for Austin generally mirrors the Texas forecast: local job and population growth outperforms the national economy. Texas Workforce Commission expects 3.1% growth in jobs, while local economist Angelos Angelou predicts 2.3%. The unemployment rate in December 2007 was estimated at 3.6%, down 5.1% in the Austin area during October 2006.
Austin's population growth is driven by the high quality of life in the region, the area has been ranked as the top destination for relocating singles and families by several publications. In addition, MSN has recently ranked Austin as "The Greenest City in America" continues a series of "best SFO to the city. Located on the Interstate 35 Corridor, the city had a population growth faster America's third this decade, with FT. Worth first and San Antonio fourth, according to data from the U.S. Census Bureau. The population growth of 42,000 is expected for 2008, down from a peak of about 60,000 registered in 2006, according to the Austin Statesman-American.
Demand in the local real estate market is down from 2006 but remains positive, with houses generally more on the market. Angelou predicts that if local manufacturers to react to negative national trends, housing starts in Austin will fall when the local market is still healthy and homes are still in demand, which would then create a low inventory of new homes sale. The result, he predicted, would be an increase in demand for rental housing such as apartments and cause a surge in rental prices.
Another indicator of the local property market is how much property inspectors are working because their work is usually in demand when real property changes hands. According to a survey of most of the inspectors say that the number of inspections has decreased by over 50% since September 2007. Many said, however, that the drop could be seasonal and that demand for their services should increase by May 2008.
The employment growth should appear in the traditional areas of Austin high, as government, education and health services. As the capital and seat of Travis County, local, state, and federal government employs over 150,000 workers and is expected to increase, according to Texas A & M's Real Estate Center. As a platform of education with the University of Texas and more than 20 other colleges within 30 miles, and several large public school districts, Austin will need more education workers. The Live Entertainment Capital of the World "continues to employ many in leisure and hospitality, healthcare and major employers like Seton and St. David are expected to add workers.
With the high quality of life and the population continues to increase, Austin should see positive growth in employment until 2009. "
Posted on July 4, 2010.
