The economic outlook for Austin ordinarily mirrors the Texas forecast: local job and habitancy growth outperforms the national economy. The Texas Workforce Commission predicts 3.1% job growth, while local economist Angelos Angelou predicts 2.3%. The unemployment rate for December 2007 was estimated at 3.6%, down from 5.1% in the Austin area while October 2006.
Austin habitancy growth is driven by the high potential of life in the region, with the area being ranked as the top destination for relocating singles and families by any publications. Also, Msn recently ranked Austin as "The Greenest City in America" , lasting a string of "best ofs" for the city. settled on the Interstate 35 Corridor, the city has grown in habitancy the 3rd fastest in America this decade, with Ft. Worth first and San Antonio fourth, according to data from the U.S Census Bureau. habitancy growth of 42,000 is projected for 2008, down from a high of about 60,000 experienced in 2006, according to the Austin-American Statesman.
Demand in the local real estate store is down as compared to 2006 but is still positive, with ordinarily more houses on the market. Angelou predicts that if local homebuilders react to negative national trends, housing starts in Austin will fall while the local store is still wholesome and homes are still in demand, which would then generate a low catalogue of new homes for sale. The result, he predicts, would be an growth in question for rental housing such as apartments and effect in a spike in rental prices.
Another indicator of the local real estate store is how much work property inspectors are doing, since their work is regularly in question when real property changes hands. according to my search for of inspectors, most say their estimate of inspections has dropped more than 50% since September 2007. Many did say, however, that the drop could be seasonal and that question for their assistance should growth by May 2008.
Most job growth should appear in Austin's traditional strong areas, like government, education, and condition services. As the state capital and seat of Travis County, local, state, and federal government employs more than 150,000 workers, and that's startling to increase, according to Texas A & M's Real Estate Center. As an instruction hub, with the University of Texas and more than 20 other colleges within 30 miles, and any large communal school districts, Austin will need more instruction workers. The "Live Music Capital of the World" continues to employ many in the free time and hospitality industry, and large healthcare employers like Seton and St. David's are startling to add workers.
With the potential of life high and the habitancy lasting to increase, Austin should see inevitable job growth straight through 2009.
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