Austin’s phenomenal economic growth continues to draw new residents. The city’s population grew by 37.3 % in the decade between 2000 and 2010 and the growth continues. Texas’ Capitol city is one of the premier business cities in the nation, with several Fortune 500 companies located in it or nearby and over eighty Inc. 5000 companies. The charming city attracts both corporate ladder climbers and entrepreneurs looking to strike out on their own.
IT is the Place to Be
Austin has been dubbed the “Silicon Hills” because of its wide range of technologically based jobs. In 2012, Cirrus Logic, Apple, Samsung, Intel, Calxeda, and Mutual Mobile experienced continued growth and experts are predicting a booming year for these industries in 2013.
A Booming Healthcare Industry
Population growth has continued to fuel a growing healthcare industry. The University of Texas at Austin is in the process of planning a new medical school and teaching hospital in partnership with the Seton Healthcare Family, one of the largest healthcare employers in the regions.
Government and Education—A Strong Foundation
State and local government along with the education sector are other major employers in the area. The University of Texas at Austin is the nation’s fifth largest university and one the area’s largest employers, with over 24,000 employees.
The numerous school districts throughout the area also employ a large percentage of the population. The Austin area is known for its top quality public and private schools.
The entertainment industry is another niche fueling the economy of this diverse city. The annual South by Southwest Conference features music, film, and high-tech, providing great networking opportunities for those in the entertainment industry.
Home to the long-running music showcase, Austin City Limits, which debuted in 1976, this self-proclaimed “Music Capitol of the World” is a delight for all music lovers. You can find any style here, from jazz to hard rock to country. The area’s numerous clubs and restaurants featuring live music provide employment to many up and coming musicians.
Home, Sweet Home
A steady stream of new residents has helped fuel Austin’s housing boom. Apartment occupancy is at 94-98% while the area saw 7,981 new single-family homes being built in 2012. The outlook for 2013 is projected to be just as bright, with homes increasing in value, a major plus for those looking to buy now and sell sometime in the future.
New homes in the area range from small starter homes to fabulous executive mansions. Although home prices are a bit higher here than in other areas of Texas, they are still far lower than those in business centers such as New York City and San Francesco. Average income is higher here than the rest of the state as well, so it averages out.
If you are looking to purchase a home in the Austin region, do your research. Learn about the various neighborhoods you are considering by talking with relocation experts and with local residents. A reputable, friendly real estate agent can give you inside tips on various neighborhoods.