austinBased on the data provided by economic development expert, Angelos Angelou at the 2015/2016 Austin Economic Forecast, Austin and Texas overall have had tremendous growth over the last decade. Below is a summary of what was discussed during this annual event.
- Over 66,000 people moved to Austin in 2014.
- 39,100 jobs were created, mostly in the professional and business services sectors
- It is estimated that over 69,000 jobs will be created in 2015 and 2016, mostly in the professional and business sectors
- Austin has the most expensing house process in Texas, averaging $300,000, which is up 187% since the 1990’s.
- Over 40% of Austin residents spend on average 35% of their income on housing.
- These high housing costs are making it difficult for a lot of familes/individuals to afford to live in Austin
- An estimated 3.6 million square feet of office space will be absorbed (leased) over the next two years.
- 18,500 houses and 16,500 apartment units are expected to be constructed over the next two years.
- The Austin economy will be primarily entrepreneurial driven with tech, medical, and life sciences leading the charge
- To remain competitive Austin needs to remain focused high education opportunities.
- The economic drives in Austin are population growth, technology, health & education, and the festival sectors which are led by SWSW.
- Commutes to and from work have increased by 57% from 2000 to 2013 and time and miles on the road continue to increase at a rapid pace.
- Personal savings rates have decreased.
Overall there have been a lot of good and not so good things that have occurred over the last few years. We still have a lot of work to do as all the good stuff could come to a screaming halt if we don’t address some of the most important issues Austin faces: 1. Lack of water sources. 2. high housing costs. 3. outdated transportation systems.