What does the future hold for Austin?

What does the future hold for Austin?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 outdated transportation systems.

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