How is Austin growing so fast?
According to Forbes, Austin is the rockstar of small-business cities.
CNBC named Austin the #1 place to start a business.
American City Business Journals said Austin is the top city for “small business vitality.”
Sungard Availability Services says Austin is the top city for launching a technology startup.
Economic expansion in Austin continues to outpace nearly every large metropolitan area in the country.
So what is behind Austin becoming the place to start and grow a business?
- Central Texas has become one of the most digitalized job markets in the country, both among its tech-producing and its tech-using industries, according to a report from the Brookings Institution. Measured by the average penetration of digital tasks into jobs, Austin ranks 7th out of 379 metropolitan areas in the country.
- Austin’s labor market is nowhere near its ceiling. Angelos Angelou, a principal executive officer of Angelou Economics in Austin says, “Growth will only slow down because of our own inaction. Market forces want Austin to grow more, because we’re a great city to live in, a great city to enjoy the quality of life.”
- There are new engines of growth in Austin, according to Ray Perryman, stat guru, and CEO of Perryman Group. He said Austin’s growth will continue to come from a variety of sectors, aided by new engines such as Dell Medical Center and the expansion of Austin Bergstrom International Airport.
- Apple, Facebook, Amazon, and Google — the world’s biggest tech giants continue their multimillion-dollar expansions in the Austin metropolis. All of these giants including the latest tech titan to arrive in Austin, Oracle Corporation (the world’s second-largest software maker) have begun moving employees into newly constructed campuses.
- Innovation is everywhere in Austin. From e-commerce to groceries it’s here. Amazon’s purchase of Austin-based Whole Foods Market is disrupting the grocery industry. Austinites already see lower grocery prices since the Amazon purchase and should expect more radical change as Amazon gains more experience in the grocery market and has sharper data.
- Housing is hot and has been hot for the last 8 to 10 years. Demand for new homes in the Austin area has so far outpaced supply. In 2017, the median single-family home price in the Austin area crested at $300,00 for the first time, ever. Mortgage rates have also played a considerable role in the supply and demand for homes. Experts believe the home market will soften but not by much due to the mass growth in other economic sectors of the local economy.
- As more people come to Austin for new jobs, this creates new demand. The hottest areas for growth according to Michele Gary, vice-president of Endeavor Real Estate Group, will be downtown Austin, South Lamar Boulevard, Burnet Road, East Austin, The Domain and Southwest Austin. Austin should expect the most activity this year in restaurants, entertainment, retail services, and shopping centers.
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