There are more than just beautiful parks, near-year round sunshine, and exciting nightly live-music attracting people to Austin! Recent reports from economist Angelos Angelou show a promising rise in employment opportunity in the capital city. Austin is expected to have 28,000 new jobs in 2013 alone, with 30,000 new jobs in 2014. Apple recently announced a significant employment increase in its Austin Northwest campus, which will only further support the growing NW Austin home sector. Northwest Austin has experienced a recent boom in new home construction with the arrival of Samsung Austin Semiconductors, and Facebook’s 200-position Austin campus.
Tech isn’t the only industry moving to Austin. The city was buzzing with the November launch of the Circuit of the Americas Formula-1 track. This event piqued the curiosity of perspective global businesses seeking a growing market and made Austin a bright standout. Forbes estimates show the race brings in 300,000 people to Austin each race weekend- with the average person spending $1,500- giving local business owners something to cheer about.
Andelos’ report also suggests a potential home shortage, with 130,000 people expected to relocate to the city in the next two years. What does this mean for perspective homebuyers? Buy now while you can! The single-family home inventory in Austin is already at a low (Yes, this is great if you would like to sell. Austin home prices have risen 2.9 % in the last 12 months alone!). New-home developments and master planned communities are on the rise. The Austin Mueller, Steiner Ranch, Circle C, Rough Hollow and Barton Creek communities have seen success while multiple apartment and condo projects are also popping up throughout the city. With a plethora of options, leasing remains tight. Investors, get ready!
It’s hard to not want to live in a city that offers such a well-rounded atmosphere: great people, plethora of entertainment options, health-conscience vibe, quirky hidden gems and plenty of economic opportunity (not to mention, a favorable real estate climate!). These are still only a few reasons people are choosing to relocate to our beautiful city.