Austin Economy a View to the Future a Look at the Past

As recently reported in the Austin American Statesman, Angelos Angelou, a local economist, predicts that Austin will add an additional 29,000 jobs in 2014. That amounts to 2,415 a month, or on a daily basis, over 79 jobs a day! He further predicts that our unemployment rate, presently around 5% will job to about 4.8%. That means that just about anyone looking for a job can get one. For what is worth, the Texas Workforce Commission states that through November, the Austin job market grew 21,700 and that Angelou had predicted that Austin would see 29,000 additional jobs in 2013. Adding the monthly average of 2,315 jobs to 21,700 you end up with a projected new job figure of 24,115. Yes he missed the mark some, but that figure is still darn good! The rest of the USA is envious I’m sure.

Housing is still tight making this a great time to own Austin area real estate. In going over the figures for our new leases written in 2013, I find that the rents were up 7%. A remarkable figure is that we wrote “exactly” the same number of leases last year as we did this year.

So Happy New Year Y’all!

Austin Area Unemployment Rate

As recently stated in the Austin American Statesman the unemployment rate in our area hit a low spot not seen since 2008: 4.7%. We have the lowest unemployment rate in the state, and I bet it is also true for any major US city. Leading the charge to employment are the fields in professional, technical, and scientific areas. In a different article on a date, the paper reported that 27 new retailers opened in northwest Austin.

It all fits: this is a great area to live in with a good climate, except for summer but that is tolerable. No state income tax, reasonable real estate values, and an educated populace are the main reasons why companies are expanding here, moving here entirely, and why jobs are being created.

This area is a great place to invest in residential real estate while the prices are still low and with great financing still available. Moving here from San Jose California in 1981 after there for most of my live, I experienced the growth of that area. Now I get to do it again; I am twice blessed!

 

More Apples for the Austin Area!

Its official, Apple announced that they have begun building their Mac Pro Computers at their Northwest Austin plant, a $282 million dollar facility (now those aren’t small apples!). An additional 1,700 are anticipated as a result of this program with an average wage of $54,000 now and up to $73,000 within ten years.

Good news just keeps getting better!