Economy

There are currently 7 blog entries related to this category.

Everyone is always asking me as a Realtor, why are so many people from California moving to Austin?  I always tell them it's quality of life, cost of living, the schools and the people.  Texas is where you want to have a flat tire.  After living in Chicago, Boston, Miami, and London, coming home to Texas really reminded me of the overall good nature of a native Texan, it is remarkably different. 

But to talk about the numbers, a local lender, Steven Johnson sent a fascinating breakdown.  See below, and remember Texas has no state income tax, not to mention other things are significantly less expensive - home insurance, groceries, gas etc... it is all more affordable:

I did a little digging on the California state income tax website and the numbers

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According to the latest The Business Journals' On Numbers report, Austin's economy leads the list of 102 ranked US cities. Job growth is the real driving factor here as many large corporations, such as IBM and EBAY annouced plans to increase hiring in town. Ausin leads the nation in overall job creation over the past 5 years, a 11.8% increase since 2008, the next closest competitor being Houston coming in at 9%.
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Austin's strong real estate market is resulting in massive growth in the apartment sector as the city's 20-34 year old age group is expected to grow at 2.5x the nation average this year according to market research by Marcus & Millichap. Vacancy rates remain below 5% and rents have risen by an average of 5.7% this year alone. By the end of 2013, 6,300 new rental units will be available versus 3,850 in 2012. 20% of new rental units are slated for student and senior housing.

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According to a recent report by USAA, Austin is ranked 5th in the nation for opportunities for veterans to find jobs. This is the second year in a row that Austin has ranked in the top 10 on the list. Austin often ranks on lists of the "Best Places To Live" in the US, particularly because of the low cost of living (median home price is $186,800), high household income, low unemployment (5.3%), high job growth rate (3.4%) and booming economy.

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The planned UT Medical School is sure to be one of the biggest economic boosts to hit Austin in decades, but the details have been a bit vague thus far. Well that all changes tomorrow night (October 29th), as those who are leading the charge will be holding a forum at Austin's Dell Medical Center. So if you're looking for more information on this project head down tomorrow, parking will be available at the Brazos Garage located at 210 E. Martin Luther King Jr. Blvd.

Ground is expected to break on the school next year, which will begin accepting students starting in 2016. The teaching hospital is slated to begin operation sometime in 2017.

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Austin's reputation as a job creation juggernaut continues unabated. A recent monthy report measuring the economies of major US metropolitan areas ranked Austin at the top of its list with a score of 83.9 out of 100 based on 18 economic factors. Of the 102 cities measured, Austin is the only city nation-wide with double-digit percentage job growth in the past 5 years.
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Sometimes it feels like Austin's skyline is changing by the day. Massive steel cranes tower over the city and work tirelessly to accommodate the construction boom, particularly in Central Austin's Business District. Photographer Nick Simonite took to the skies to create his most recent photo essay chronicling the metamorphosis.
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