Austin Real Estate Scene

I wanted to give you some market statistics that we heard from the Austin Chamber of Commerce from a meeting we had this week.

• In the past ten years, Austin’s population has increased by 487,000.
• 1,000 persons per week are moving into Austin MSA
• By the year 2030, Austin’s MSA population is predicted to be 3.5 mil
• Williamson county has increased by 53% since 2004.
• Williamson county population is expected to be 1 mil by 2030
• 20% of jobs in Austin require a Bachelor Degree
• 42% of workers have a Bachelor Degree creating approx. 80K workers are underemployed
• Professional/Business Services have added the most jobs in the last 12 months
• Since 2000 Austin MSA has experienced approx 14% decline in Hi Tech jobs
• Hi Tech compensation has declined 7% since 2000. Private sector wages have increased 6%
• There are approx 3000 Hi Tech companies within the Austin MSA which comprise 33% of total payroll
• The average income for Hi Tech workers is $80K
• Residential building permits peaked in 2005
• Austin had an average of 4 months inventory of residential properties available for purchase in 2007. In 2008, this number has increased to 4.7 months. The nationwide average is 6 months, so Austin is below the average in respect to residential inventory.
• Austin is one of the nation’s biggest targets in Venture Capital.
• Austin’s MSA population is less than 7% of Texas’ population, but holds 48% of Venture Capital funding in Texas.
• 129 companies relocated to Austin since 2004
• 34 companies relocated to Austin from other cities within Texas. California follows in second with 29 companies relocating to Austin, and 17 companies have relocated internationally to Austin.
• The Chamber’s plan is to bring 72K jobs to Austin within the next five years
• And last, but not least………By the time you drive home this evening, there will be 84 more vehicles on the roads than there were whenever you went to work.