Austin is on top again! After a brief slip to #3, Austin is back up to #1 in the On Numbers Economic Index. The Index measures the relative vitality of 102 major metropolitan areas with populations of more than 500,000. Its 18-part formula assesses private-sector job growth, unemployment, personal earnings, housing-price appreciation, and construction and retail activity. The top 5 cities on the list include: Provo, Utah (2); San Jose, CA (3); Dallas-Fort Worth, TX (4); and Oklahoma City, OK (5).
Check out the graphic below to see how Austin measures up!
If it seems like everyone is moving to Texas these days, there’s a reason…they are!
According to the U.S. census bureau, Texas received the most new arrivals between 2011 and 2012 (210,590 new arrivals), distantly followed by North Carolina (60,106 new arrivals) and then Virginia (40, 844 new arrivals).
But why Texas? Here are just a few reasons people are relocating and making the Lone Star State home.
Now, you may have already guessed this but, many people are moving to the State for employment. Strong growth in the areas of energy, technology, manufacturing and business services in Texas has put the state on top in terms of job growth. In fact, according to Joel Kotkin, professor of urban development at Chapman University in Orange, California, four of the top 10 metropolitan areas for job growth in 2013 are in Texas.
2. IT’S CHEAPER
Lower median home prices, combined with an easier process of land acquisition makes it more affordable and less complicated for would-be Texans to call the state home. Dr Ali Anari, research economist at the Real Estate Center at Texas A&M University, says that a more abundant supply of land and fewer regulations make buying land/homes in Texas appealing to those looking to relocate.
According to Kay Bell, contributing tax editor at Bankrate, Texas is one of only 7 states in the U.S. where individuals pay no personal state income tax. And, according to Tax foundation Research, only 5 have a lower tax burden than Texas. This, combined with recent tax incentives & tax cuts to businesses, has many people and companies seriously considering a move to the Lone Star State.
Whether you were born & raised here, or just got here as quick as you could, watch out! Texas was also named the “stickiest state” by Pew researchers meaning, once you’re here, you may not be going anywhere anytime soon. But, with all that Texas has to offer, why would you want to? 🙂
According to the most recent housing forecast, Fannie Mae economists predict that existing-home sales will rise by 10.5 percent this year, and by 6.2 percent in 2014. The forecast looks even sunnier for new, single-family home sales, projected to grow 15.1 percent this year and an amazing 44.1 percent in 2014! Time will certainly tell if these predictions turn out to be true, but it seems like a great sign of a recovering housing market.
According to the Austin Board of Realtors, Keller Williams closed volume in Austin Texas dominated the competition in 2012. The Southwest Austin Market Center (the market center our team is part of) closed $1,121,481,375 worth of real estate transactions last year. When combined with the other Keller Williams Market Centers in Austin, our offices totaled over 2 Billion in Real Estate sales! We’re even more excited because 2013 is also beginning with some incredible momentum. Take a look at the chart below to see how we compared in 2012 to other national real estate firms.
According to a recent U.S. Census Bureau report, new home sales hit a 2 year high in November making the highest rate of new-home sales since April 2010, when sales were inflated by a temporary $8,000 tax credit for home buyers.
This month Austin moves up on the On Numbers Economic Index due to its employment growth and its stable housing market. Austin has consistently been ranked #2 on this index for the last few months, but this month it pushed past Oklahoma City to earn the top spot.
According to the report:
The number of private-sector jobs in Austin has increased by 7.9 percent since late 2007, easily the fastest pace in America.
Unemployment rates are lower than 5.5 percent in only 12 metros. Austin’s rate is 5.3 percent.
The value of a typical Austin home has risen 4.2 percent in five years, the fourth-best increase in the nation.
Other Texas cities to rank in the top 20 are Houston (3) and Dallas-Ft Worth (14). For more information and the full article, visit http://goo.gl/U7j2L
Things are looking good for Austin & the surrounding areas, here are some highlights from the Austin Chamber of Commerce’s most recent report:
Austin ranks number three in the nation in job growth with a 3.5% change over the last 12 months resulting in 28,200 new jobs. Public and all private sectors added jobs.
Texas had a combined public/private sector job growth rate of 2.6%. Four out of the top 10 cities for job growth were in Texas with Houston the number one growth market in the US
US showed an overall job growth rate of 1.4%
Number of Jobs
Austin has now added 44,200 jobs from it’s peak employment on November 2008
Texas has added 248,800 jobs from its peak employment on November 2008
The US remains 4.3 million jobs short of peak employment set on November 2007 (60 months ago!)
Austin has the second lowest rate of unemployment out of 50 largest metros at 5.3% vs 6.6% this time last year. (Houston by comparison dropped from 7.7% last year to 6.2% this year. Within the AUSTIN MSA, Travis and Hays counties have the lowest unemployment rate with 5.2%).
Texas’s unemployment rate is 6.3% compared to 7.6% last October.
The US October unemployment rate is 7.5% vs 8.5% last year.
Employment by Industry
Austin’s fastest growing segment over the last 12 months: Professional and Business Services – 10,700 jobs (or 9.1%)
Texas’s fastest growing segments over the last 12 months: Both Construction and Natural Resources grew by 7.1%.
Link to article: http://www.austinchamber.com/do-business/data-research/economy-perspective.php?utm_source=Focus+eNews+-+November+27%2C+2012+&utm_campaign=FOCUS+-+November+27%2C+2012&utm_medium=email
Mallett Integrity Team
Dripping Springs, TX 78620 PH: 512-829-2062