My latest talking points about growth in Austin in preparation for a
Leadership Austin panel tomorrow:
“List-topping” economic performance
The Austin metro area (MSA) economy grew by 47% between 2001 and 2012, second only to Houston among large metro areas (GDP > $50 billion).The Austin MSA ranked #1 in job growth (23%) among large metros of 500,000+
population between 2001 and 2012.
People move to strong economies
The Austin MSA is adding about 60,000 residents per year, fueled by people
moving here because of the strong economy. Travis County gained (net move in
move out) about 5,900 people per year from other states between 2000 and 2010, including 1,600 per year from California. While California gets the most
attention, most people moving to Austin come from other parts of Texas. Harris
County (Houston) was the largest “donor” county to Travis County at 588 people per year, far outpacing places like Los Angeles.
Austin is getting much wealthier
In 2000, 14% of households in Austin (city) had incomes of at least $100,000.
In 2012, it was up to 24%. In 2000, households with incomes of less than $15,000 outnumbered households with incomes of $100,000 or more. In 2012, $100,000+ households outnumbered < $15,000 households by almost two to one. This is a remarkable shift in the city’s demographics in a very short amount of time and can go a long way toward explaining why housing is so expensive, especially in centrally located neighborhoods.
But not everybody is sharing in Austin’s growing prosperity...
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