Is Austin a top spot for job growth?
Austin residents enjoy a wide array of employment opportunities, which is reflected in recent data. A team of local housing market experts said that Austin has posted job gains in 84 of the past 100 months, which has helped it earn a reputation as one of the top cities for job growth in the United States. This distinction could help attract more people to some of the homes for sale in Austin.
The local housing market professionals pointed out that Austin ranked second on a list of major metropolitan areas studied for evidence of employment gains. Additionally, Austin is one of three cities in Texas displaying job growth.
"Austin’s job market is both cause and effect of the swelling population," one of the local real estate experts said. “More people are moving here, buying homes, and settling down because Austin has a reputation as a great city, and that growth fuels the need for more services. On the flip side, growing industries, like the technology sector, increase the population because of job opportunities."
Could more people soon relocate to Austin?
Job opportunities could make Austin more attractive to employment seekers, which could significantly affect the housing market.
According to the U.S. Census Bureau, Austin's population increased 3.8 percent between April 1, 2010, and July 1, 2011. Meanwhile, the Texas population rose at a rate of 2.1 percent during the same time frame. While the Lone Star State features a vast array of employment opportunities, many people could be drawn to Austin to earn more here than in other areas of the state.
From 2006 to 2010, the median household income in Austin was $50,520, which was $874 more than the state's average during that period. The city also boasted a higher-than-average income than that of the Lone Star State between 2006 and 2010 - $30,286 and $24,870, respectively.
New employers continue to make their way to Austin, and they could open new doors to job seekers. The Austin Business Journal notes that Seton Healthcare Family and the University of Texas Southwestern Medical Center are one such example, as these groups opened the new Clinical Research Institute of Austin.
Seton Healthcare Family and the University of Texas Southwestern Medical Center opened the doors today to the new Clinical Research Institute of Austin on October 12, 2012. The facility could help bring new life-sciences companies and jobs to the area.