How is Austin's healthcare industry impacting the local real estate market?
Many Austin residents enjoy the area's robust economy, which offers a wide variety of opportunities to job seekers. In fact, those who are checking out some of the homes for sale in Austin might appreciate the growth of the city's healthcare sector.
According to the San Francisco Chronicle, healthcare is the second-fastest growing job segment in Austin. Additionally, the U.S. Bureau of Labor Statistics states that employment in the Austin area's education and health services sector increased 3 percent between July 2011 and July 2012.
As the local population is growing and aging, more healthcare employment opportunities are becoming available.
"The growth of the healthcare industry is also fueling the health of other fields, including software companies and financial management," a local real estate expert told the news outlet. "When part of Austin’s economy thrives, it positively impacts the entire city."
The effect of the healthcare industry on Austin
Greg Hartman, ministry president of Seton Family Healthcare in Austin, told the Austin Business Journal that he has seen a change in the city's demographic over the past few years.
"We are starting to get as old as the rest of the country," Hartman told the newspaper. "As you get that demographic change...then the utilization of healthcare continues to grow."
Due to the aging population, many healthcare providers could seek medical professionals to fill vacancies. Hartman notes that Seton is one of these providers, and said he expects the Austin area will need about 2,000 physicians to fulfill the needs of the region's residents.
Healthcare could expand throughout Austin. Many present healthcare providers could increase their services to help patients, and new doctors, dentists and other medical professionals could come to the area. These changes could lead to more healthcare options and employment opportunities for Austin residents.
For example, The College of Healthcare Professions in Austin provides various medical training programs. This school may see an increase in its enrollment as employment opportunities improve in the area. Meanwhile, the college might also increase its programs in the future if more people are interested in its offerings.
The healthcare industry could impact the housing market. Many people could consider taking jobs at different Austin healthcare providers, and could seek residences in the area. Home sales usually have a dramatic impact on a local economy, and the rising interest in Austin properties could help the value of the city's houses increase.