New construction projects may benefit Austin residents
The homes for sale in Austin are selling at rapid rates in many areas of the city, which has had a significant impact on the local economy. While Austin is displaying substantial growth in several areas, its construction industry is one segment that appears especially promising for Texas' capital.
Forbes recently examined how construction has leveled off in many regions since the economic recession of the late 2000s. Construction activity has failed to expand in certain areas, and the news source notes that Austin was one of the cities in which more construction projects have been occurring over the past few years.
According to the Austin American-Statesman, the city's downtown has been particularly attractive to those looking to move to the Lone Star State. Austin has added nearly 20 residential high-rises over the past 10 years, and the development of multifamily residences is anticipated in the near future.
"There's just an abundance of enthusiasm about downtown Austin, nationally," a local real estate expert told the newspaper. "[Austin's] on everyone's radar...Find another downtown in the country that has as much going on as Austin."
The news source points out that about 9,800 residents currently live in downtown Austin, but city officials have set ambitious goals for this area. By 2015, the city anticipates approximately 25,000 residents could call the downtown home.
"Downtown [Austin] appeals to a very wide demographic," a local housing expert told the news source.
While the enhancement of the downtown offers exciting prospects to the city and its residents, the development of a new stretch of highway from Austin to San Antonio could influence the area's expansion.
A new highway in Austin
An official with State Highway 130 Concession Co. recently told The Associated Press that a new stretch of highway from Austin to San Antonio will open soon. This 41-mile road could become a national attraction, as it will feature an 85 mile-per-hour speed limit for specified portions.
Motorists may be able to travel along the new stretch of highway as early as November 2012. This project may provide new opportunities to residents by helping them improve their commutes from Austin to San Antonio. These two cities are roughly 80 miles apart, and an increased speed limit may help commuters reach their destinations faster than ever before.
The construction projects being completed in Austin provide plenty of opportunities for financial growth to the city and its residents.