New jobs have positive effect on Austin's housing market

In the years since the economic downturn of the late 2000s, many American cities have tried to recoup some of their losses by making a strong push to bring jobs to the region.

One city with particularly robust results has been Austin. Texas' capital city has taken many steps to lure new companies to the region and create an abundance of new job opportunities. This, in turn, has helped the housing market bounce back, and people considering one of the houses for sale in Austin will find that houses in this region are steadily gaining value.In the years since the economic downturn of the late 2000s, many American cities have tried to recoup some of their losses by making a strong push to bring jobs to the region.

One city with particularly robust results has been Austin. Texas' capital city has taken many steps to lure new companies to the region and create an abundance of new job opportunities. This, in turn, has helped the housing market bounce back, and people considering one of the houses for sale in Austin will find that houses in this region are steadily gaining value.

Visa brings new jobs
One example of the push to improve Austin's economy is the success of a recent effort to convince VISA to build a new global IT center in the city. The new plan, which was announced recently by Gov. Rick Perry, will lead to 794 new jobs and millions of dollars in capital, according to KXAN.

According to the source, Austin officials worked hard to craft an enticement package that would persuade VISA to build the center. The package includes a performance-based grant, which amounts to more than $1.5 million in incentives.

"Here in Texas, our commitment to low taxes, reasonable regulations, fair courts and equipping a skilled workforce have kept our state at the forefront of job creation," Perry said. "Visa's decision to build a global IT center in Austin is a great fit with our skilled workforce and Central Texas' reputation as a hub for high tech companies."

By employing Austin resident's, VISA is playing a role in the continued growth of the region's economy, which has been steadily strengthening since 2010.

Continued economic growth
After taking a significant hit in 2008, Austin's job sector has been improving much faster than many other regions. VISA's recent plans are typical of the city's success at luring big companies and promoting small businesses. In fact, recent data from the U.S. Bureau of Labor Statistics sings a familiar tune - the city's unemployment rate dropped again recently. According to the source, only about 5 percent of the city's residents remain unemployed, a percentage significantly lower than the national average and nearly 2 percent lower than the city's rate at the beginning of 2010.

As businesses continue to come to Austin to expand, many residents from other cities are drawn to the area who seek stable, high-paying jobs.

Continued population growth
Austin's strong job market has helped the city become one of the fastest growing cities in the country. According to KVUE, the city has added more than 150,000 residents since 2010. This brings Austin's population to 1.8 million, and the city shows no signs of slowing. In the next decade or so, the city could double or triple in population, according to the source.

Austin continues to be an attractive destination due to its favorable climate, strong education and growing cultural scene. In fact, according to the Fiscal Times, Austin's attractiveness has helped the city's rental market approach an all-time high in terms of rents and occupancy rates.

Effect on housing market
Unsurprisingly, the job growth and population influx have had a strong effect on Austin's housing market. According to a recent study conducted by the Austin Board of Realtors (ABoR), home sales climbed 37 percent between October 2011 and October 2012. The high demand has also contributed to a five percent uptick in median home price.

"We've got lots of good things going on in our marketplace right now," ABoR Chairman Leonard Guerrero told KVUE.

Visa brings new jobs
One example of the push to improve Austin's economy is the success of a recent effort to convince VISA to build a new global IT center in the city. The new plan, which was announced recently by Gov. Rick Perry, will lead to 794 new jobs and millions of dollars in capital, according to KXAN.

According to the source, Austin officials worked hard to craft an enticement package that would persuade VISA to build the center. The package includes a performance-based grant, which amounts to more than $1.5 million in incentives.

"Here in Texas, our commitment to low taxes, reasonable regulations, fair courts and equipping a skilled workforce have kept our state at the forefront of job creation," Perry said. "Visa's decision to build a global IT center in Austin is a great fit with our skilled workforce and Central Texas' reputation as a hub for high tech companies."

By employing Austin residents, VISA is playing a role in the continued growth of the region's economy, which has been steadily strengthening since 2010.

Continued economic growth
After taking a significant hit in 2008, Austin's job sector has been improving much faster than many other regions. VISA's recent plans are typical of the city's success at luring big companies and promoting small businesses. In fact, recent data from the U.S. Bureau of Labor Statistics sings a familiar tune - the city's unemployment rate dropped again recently. According to the source, only about 5 percent of the city's residents remain unemployed, a percentage significantly lower than the national average and nearly 2 percent lower than the city's rate at the beginning of 2010.

As businesses continue to come to Austin to expand, many residents from other cities are drawn to the area who seek stable, high-paying jobs.

Continued population growth
Austin's strong job market has helped the city become one of the fastest growing cities in the country. According to KVUE, the city has added more than 150,000 residents since 2010. This brings Austin's population to 1.8 million, and the city shows no signs of slowing. In the next decade or so, the city could double or triple in population, according to the source.

Austin continues to be an attractive destination due to its favorable climate, strong education and growing cultural scene. In fact, according to the Fiscal Times, Austin's attractiveness has helped the city's rental market approach an all-time high in terms of rents and occupancy rates.

Effect on housing market
Unsurprisingly, the job growth and population influx have had a strong effect on Austin's housing market. According to a recent study conducted by the Austin Board of Realtors (ABoR), home sales climbed 37 percent between October 2011 and October 2012. The high demand has also contributed to a five percent uptick in median home price.

"We've got lots of good things going on in our marketplace right now," ABoR Chairman Leonard Guerrero told KVUE.