Austin regularly receives national praise for its population and employment growth, resiliency during the recession, and bright horizon ahead—not to mention its status as one of the hippest urban centers in the country. In fact, given its market outlook, the only downside to the city seems to be the fact that the Texas Longhorns finished with a losing record in football for the first time since 1997. Sitting happily on the positive end of that spectrum is Austin’s apartment market. Having fared extremely well during the recent economic downturn, the market has begun compiling stellar economic data that suggest a sustainable growth period lies ahead.
NUMBERS DON’T LIE
Recently, Austin has been recognized numerous times in national publications for its strength during the recessionary period and quick economic rebound leading out of it. The two most important factors fueling a healthy apartment market are population and employment growth—over the past decade, the city’s population has grown 37 percent, while employment growth in the past 12 months led the nation at 2.3 percent. What’s more, economists forecast Austin’s employment growth to be slightly higher for the coming 12-month period, at 2.6 percent.