2008 Economic Outlook for the Austin, TX Real Estate Market

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2008 Economic Outlook for the Austin, TX Real Estate Market

By: Mick Owen

Austin will need an expanding housing market to sustain its migrating populations, due largely in part to the projected job growth in the years to come. Population growth of 42,000 is projected for 2008 according to the Austin-American Statesman. The multiple satellite secondary education campuses already located in the city provide a vibrant and younger population base.

As the state capital and seat of Travis County, local, state, and federal government employs more than 150,000 workers, and that is expected to increase, according to the Texas A&M Real Estate Center. As an education hub, with the University of Texas and more than 20 other colleges within 30 miles, and several large public school districts, Austin will need more education workers.

Population growth, job growth, housing starts and personal income growth are all other factors to consider however, an examination of the output of goods and services in a metro area was perhaps the purest method of determining how vibrant an economy will be several years down the road. At a 4.3 percent growth rate, the Austin-Round Rock, Texas sits at #5 in the top 10 metro areas. [Source: The Associated Press, Paul J. Weber (03/27/08)].

Real estate in Austin offers so many options to home buyers, make sure you explore every option available to you. You can get Free Austin property updates here.

Venture capital continues to fund promising startup companies in fields ranging from cutting-edge semiconductor design to Web software tools, creating the foundation for more job growth. Austin Ventures, the dominant source of money for local startups, is raising money for a $600 million fund, its first new fund since 2005.

A recent study reported by Texas economist Ray Perryman shows that simulation of Austin's housing market suggests that average annual demand for residential housing units would exceed 12,000 units in the case of the very conservative 0.5 scenario migration rate. At an expected migration rate of only 1%, the demand would obviously be much higher. Perryman says that if even less than one percent of the current greater Austin population moved downtown, then all unfilled existing and planned downtown Austin residences would be occupied. Austin Mayor Will Winn is among many professionals and civic leaders who are encouraging the development of the downtown and the Central Austin area as a desired residential location.

While real estate investing may not be glamorous, the producers of the various “house flipping” TV shows have done a fantastic job on generating interest with their theme music and lack of adequate financial information. If you want to get on the road to investing in real estate, continue reading articles and doing online research such as Investment Opportunities in Austin, Texas.

Article Source: http://www.find-investment-advice.com

David Owen David Owen is a Realtor and Home Builder in Austin, Tx and is the President of PrideOfAustin

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