Austin leads the way in downtown job growth

austin riverAlthough most newcomers choose to live a suburban life, job growth in Central Austin is now outpacing job growth in the suburbs, according to a new report from City Observatory, a Portland, Oregon-based think tank.

In fact, Austin now leads all other U.S. cities in terms of the percentage of its overall workforce working downtown and in downtown job growth.

According to the report titled “Surging City Center Job Growth,” the downtown-oriented job growth in Austin mirrors trends seen in metro areas across the nation, reversing suburban-oriented job growth trends that stretch back more than 50 years.

As recently as the five years from 2002 to 2007, job growth was still suburban-oriented around U.S. cities. Then, job growth in suburban areas was growing at about 1.2 percent annually, compared to 0.1 percent in urban cores. But between 2007 and 20011, a switch happened, with job growth in urban cores rising to 0.5 percent annually, while suburban jobs shrank by 0.1 percent.

In Austin, the urban core job growth flip has been more dramatic. Between 2002 and 2007, city-center job growth in Austin was about 0.6 percent annually and suburban job growth was about 3.1 percent annually. Between 2007 and 2011, though, city center job growth in Austin surged to 3.4 percent annually while suburban job growth slowed to 2.3 percent annually. That’s the fastest-growing urban core job growth in the nation in that time. Austin, with 28.8 percent of its jobs located in the urban core, now has the highest level of core employment in the nation, ahead of even New York City, which only has about 23 percent of its employment in its urban core.

But while Austin’s new jobs are moving downtown, Austin’s overall population growth has, recently, been driven by growth in the suburbs, a fact underscored in a recent Austin Business Journal cover story that found that more than 62 percent of the Austin-area’s population growth since 2010 has been centered in about 54 suburban census tracts, with the fastest growing areas being Pflugerville, Round Rock and San Marcos.

 

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Hispanic Owned Businesses Are Thriving in Texas

By: Robert Grattan

Austin Business Journal

Hispanic-owned businesses are continuing to drive U.S. economic growth, with more than 3.16 million companies nationwide – up nearly 40 percent since 2007 despite a tough economy, according to a study by Geoscape International Inc. and the U.S. Hispanic Chamber of Commerce.

hispanic_owned_bizThe West South Central region, which includes Texas, Oklahoma, Arkansas and Louisiana, saw a 43 percent expansion in the number of Hispanic-owned businesses between 2007 and 2013. The region was surpassed only by the East South Central at 59 percent growth – including the states of Kentucky, Tennessee, Alabama and Mississippi – and the South Atlantic – the Southeastern seaboard – at 52 percent.

The study also states that total sales receipts for Hispanic-owned businesses have increased from $254 billion in 2002 to a projected $468 billion in 2013. That’s largely due to an influx of new businesses.

“The Hispanic population has been starting and growing new businesses at nearly twice the rate of the general population,” the study by Miami-based Geoscape said. “This trend has continued for more than 10 years.”

Some 56 percent of Hispanic business owners earn greater than $50,000 in annual income, while Hispanic business owners are 66 percent more likely than Hispanics overall to earn between $100,000 and $149,999 and three times as likely to earn more than $150,000, the study showed.

Realty Austin’s ACL Music Festival Ticket Giveaway

Love Where You Live Photo Contest

love where you live

Do you love where you live? Enter our Love Where You Live Facebook Photo Contest for a chance to win a pair of Austin City Limits Music Festival wristbands! We are giving away two pairs of ACL wristbands to two winners with the best photo entries. All you have to do is take a photo of your favorite place in Austin, post it and tell us why you love it. Winners are chosen by popular vote and will be announced on Monday, September 30th, 2013.

ENTER FOR A CHANCE TO WIN A PAIR OF ACL WRISTBANDS  Two Ways To Win:
1) Enter our Sweepstakes
• LIKE us on Facebook!
• SHARE this photo.
• TAG who you’ll bring when you win in the comments below.

2) Enter our Photo Contest
• POST your own photo of what you love about living in Austin to our Photo Contest here: http://ez.com/loveliveatx
• TELL us where you took the photo.
• INVITE your friends to vote.
• PHOTO with the most votes wins!

Winners announced on our Facebook Page on September 30, 2013.

Visit Realty Austin’s Facebook Contest to submit your photo entry:

https://www.facebook.com/realtyaustin?sk=app_226105637428999&app_data=Love-Where-You-Live-Photo-Contest-1

DATES & ELIGIBILITY

  • START: August 30, 2013 @ 11:00 am (US/Central)
  • END: September 30, 2013 @ 11:00 am (US/Central)
  • ELIGIBILITY: You must be at least 18 years old to enter.

1813 Creek Ledge in Round Rock offered at $238,900

1813 Creek Ledge:

  • 4 bedrooms
  • 2.5 baths
  • 3 living rooms
  • cul-de-sac location
  • Round Rock ISD
  • Close to Dell

 

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For More information on this listing or to for help finding a home in Austin, Texas contact Ruth Powers at Realty Austin:

ruth@realtyaustin.com

512.964.3434

Is Austin’s housing boom creating a bubble?

austin riverThere’s no question that right now Austin is a seller’s market. Even with buyers spending tens of thousands of dollars over the asking price, new numbers released Tuesday show Austin home sales are up 32 percent compared to this time last year.

 

Additionally, homes sales here are the highest they’ve been for nearly a decade, and prices are up eight percent.

This rapid growth has some wondering whether the boom will become a bubble. Continue reading