Economic expansion and job growth will drive recovery as interest rates rise. Recovery in the housing market augers for continued improvement in U.S. commercial real estate over the next two years.
Despite challenges – including gradually rising interest rates and government spending cuts – the outlook for commercial real estate is positive. The U.S. economy is expected to grow by 1.9% in 2013 and accelerate to 2.8% in 2014. This growth will spur the creation of 4.8 million jobs over the next two years. As job growth accelerates, so too will demand for commercial real estate, leading to continued improvement in vacancy rates. …Read Entire Post
Governor Rick Perry recently cited a report released by the Brookings Institution – the latest to highlight the Lone Star State’s strong jobs climate. The report found that Texas leads the nation in job creation with Austin, Houston, Dallas, San Antonio, Dallas and McAllen creating more jobs now than before the recession. According to the report, Austin saw the highest percentage increase in jobs of any city in the nation. …Read Entire Post
Site Selection awards the Governor’s Cup each year to the governor of the state with the highest number of qualified capital investment projects the previous calendar year. Texas is back in a big way with a commanding first-place finish in the 2012.
“This is a confirmation of the men and women of the Texas legislature understanding that if we will continue with the predictability and stability of tax and regulation and legal policy that allows entrepreneurs to keep more of what they earn, then we will become the job creation magnet in America,” Gov. Rick Perry told Site Selection on February 21st. “That is what has happened.” …Read Entire Post
For the third year in a row, Forbes named Austin at the top of its list of Fastest Growing Cities. Acknowledging Austin’s pool of bright talent and pointing to the presence of mega corporations as well as the University of Texas at Austin, Forbes called the Capital City an economic powerhouse.
Click to read America’s Fastest Growing Cities (Forbes, 1-23-13)
Using data from the U.S. Census Bureau and the Council For Community and Economic Research, personal-finance website NerdWallet ranked 26 U.S. cities based on four factors (population growth, income, unemployment rate and cost-of-living) and placed Austin at the top of its list of 10 Best Cities to Find a Job in 2013.
According to NerdWallet, Austin offers the best combination of attractive qualities for those looking for work – like low unemployment, decent salaries and reasonable rents. It’s also a fast growing city with burgeoning biotech and tech sectors.
Click to view NerdWallet’s top 10 winners:
The Austin metropolitan area had 24,200 more private sector jobs in October 2012 than it did in October 2011. According to On Numbers, the gain ranks 15th in the country and when it’s looked at as a percentage gain, Austin’s 3.83 percent ranks No. 4 in the nation.
Click to read entire article: Austin gains 24,200 jobs in a year (Austin Business Journal, 12-14-12).
At his annual economic event, local economist Angelos Angelou predicted that Austin’s future continues to look bright. According to numbers compiled by AngelouEconomics, the Austin area had a great 2012 with 65,500 new residents, 26,300 new jobs, 1,120 new businesses and $722 million in venture capital investment.
Austin’s growth will continue to be driven by its own unique brand of entrepreneurship, the tech sector, real estate and entertainment. About 28,000 new jobs are forecast for 2013, and 2014 is projected to yield more than 30,000 new jobs.
Click to read Austin’s boom to continue through 2014, economist says (Austin Business Journal, 12-11-12).
Austin is one of only five metropolitan areas in all of North America to rank in the top 70 of the 300 fastest-growing metropolitan economies worldwide, according to the report by the Metropolitan Policy Program at Brookings Institution.
Austin ranks No. 61 after experiencing a major recession and partial economic recovery. From 2011 to 2012, employment in the Austin metro area increased by 3.1 percent as real GDP per capita rose by 0.9 percent.
Other variables included population and nominal GDP. Houston is the highest ranked U.S. city on the list at No. 40.
Click to read entire article: Austin ranks in world’s fastest-growing economies report (Austin Business Journal, 11-30-12)
Citing the booming technology sector and other company expansions includng Apple Inc., Seton HealthCare Family and General Motors Co., local economist Angelos Angelou revised the number of jobs he projects the Austin area will see by the end of the year — from 19,000 to 25,000.
Click to read entire article: Local economist ups Austin jobs projection (Austin Business Journal, 9-17-12)
Austin is one of the highest-rated markets in the United States for economic health.
At No. 2, Austin “is setting the pace for private-sector job growth, boosting local employment by 7.1 percent since 2007,” On Numbers said in the September version of its Economic Index, which measures the economic health of 102 major metropolitan areas.
Click to read full article: Austin No. 2 in Economic Index Report (Austin Business Journal, 9-10-12).