A recent article in the Austin American Statesman was touting (again) the robust local economy and the low unemployment rate in our area. The article cited the Texas Workforce Commission unemployment statistic for August at 3.8%, down from 4.2% from July. In April, 2020 that number was 12% so we have come a long, long, way. In comparison the August unemployment rate for Texas was 5.3% according to the article. Ray Perryman, a regular reader of local economic tea leaves was quoted as stating: “The strength in business and professional services is a distinct positive aspect of the report, as it indicates that offices are opening and resuming more normal activity.”
The article reminded the reader that Amazon is bringing 200 jobs to Kyle, 1,000 jobs to Pflugerville, and will add to their employment numbers at their Round Rock facility. And let’s not forget that Tesla is building a $1B plant in south Austin, and Oracle has chosen Austin for their new HQ, and Apple is building a $1B facility in north Austin.
Our other local reader of economic tea leaves, Angelos Angelou, was quoted as stating “…that Austin’s jobless rate “is only going to go lower.” That will ratchet up competition among employers for workers, he said.”
Folks, our area is where California was 50 years ago – I know because I was raised in San Jose, AKA “Silicon Valley” and moved here in 1981. Presently, there is a fantastic opportunity to create wealth by investing in local real estate. Yes, prices have increased, but so have the rents. And what hasn’t increased, interest rates. I consider myself to be very fortunate to have caught the real estate investment wave twice.
Don’t sit on the sidelines and watch the waves; instead swim out and catch it! Contact one of our REALTORS to learn if an Austin area rental might be a good fit to reach your investment goals. The consultation is free and there is no obligation.