The answer in my opinion is success itself. Let me explain. As per a recent article in the Austin American Statesman, the Austin area unemployment rate of 2.4 % is at a 20 year low. In comparison, the unemployment rate in December 2019 was 2.7%. This means that employers are having a tough job of finding skilled workers to fill positions. To put this in perspective, in 2000 there were 750,000 employed in the local area but today there are 1.23 million employed. That is an increase of 65%. So as it becomes tougher for employers to find employees the boom will have to slow. Mind you it will still be very good but just not as sweet. In my opinion major employers will still migrate and expand to the area and they are the ones with the big checkbook.
SMU economist Bernard Weinstein stated “Austin is booming because it has the right mix of industries for today’s economy,” including high tech, manufacturing, education and hospitality, . “It’s kind of the ideal economy for the current era”. Weinstein went on to state “But, baring a U.S. recession or a similarly unforeseen major disruption, Weinstein said he expects the Austin-area economy to outperform many other regions regardless and to attract more than its share of transplants seeking greener pastures.
So there you have it. The Austin area will continue to grow and prosper according to all of the local expert forecasters.
The right time to take advantage of the Austin areas success was yesterday by having purchased a residential rental in our area. But it’s not too late to do so and it would make for a great New Year resolution!