From a recent article in the Austin American Statesman: According to the Kenan Institute of Private Enterprise at the University of North Carolina, Austin’s estimated regional gross domestic product — the total value of goods and services produced in one year — increased by 4.3% this year, second only to San Francisco’s growth at 4.8%. Austin’s GDP ranks as the 22nd-largest in the country, according to the report. And while cities like New York, Los Angeles, Chicago and Dallas have larger GDP outputs, only Austin and San Francisco grew by more than 4% during the year, with Seattle coming in third at 3.5%, according to the report.
And what is causing this growth? Why tech of course. San Francisco, Austin, and Seattle are the major tech hubs according to the report. Austin has seen major growth from Oracle, Tesla, Google and Amazon. And let’s not forget Mr. Tesla, er, Musk and Samsungs commitment to build a chip plant nearby. And to this the high concentration of venture capital, warm climate and vibrant cultural offerings and you have a recipe for success and really a boom.
The article went on to state: Experts say, however, that Austin’s housing market should keep humming along due to job growth in the region. We have seen businesses relocating to the area at a historic rate.