A recent article in the Austin American Statesman states that the Austin area has seen more proportionate population growth than any other major U.S. city over the past ten years. Reportedly the average population growth in our metropolitan area is 55,550 people annually, about 150 people a day. This area includes the counties of Travis, Williamson, Hays, Bastrop, and Caldwell.
Half of the migration to our fair area is reported to be from other Texas cities, namely Houston, Dallas, and San Antonio. Frankly, I found this information surprising but really does anyone really, really, really want to live in Houston or Dallas? San Antonio I can understand.
The report stated that 7% of the folks who moved here in 2017 were from other states which was the highest share among U.S. metropolitan areas. The reviewed census data revealed that thousands of people pour into our area yearly from California, New York, and even sunny Florida. San Francisco, Los Angeles, and New York were the cities has having contributed the most new citizens showing up in our area (no surprises there!).
So why is all of this happening? Companies have found that it is cheaper to expend here than it is to expand from states such as California, New York, and Washington. This creates jobs, and the folks move along with the expansion or new hires are found to fill those positions.
And what does this mean for us investors in Austin area residential real estate? It means profit!
Rick Ebert / Austin, Texas / 28 Feb 19
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