Austin, Texas ranked first on Forbes Magazine’s list of America’s Fastest-Growing Cities and took the No. 2 spot for The Best Cities for Finding Employment Right Now. Austin offers excellent school systems, affordable housing, and a diverse range of employment opportunities. Austin is expected to have an economic growth rate of 6% a year through 2016, according to Moody’s Analytics. According to the Austin Chamber of Commerce, the wide range of employment opportunities is what has really helped Austin get through the financial storms.
Austin Known For Great Standard of Living
Throughout the country, Austin is known as a great place to live with a diverse population of highly-skilled individuals. This reputation has played a large role in influencing companies to flock to the area. Also, Austin is home to The University of Texas at Austin as well as several other higher education institutions, making it easy for large companies to recruit locally
Major Employment Sectors in Austin, TX
Austin’s major employment sectors include: technology, health care, business sectors, education, government and entertainment. Austin is seeing more and more high tech companies move in and set up shop. Some of the world’s largest companies have made their way into the city, including: Google, eBay/PayPal, Cisco, 3M Company, Apple Inc., and Hewlett-Packard. A few other large employers in Austin are The University of Texas at Austin, Seton Healthcare, and the State of Texas.
Austin to Gain More Jobs
With roughly 25,100 jobs predicted to open up in the next few years, homebuyers are catching on to the employment opportunities Austin has to offer. Companies like Apple, Progressive Insurance and Whole Foods are thriving and adding hundreds of new jobs. In fact, Apple is about to begin building a $304 million dollar operations center that will employ nearly 3,600 people. Also, Austin has been selected to host the Formula 1 Grand Prix from 2012-2021 and will bring in as many as 2,000 jobs. Out-of-state homebuyers are even following companies and flocking to Texas due to the extremely reasonably priced homes and property values.
Austin Economist Predicts Continued Job Growth
According to Angelos Angelou, an Austin Economist, Austin has already gained back every job it lost during the recession. Most of the job gains have been in sectors such as retail, education, health, hospitality and manufacturing. In about a year, Angelou predicts the current unemployment rate of 6% for Austin will drop to 5% in roughly one year. Austin’s office space has an occupancy rate at approximately 88% and is predicted to increase to 94% by the end of 2012. Lastly, single-family home sales are predicted to increase dramatically during the 2012-2013 year.
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