#6Fastest Growing U.S. Market for 2007
July 1, 2000: 1,264,739
July 1, 2006: 1,513,565
Percent change: 19.67 percent
* Population statistics from the U.S. Census Bureau
Percent change: 7.03 percent
* Job statistics from the Bureau of Labor Statistics
|Table of Contents|
|The Top 10 Fastest Growing Markets in America|
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|
The city of Austin grew by just 9.22 percent from 2000 to 2006; most of the growth was concentrated outside the city itself. Within the city, significant growth occurred in the population of children under five, as well as in older age groups, such as the 55 to 59-year-old age group, which grew by 63.30 percent. The 25 to 44-year-old age group grew moderately, while the 15 to 24-year-old age group declined.
Austin’s cost of living is below the national average, and the city is well known for its affordable living in comparison to other major business centers, according to the Greater Austin Chamber of Commerce.
Austin is home to the University of Texas at Austin, one of the largest universities in the U.S., with almost 50,000 students and 21,000 faculty and staff, making it Austin’s largest employer and one of the largest in the state, according to the university’s website. The university generates $6 billion in business activity and creates more than 80,000 jobs and more than $2 billion in personal income annually, according to the university’s website.
The birthplace of Dell computers, Austin is known for its high tech jobs and industry. Dell is the area’s largest private sector employer, with 17,000 employees, and other major employers include the Austin School District, the City of Austin, the federal government, IBM, Seton Healthcare Network and the State of Texas, according to the Greater Austin Chamber of Commerce.
Within the city of Austin, a few industries saw negative job growth, while others had significant increases. Manufacturing jobs declined by 28.83 percent, and double digit declines also occurred in information and in transportation and warehousing, and utilities.
Austin is known for its affordable living in comparison to other major business centers. Jobs increased by 49.14 percent in construction and by 28.30 percent in arts, entertainment, and recreation, and accommodation, and food services. Austin also saw double digit growth in finance and insurance, and real estate and rental and leasing; professional, scientific, and management, and administrative and waste management services; and educational services, and health care, and social assistance.
Overall, the MSA saw job growth slow and even decline from 2000 to 2004, after which the market recovered and experienced annual growth in the 2 to 4 percent range, with growth increasing each year.
Although construction jobs in the city grew from 2000 to 2006, building permits in the MSA declined substantially from August 2006 to August 2007, and construction job losses may follow. Single family building permits in the MSA declined by 31 percent from August 2006 to August 2007, and multi-family permits declined by 1 percent, for a total decline of 22 percent—a slightly less dramatic decline than the national average of 24 percent, according to the National Association of Home Builders (NAHB).