Austin Texas Is Projected to Grow By 3.89% Per Year Through 2023
There’s no denying that Austin Texas has been growing fast over the last 10 years. We can see this on a daily basis with the increase in construction across the city but how fast is Austin projected to growing in the coming years?
Thanks to recent data from the Perryman Group, we know that Austin is projected to grow by 3.89% per year through 2023.
What does this mean for the city? 3.89% average growth per year means an overall increase of $30.7 billion in annual revenue.
“Almost 120,000 net new jobs are likely to be added (2.12% per annum growth), bringing wage and salary employment to nearly 1.2 million aggregate positions during the next five years. In particular, gains are projected to be high in the services sector, which is expected to add over 78,600 jobs by 2023, a 2.94% growth rate.” – Perryman Group
What Does This Mean for You?
If you’re thinking about buying a home in the Austin Texas area, now is the right time to make your move especially if you want to purchase real estate before home prices climb even higher.
The Federal Reserve has also said that they do not plan on increasing interest rates at all this year so this is another great reason for you to buy a home in 2019 especially if you want to beat any upcoming rate increases that are predicted for 2020
2019 will also be a great year for you to sell your home as well especially if you want to capitalize on demand for properties by home buyers who are relocating to Austin area from other cities in Texas and the United States.
Learn More About the Austin Texas Real Estate Market
To learn more about the Austin Texas Real Estate market, or to speak with me about buying or selling a home, contact me at (512) 944-7378 or click here to connect with me online.