News > Austin Growth Still on a Tear

published on 2016-02-01

For anyone living in Austin, it's not surprising to learn that Texas' capitol city topped Forbes’ annual list as the nation's fastest-growing population for 2015. In that year, Austin's numbers grew 3.15 percent. Forbes further projected a 1.56 percent growth rate for 2016. To make those numbers more real consider the fact that in 2014 the City of Austin had an estimated population of 843,000. The greater five county area population was at 1.9 million.

Assuming Forbes' analysts are correct, this means the Austin population grew by more than 25,200 people in 2015 (not including the outlying areas) bringing the total to about 868,200. An additional one and a half percent growth in 2016 means about another 13,000 residents will move into Austin. Naturally, they all need housing. New building starts have not kept up with the rapid growth. That, of course, is what has led to the double digit increase in home values over the past two years.

There is still a shortage of new condos and townhomes in Austin in spite of the frenzy of urban infill construction that can be observed on almost every corner of the Central Austin area. There are a couple of obvious reasons why. First, Austin has become a truly cosmopolitan city. It is home to an increasingly varied cultural mix and that has upped the ante for top quality dining and entertainment options. Austin is also now home to F1 racing and has cuisine and accommodations to rival the most sophisticated in the world.

Urban condo high rises are slowly filling the skyline as well. 5th & West Residences is one of the city's newest residential towers. This sleek, 39-story steel and glass highrise offers buyers elegant 1-4 bedroom condos in the heart of Austin's Market District. Residents enjoy three floors and 20,000 square feet of luxury amenities plus panoramic views (most of them unobstructed) of the city, Ladybird Lake and the Texas Hill Country.

These days Austin is known for more than being the live music capitol of world, it is also a mecca for businesses. Fortune 500 companies Dell and Whole Foods are already headquartered here. At the time of this writing, Apple is in the process of completing its new 1.1 million square foot office complex which will further anchor the city's already strong economy and add thousands of new high paying jobs, making urban Austin a more vibrant and exciting place to settle into an urban condo or townhome.

 

 

 

Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.

Related Links

• AUSTIN CENTRAL
• 5TH AND WEST

 

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