Austin, Texas (PRWEB) October 11, 2012
Austin, Texas has posted high private-sector employment gains for 84 of the past 100 months, earning it the ranking of a top market in the United States for long-term growth. “A look at the U.S. Bureau of Labor Statistics shows that most metropolitan areas are struggling to get their economic momentum going,” said Regent Property Group Austin REALTORBrian Talley. “Austin, along with two other Texas cities, is defying the odds, and that benefits everyone in the area, especially homeowners.”
Austin, McAllen-Edinburg, and San Antonio are the only three areas to post private-sector employment gains in 84 of the past 100 months. Austin posted gains of more than 1% in 80 of 100 months, and was No. 2 in a list of major metropolitan areas studied for evidence of gains, with 71 increases of more than 2%.
“Austin’s job market is both cause and effect of the swelling population,” Talley said. “More people are moving here, buying homes, and settling down because Austin has a reputation as a great city, and that growth fuels the need for more services. On the flip side, growing industries, like the technology sector, increase the population because of job opportunities.” More people lead to more Austin home sales, further impacting the economy beneficially.
Determining the top markets was done by measuring the consistency of economic growth over a lengthy period and identifying those markets that were able to expand steadily. The Bureau counted the number of times each market surpassed a pair of thresholds: annual growth rates greater than 1% and 2%. Long-term growth stability joined with rising Austin home prices and sales of Austin luxury homes, as well as a stabilizing housing market, further grow Austin’s allure for businesses and people from around the world.