Austin, Texas has been growing rapidly during the last decade. Many people and corporations move to Austin to live and conduct business there. It is even considered as one of the fastest growing metropolitan cities in the United States. Apart from Austin, many adjacent cities tend to be growing quite quickly and steadily as well. Since so many people choose to move to this area, there must be reasons for such a high growth rate.
The Census Bureau of the US reported Austin’s population equals to 790,310 residents in 2010. This year, the population of Austin equals 1,011,790 residents. This means that by this day the population of the capital of Texas grew by 28%. This is a very large increase considering that the population of the United States has grown by only 8%. To compare, over the same period, New York has grown by 4.5% while San Francisco gained 8.6% of new residents.
There are many reasons why Austin has been growing so rapidly. One of the leading reasons is that many corporations choose to establish their operations in Austin, which led to a booming job market in the area. Economic conditions of the area are very strong with the affordable cost of living for many people while the residents have enough resources to sustain a comfortable life for themselves and their families. Lower tax rates in Texas also play a role in attracting more people to move and work there. With lower tax rates residents of Austin get to afford more and even save more for the future. Lastly, Austin is known for being family-oriented, which means that a lot of families move over there to work and raise their children.
1. Growing Job Market
Austin has become a hot spot for many companies’ headquarters. Companies like Whole Foods, Dell, Freescale Semiconductor and many others chose to establish their headquarters in Austin. Austin also attracts the best talent from the technology and healthcare industry. Because of such an increase in corporate offices, companies that provide services to these corporations also started to establish their operations in Austin. There are many law, consulting and accounting firms that contribute to the job market. Because of such a steady increase in job opportunities, many professionals choose to move to Austin to pursue their careers there. The increase in the number of jobs has been steady, and there are no signs of slowing down, which means that Austin will likely to attract even more people in the future years.
2. Strong Economic Conditions
It is clear that Austin has a lot of opportunities for skilled workers, but it is not the end of the story. Even with an increasing number of people moving there, housing and utility prices were not increasing too much. Austin still has acceptable housing prices with a median house price being equal to $595,000. It is not the cheapest place to buy a house, but the opportunities and economic growth presented to the residents of Austin make the housing prices look attractive. Austin is also an attractive place to visit, so the tourism sector positively contributes to the economic conditions of this city.
3. Low Tax Rates
Texas is one of the seven states where residents do not need to pay state income tax. This makes it an attractive place to live for people with high salaries. Since many corporations pay high salaries to their employees, professionals who seek to build a high-paying career and save for a comfortable living, choose to move to Austin to reap the benefits of low tax rates. On the other hand, Texas residents pay one of the highest property taxes in the US of 1.8%, which raises many complaints among the residents who are not able to benefit properly from the absence of income tax.
4. Cultural Diversity
Austin is an affordable city to live in, but it is also a culturally rich city that is known for its music and creative scene. Austin is known as the “Live Music Capital of the World.” The city has never-ending music concerts and other music acts that make the city look more active and vibrant. It also has strong health and fitness culture with many people pursuing a healthy and active lifestyle. An important part of cultural diversity is the food scene. Austin is full of small local restaurants and food trucks that offer a huge variety of cuisines. The residents of Austin always have a full range of activities to choose from no matter what month of the year it is.
Because of good housing prices, Austin has been an attractive location to grow a family for a long time. People in Austin are family-oriented, which makes it a great place to raise a child since the neighborhoods tend to be well maintained and safe. It is a great city to study in because Austin provides many scholarship opportunities for post-secondary education. Austin tends to have a higher quality education with cheaper tuition fees given the abundance of scholarships available to students. A job market that requires skilled and educated workers may also promote the quality of education by engaging with students and motivating them to pursue higher education.