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Market News and Trends

Austin Economy Growing


Austin Business Journal posted an article this morning about the growth in Austin’s Gross Metropolitan Product in 2010 — just under 7%, compared to 2.5% average GMP nationally.  Here is their source, from Business First of Buffalo:

Gross metropolitan products for 366 metro areas

Among all 366 metro areas analyzed, the Austin-Round Rock-San Marcos area was the 35th largest local economy.  It ranked 13th on GMP growth rate:

GMP Ranking By Rate Of Growth

Notice that most of the other cities on that list are much smaller economies.  Among the 50 largest metropolitan economies, the Austin/Central Texas area enjoyed the 2nd fastest GMP growth last year, only led by California’s Silicon Valley:

GMP Growth Rank Among 50 Largest

Obviously, Northern California experienced the housing downturn very differently than we did here:  According to the Case-Shiller Home Price Index through June 2011, the average home value was down 38% from the peak in May 2006.  Austin home values gained 16% over the same period.  That’s a difference that may last a long time given the size of the housing bubble that burst in California.

On the other hand, Northern California and Austin have been compared many times, and they have a lot in common in terms of technology-driven economies and entrepreneurial spirit.  It is great to see both growing.  These cities should be pacesetters for the national economy in the coming months and years.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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