The capital city of Texas, Austin is ranked topmost as one of the cities that attract investors in the whole of the United States. There is no sign that the city is slowing down soon. In the last decade, the city has witnessed tremendous transformation in housing and an economic boom. This has attracted more people to the city.
During the pandemic, the city witnessed a halt in its rapid development. It has, however, been able to come out of the pandemic stronger. Tesla, among many other big companies, has either relocated to Austin or opened a new headquarter there. Forbes also ranked the city as a great potential for the future. What is then the growth potential of the city? Check out this article for more information about the future of Austin.
The future of Austin, Texas
With a thriving economy in 2022, Austin, Texas is projected to experience more boom after the economy has been able to bounce back from the effects of COVID-19. Austin’s growth in the last decade is tremendous, and imagining what the future will look like in the future could be a great task. Nevertheless, this article will project into the future. Below are some of the likely things that will happen in the future.
More people in Austin
The current data from the census board shows that the Austin population is experiencing rapid growth. Many industries and people have relocated to the city for work and business. According to the Census Bureau, in the last decade, the population of the city has increased by about 3 million people. This data makes the city one of the fastest-growing in the whole of the country.
Also, the growth in the population of the city will improve the political fortune of the city. The census board stated that there will be additional congressional seats for Austin. Also, during the next presidential election, Austin will be having two additional votes at the Electoral College.
More job opportunities
As more people are moving to Austin in pursuit of the American dream, more companies are also moving to the city. This implies that the population growth will not affect the number of available jobs. According to Forbes, the city is ranked as one of the best places to find jobs and work. Not only that, the wages of an average worker in Austin are higher than the national average of 2.6%.
Due to the influx of people from different backgrounds and the presence of big tech companies, there are more educated people in Austin than in some other big cities in the country. A Forbes report stated that the majority of people living in Austin hold at least a bachelor’s degree.
Other numerous factors make Austin a smart city apart from many educated residents. One of such is improved citizen service and the technology that will connect differently.
The growth potential of Austin, Texas
It is no news that Austin is developing rapidly. From the big towers that are springing up in the city center to other big companies that are moving to the city. You will likely see cranes anywhere you turn in the city. The truth is the city is growing and there are a lot of other potentials that would bring more growth in the future. Highlighted below are some of the growth potential of Austin.
The Austin City Council recently started negotiations with some partners that will see to the turnaround of health policies and parking garages and housing in the city. The project is called the Innovative District for a reason. The project will create more jobs for the residents and more revenue for the state.
After completion, the project will be a combination of healthcare, business, academic, and public tenants. This includes affordable multi-bedroom housing, an art venue, live music, onsite childcare, and other publicly accessible places.
South Central Waterfront
The plan to develop the South Central Waterfront was adopted by the City Council in 2016. The project is expected to span more than 2 decades, which includes the development of 118 acres. The Austin American Statesman property is also included in the area marked for redevelopment. Some of the properties are expected to be up to 40 stories.
The project, which is expected to cost more than 200 million dollars, is expected to develop affordable housing units, and extend the Barton Spring Road, Waterfront Park, and a lot of other public spaces. To finance the project, the management of the project is planning to create a tax increment zone, which is yet to be approved by the City Council.
The Texas Capitol Complex aims to harness all the state agencies. Not only that, the project will include the construction of a pedestrian mall on Congress Avenue. The Capitol Complex, 895 million dollars project is expected to be completed in three phases.
The first phase of the project is expected to be completed later in the year. This includes a new State office building, a water utility plant, and a pedestrian mall. The second phase of the project is expected to be completed in 2025 while there is no time frame for the completion of the last phase.
Though not one of the biggest projects in Austin, the project is expected to transform some areas in the northern part of the University of Texas campus. This Moody Center is expected to serve as the replacement for the Frank Erwin Centre, which will be demolished.
The Moody Center will not only be a replacement for the former iconic site, but it will also include new additions such as a new multipurpose arena and an addition to the Medical Center Campus and several other transformations. About 338 million dollars is budgeted for the project and it is expected to be completed later this year.
The River Park or Mixed Development is a 97-acre project that will include affordable housing, shops, hotels, office spaces, parks, and others at the intersection of Riverside Drive and South Pleasant Valley Road. The project is expected to kick start in 2023. It will be in phases and it will span two decades.
Though the River Park project has generated a lot of controversies and protests. This is because some people such as the University of Texas student government opposed the idea of demolishing affordable properties in the affected area. Some changes have been done and subsequently approved by the City Council.
Reason for the population surge in Austin, Texas
The population of Austin has been increasing sporadically in the last ten years. The Census Bureau even stated that more people will migrate to the city in the future. This is partly due to the booming economy and the presence of high-rated companies. The following are some other reasons why Austin has been witnessing sporadic growth in population.
Availability of jobs
Being one of the favorite locations for the offices of big industries, there will be a lot of job opportunities in the city. Many professionals have migrated to Austin in search of jobs while many are still coming daily. With the increment in the number of people, there are still many job opportunities for everyone, irrespective of their level of qualification.
No income tax
Unlike some other states where residents pay income tax, Texas is one of the few states in the United States where you don’t pay. This makes the state attractive to people with high wages. This makes it easier for residents to save more money. However, the property tax in Texas is one of the highest in the country.
Good location for raising the family
Austin is one of the best cities where you can raise a family. Apart from affordable housing, the neighborhoods are safe, the city is relatively affordable, and there are a lot of scholarships for higher education. There are other amusement places you can go to hang out with your family. Also, the city has never been short of music concerts
The implication of the sporadic development on the future of Austin
The mass movement of people and the massive development going on in the city could have a lot of constraints on the economy in the future. The following are some of the likely implications.
With the increase in the number of people that are moving into Austin daily, the city could likely get overcrowded in the future. This could lead to a housing shortage or an increase in the number of homeless people in the city.
With the current transportation situation in the city, you will not want to imagine what the situation will be like in the next 2 decades. Some experts are projecting that the city could witness congested transportation networks.
The local business in Austin has been influenced by a lot of factors. One of such is Tesla’s announcement to establish a factory in the suburbs and the movement of the headquarters of other big companies to Austin. No wonder some people refer to the city as the 400 billion dollar city of the future.