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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.

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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