Austin Unemployment Lowest In Two Decades

Posted by Kent Redding on Wednesday, July 11th, 2018 at 8:23am

Searching for another reason to move to Austin TX? Unemployment is an excellent reason as an considering that thanks to a recent report from CBRE we know that unemployment in the Austin area is the lowest that it’s been in two decades.

About The CBRE Report

  • Occupancy scales even higher:
    • "Austin's retail market remains at the top of its game," analysts wrote. "Already at cycle-high levels, occupancy has managed to inch even higher, hitting 96.4 percent this quarter." High demand prompts high rents, researchers noted, with some prime locations now demanding $40 and even $50 per square foot.
  • Pflugerville welcomes massive new retail outlet:
    • A special shout-out to Pflugerville is included in the study by way of the massive LivingSpaces furniture store recently opened there. Already home to stores in San Diego, Los Angeles, the Bay Area, Nevada and Arizona, California-based Living Spaces opened its first Texas store in May. The 500,000-square-foot facility is located near the corner of State Highway 45 and Heatherwilde Boulevard, just west of the Texas 130 toll road. By virtue of that real estate transaction alone, the numbers related to overall occupancy were impacted given the deal's massive scale. "Its fully leased deliver has pushed absorption from what would have been flat to a sizable, positive amount," analysts noted.
  • Austin's unemployment falls to 2.8 percent:
    • Austin's thriving technology sector and its cachet as an entertainment haven have jet-fueled the local economy, with monthly unemployment in May dipping to 2.8 percent, analysts wrote. "This marks its lowest May rate in nearly two decades," researchers noted.
  • St. Elmo Public Market begins construction in South Austin:
    • St. Elmo Public Market, set to be the city's first true artisan food retail marketplace, has begun construction and is anticipated to open during Spring 2019, officials noted. When completed, the project will be home to a 40,000-square-foot public market, 108,000-square-feet of creative office space, 385 apartment units, and a boutique hotel.

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Planning on buying a home in the Austin area? We can help! Contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online through our website.

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