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Welcome to Austin: The New Migration Boom
January 03, 2008 21:46 Filed in: Market Analysis
The more people that come to Austin, the stronger the downtown condo market. As Austin grows and expands, the value of central living only goes up. As one of the fastest growing cities in the country, this trend is one of the positive factors supporting long-term growth of the downtown population.
Today's news is good news for downtown residents and bad news for anyone that sits in Austin traffic: new statistics from the census bureau show a dramatic acceleration in migration into Travis county and the rest of the Austin metropolitan area. The latest statistics, covering the full year 2006 (Thanks Census Bureau for the quick turn around!), show that a net 9,405 migrated into Travis county in 2006. This tops the tech boom record of 8,575 set in 2000 and represents a strong turn-around from 2002, 2003, and 2004 when the county experienced a net outbound migration.
Here are the migration statistics from 2000 - 2006:
2000 | +8,575
2001 | +4,867
2002 | -11,402
2003 | -7,152
2004 | -1,787
2005 | +1,602
2006 | +9,405
In addition, total migration into central Texas from California more than doubled over the last two years. Californians represent a major portion of new Austin residents, many of whom come with large amounts of home equity. AustinTower's own survey and readership statistics show that Californians are the most active out-of-state shoppers for downtown Austin condos -- followed by residents of New York, Florida, and Illinois.
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