The city of Austin, Texas has officially passed the 2 million mark with a population that continues to grow vastly year over year. Having reached a popular position in the national economy and as a place attracting both companies and talent from across the US and even world, Austin continues to capitalize on its unique position in the state and in the country. Statewide, Austin has separated itself by being a tech-focused city that has diversified itself from the leading oil and energy market that had dominated most of the Texas economy historically.
Relying on both natural resources and a limited pool of skilled workers, the energy industry has long experienced fluctuations that can create unpredictability. By diversifying itself, Austin has enabled more innovation to develop in the area. This innovation has resulted in a bigger pool of top talent relocating and staying residents in the city, which has helped the location reach the 2 million mark it now sits at today. And with companies like Google, Facebook, Dell, Apple and IBM and many more located in the city, not only is Austin a player in the tech space it has been one of the biggest leaders in the market nationally.
This growth has changed Austin in many ways. Introducing more urbanism into the once smaller central Texas area, commercial and residential interest has put Austin on the map in a big way. Now compared to hubs like California’sSilicon Valley and the powerhouse tech market of New York, Austin has made an impact that can be traced back over a decade ago.
One of the biggest highlights city officials pride themselves was Austin’s ability to sustain progress even during times when the country found itself in a decision. Austin was the last city in America to fall into the economic recession that occurred in the late years of the 2000s. Even better, the city was the first one that found its way out before even some of the most thriving cities of the time.
“With this track of success, the value of workers, housing and commercial investment in the area has hit an all-time high with prices going beyond what many expected for a central Texas location,” shares Texas-located entrepreneur Marcus Hiles who has helped create housing options for over 300,000 residents statewide.
But residents and even companies interested in tapping into the city of Austin and its opportunities aren’t limited to the same restrictions of those more traditional cities. With its vast access to space and resources, the surrounding city limit areas and suburbs of Austin are accommodating those unable to afford the inflation that now exists in the booming tech hub.
With many nearby counties within close proximity to the city, the overflow of populations have looked to these areas for the more affordable living they provide. Three nearby Austin counties were among the top 20 fastest-growing in the country – a sign that the growth is increasing at a rate that has benefited many locations.
It is certain that the innovation and interest resulting from Austin and the area now recognized as a national technology hub has sparked opportunity and growth much further than within the city limits. This model is one soon to become more popular throughout the country as new locations are needed to keep expansion able to scale.