In recent years, Austin has enjoyed the view from the top with its thriving economy, booming population growth and well-earned title of top U.S. tech hub. Based on statistical data and expert predictions, the Austin metro will enjoy its lofty status for years to come. An important factor that allows Austin to maintain its status is the high concentration of Millennials who flock to Bat City. Here are three ways that the large Millennial population is keeping Austin winning.
Millennials have unrivaled buying power.
Being the largest demographic population alive today makes Millennials a force to be reckon with in terms of consumer spending. Their large demographic population alone give them an estimated $200 billion in annual buying power in the national economy. Considering their affinity for technology and concierge services such as ride-sharing and food delivery, Millennials can provide the local economy with enough stimulus to carry through a minor downturn. Since Millennials also typically exhibit sound financial practices, their lifestyles contribute to overall economic stability because they’re less likely to have a home in foreclosure or become overly reliant on public services due to a financial disaster.
Austin’s Real Estate Market will be Sustained by Millennials
A major component in the strength and sustainability of an economy is the condition of its housing market. Indeed, Austin has experienced an economic boom fueled largely by a red-hot real estate market. As job-seekers flock to the metro area in seek of more — and better — job opportunities and a more robust lifestyle, housing demand has reached a fever-pitch. The local economy benefits from increased revenue from local property taxes. And because many Millennials prefer to put off purchasing a home, the Austin Millennial population provides a pipeline of homebuyers to sustain Austin real estate for years to come. In fact, Realtor.com published a study in which they forecast Austin to be one of the top 10 U.S. cities to benefit from future Millennial homebuyers.
Businesses Gravitate to the Millennial Workforce
Millennials are typically highly educated and ready to work off the significant debt they’ve accrued to get that education. Businesses see the large concentration of educated — and motivated — Austin Millennials as an ideal employment pool. As businesses experience success and expansion in the Capital City, other concerns look to replicate that success by taking up shop in the area. Continued business expansion and development provide a sustained employment market to attract more people and businesses to stimulate the local economy. While the business sector flourishes, the Austin economy strengthens.
people of all ages to live. What makes Austin attractive to Millennials is also what makes Austin one of the most thriving economies in the nation that allows its residents to enjoy a very high quality of life. Austin’s popularity and success was built on a foundation of creativity and forward-thinking of city leaders and built by young, eager workers who aspire to be effective in their communities. The ability to attract motivated and talented Millennials will help keep Austin winning.