The saying everything is bigger in Texas holds true for the state’s tech sector, as Texas ranks at the top for the number of tech jobs added this year, Austin Business Journal reported. A Wells Fargo report said smaller tech firms in addition to more well-known computer manufacturers are increasing their hiring activity in Austin and elsewhere in the state. Employment in professional and technical services rose 7.1 percent in 2014 from the previous year.
Firms specializing in cloud computing, data processing and search in particular have seen greater job gains in the state. As more companies add jobs, there will likely be a growing demand for housing in popular areas like Austin. Investors looking into Austin investment properties should consider the future economic growth in the area and the steady stream of tenants a rising job market will bring.
Austin housing market
While there continues to be high demand for rental properties in Austin, some consumers might be dismayed to find a lack of supply of homes, American-Statesman reported. In July, home sales dropped for the first time since May 2011. Despite the recent decline, Bill Evans, president of the Austin Board of Realtors, said real estate agents do not believe this decrease will be a lasting pattern.
“The high demand for Austin real estate over the last few years continues to be fueled by strong job and economic growth in the Austin area,” he said. “The issue we’re facing now is not whether Austin-area property values will fall, but whether future housing market growth in the Austin area will be stifled by a lack of affordable housing options for Austin-area homebuyers.”
As the job market in the area is steadily improving, investors should consider purchasing Austin investment properties that will allow them to rent to new Texas transplants looking for housing.