The Austin metroplex has really accepted it’s mantel as a technology mecca and haven for up and coming new companies. With a bounty of venture capital interest and a wealth of accelerators, startups thrive in the Austin area, where about 58 of every 1,000 jobs are in tech. This type of growth is excellent for the local economy but what exactly supports this trend in Central Texas?
Affordable Housing Options
The bulk of new businesses are moving into North Austin, Round Rock, and Pflugerville. With a median income of around $70,000 and a median home price of $150,000, housing is affordable. Additionally, in comparison to other high-tech areas, rents are very affordable averaging at $1,100 per month for a studio and around $2,000 per month for a three bedroom suite. With the bulk of these recent transplants falling into the 25-54 age group these are attractive prices for young people looking to purchase their first home and established families all the same.
High Tech Infrastructure
Technology is in Austin’s veins. Hosting one of the world’s largest technology conferences with SXSW and home to industry giants like Dell, IBM, HomeAway, RetailMeNot and Main Street Hub a solid infrastructure is a necessity. With a plethora of web providers like Google Fiber and an above average cell phone network businesses can be certain that they are able to maintain client relationships with email, text, and calling.
Growth In All Sectors
Austin’s growth and popularity aren’t strictly limited to the tech sector either. With more than 100 people moving to Central Texas every day new restaurants, retail startups, and one of the nation’s largest craft beer scene call Austin home as well. All of this contributes to the incredibly healthy entrepreneurial aspects of Austin’s economy.