austin economy: the elevator pitch
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Key trends in the Austin economyTRANSCRIPT
Austin Economy: The Elevator PitchNovember 9, 2012
November 9, 2012 | Thinkers and Doers of Austin
Despite being only the 34th largest metropolitan area, Austin ranks 10th in population growth since 2001.
Austin is adding 50,000 people on average annually since the start of the recession in 2007—roughly equivalent to adding a Cedar Park…every year.
Note: Data is for Austin-Round Rock-San Marcos MSA unless otherwise noted.
November 9, 2012 | Thinkers and Doers of Austin
Net Migration to Austin MSA from US MSAs, 2000-2010Source: Internal Revenue Service
Austin gained 188,000 residents from other metro areas between 2000 and 2010, the 9th highest total among all US metro areas. People moving to Austin accounted for 66% of population growth in 2011.
Blue – Austin gained
Pink – Austinlost
November 9, 2012 | Thinkers and Doers of Austin
Metro AreaGDP ≥ $50B
Real GDP2001-10
Real GDP2007-10
Portland 49% 6%Austin 48% 10%San Jose 43% 13%Raleigh 33% 5%Orlando 31% -4%Washington 30% 6%Las Vegas 26% -13%Phoenix 25% -7%Salt Lake City 25% 2%San Antonio 24% 3%Dallas 24% 2%
Austin economy grew by $26.6 billion between 2001 and 2010, a 48% growth rate second only to Portland among large metros.
Since the start of the recession in 2007, Austin economy has grown by at least $7.5 billion, a growth rate of 10% that is second only to San Jose among large metros.
Real GDP Per Capita, a proxy for standard of living, has increased in Austin from 97% of US in 2001 to 104% of US in 2010—Austin is growing very quickly in absolute terms and relative to US.
Source: US Bureau of Economic Analysis
November 9, 2012 | Thinkers and Doers of Austin
Source: Prof. Michael E. Porter, Cluster Mapping Project, Institute for Strategy and Competitiveness, Harvard Business School.
November 9, 2012 | Thinkers and Doers of Austin
Austin: Growing Affluent
• 16,000 households in city of Austin earning at least $200K in annual income, roughly double what was in Austin ten years ago
• 70,000 households in city of Austin earning at least $150K in annual income, 11% of all HHs in Austin versus 9% nationwide
• Median household income in city of Austin now at $57K versus $51K in US
November 9, 2012 | Thinkers and Doers of Austin
Key Challenge: Education/TrainingPopulation, Age 25+ 2011 2000 Change Percent
No high school diploma 73,699 66,511 7,188 11%
High school diploma 87,132 68,316 18,816 28%
Some college, no degree 98,505 84,486 14,019 17%
Associate's degree 33,283 19,887 13,396 67%
Bachelor's degree 146,033 103,111 42,922 42%
Graduate/prof degree 88,437 58,826 29,611 50%
Source: US Census Bureau. Data is for city of Austin.
November 9, 2012 | Thinkers and Doers of Austin
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Brian Kelsey, PrincipalCivic Analytics [email protected] 512-731-7851