Austin Multifamily Market Report
Multifamily Demand Underscored by Business Move-Ins, But Supply-Side Pressure Evident
Economic expansion fueled by corporate relocations. Robust population growth has bolstered labor availability, luring firms to the market as they consider the benefits of Texas’ business-friendly environment. Last year, 45 companies from out-of-state announced plans to relocate to the market alongside more than 100 locally based firms that voiced a desire to expand. The most notable commitment came from Tesla and work is already underway on a Gigafactory near the Austin-Bergstrom International Airport that will employ 5,000 people. Still, the leisure and hospitality sector remains beleaguered by the pandemic, down 27,400 positions annually at the end of last year. The vaccine rollout should help recover more of these jobs in 2021, allowing the Austin economy to accelerate into a new growth cycle.