What does the Future Hold for the Austin Transit, Economy and Population?
With Austin’s economy and population growing at a rapid pace with no signs of slowing down anytime soon, it makes residents wonder what to expect on the fact that traffic, parking, and the affordability of the city are going to be in trouble. These issues are already a struggle and with the growing population, it means that affordability will decrease, and the transit issues increase.
It’s important for the city to take a look at things now to determine what the future has in store and how to best prepare for it, especially when it comes to issues of transit, economy, and population for Austin. While everyone looks at Austin as a booming city, it certainly has serious challenges as these to address.
While many expected the economy to be booming with the growing population, the area has been creating a higher number of lower-paying jobs just as prices are increasing and the transportation problems become worse than ever. Take a look at what the future is looking to hold for Austin residents when it comes to these major issues.
The transportation issues continue to increase as Austin residents can’t get around and can’t find a place to park during their regular commutes. The traffic in Austin is worse than ever and while the city planned to increase their light rail system, others are suggesting a subway system.
The population in Austin just reached the 2 million mark for the beginning of 2016. This year alone, Austin is expected to see another 70,000 residents with 2017 following with another 60,000. The population will continue to increase as the city continues to see such popularity.
Texas itself is expected to gain 490,000 more residents this year causing the overall population to reach 27.9 million. This is because of the Austin-bound migration and becoming one of the fastest growing large cities in the US with its 3.4 percent increase in population.
The economy is another struggle as the area creates more and more low-paying jobs and the area struggles to maintain affordability. The economy is likely going to add around 32,000 jobs this year with another 28k next year offering a 6.3 percent job growth rate. While the addition of more jobs is a great thing for the fast growing city, industries such as hospitality and leisure are offering low wages.
Unfortunately job growth in lower-paying fields has caused the average wage for new jobs to decline for the last 5 years. With more lower-wage jobs making up the increased job growth, it means that Austin will continue to be hard to afford for most. The overall city isn’t seeing wage growth as it is job growth since the majority of jobs created are lower-paying ones.
What does the future look like for Austin? Seeing that many are buying housing on the unincorporated areas surrounding Austin municipalities for affordability which causes more traffic issues and the city wants to incorporate light rail which is most used by tourists, the city has some issues to seriously resolve.
They need residents to move into the metro region, get better-paying jobs, and take a subway to work rather than to drive. If this can happen in Austin, the city can flourish and be a successful place to live for the residents that are so drawn to the area.