Economist predicts 130,000 to move to Austin in two years



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Posted on December 11, 2012 at 6:12 PM

Updated Tuesday, Dec 11 at 6:48 PM

AUSTIN -- Economist Angelos Angelou says he's 'bullish' on Austin's economy, citing fast population growth, a rise in job opportunities and continued worldwide exposure to the city's entertainment offerings.

"Corporations are looking for the best workforce, entrepreneurial environment and young people and we've got all those here in Austin," said Angelou. 

Angelou spoke to a crowd of hundreds at the AT&T Conference Center on the University of Texas Tuesday morning. This is the 27Th year Angelou has given a forecast.

Angelou predicts 130,000 people will move to Austin over the next two years, putting additional demand on the area's real estate market. He forecasts double digit housing growth in the Austin area for the next three to four years, and he believes housing prices will increase.

He also predicts retail sales will grow by eight percent in the next two years and bring an additional 3,500 new jobs. Angelou says leisure, hospitality, education, health and tech industries will continue to grow.

Angelou forecasts that Austin will lead Texas in the biomedical field thanks to the newly approved UT medical school and teaching hospital. He said a $225 million dollar new VA hospital will also add to the growth in that field.

"Austin is the entrepreneurial center of Texas, and there will be a lot more ideas and new start-ups in the biotechnology sector in the years to come," said Angelou.

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