Plus, Peter Pan Mini-Golf signs extended lease.
 
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69º | Rainy | 87% chance of rain | Sunrise 7:28 a.m. | Sunset 5:42 p.m.
 

How far we’ve come

An economic year-in-review for the Austin metro area
The Sixth and Guadalupe building being constructed downtown, with cranes in the foreground.
Sixth and Guadalupe is expected to open this year. | Photo by ATXtoday
The end of the year is a time for reflection. So, we’re reflecting — how has Austin’s economy changed in the last 12 months?

We pored through data from the Austin Chamber of Commerce to pull some stats on just how Central Texas’ boomtown has changed in the last year.

Editor’s note: Most recent data is from Oct. 2023, so the following stats compare October 2023 to October 2022.

Jobs

Non-farm jobs in Austin’s metro area grew on the whole last year (by ~2.8%), but a few industries saw the largest jumps:
  • Construction & natural resources | 8.1% increase
  • Education and health services | 5.6% increase
But not so fast, y’all. The largest employment pool remains in professional and business services, at ~294,900 employees (about 22% of the total).

Unemployment

About 8,000 more people are unemployed in Austin now than last year, with the metro area’s unemployment rate increasing to 3.3%.

Of note: that number is still lower than the unemployment rate in Texas (3.8%) and the US (3.6%).
A graph showing the median home price from April 2017 to October 2023.

The median home price in October 2023 was $435,000.

|

Graphic by ATXtoday, data from Austin Board of Realtors

Housing

We’ve written a lot about housing this year, so we’ll keep this brief.

The past 12 months saw a flurry in construction and a fall in prices for Central Texas. Most notably:
  • New privately owned housing units increased by 32.7%
  • The median home price fell by 7.4%
  • Housing inventory increased by 21.9%
Learn more about how Austin’s housing market is faring.

Office + industrial real estate

Although office space inventory is growing, its vacancy rate increased by ~27% in the last year — currently, nearly 21 million sqft of office space is going unused in the Austin area.

Vacancy rates for industrial real estate grew at an even sharper pace, more than doubling to 11 million sqft of unused space.
Asked

What do you think 2024 will bring for the Austin economy?
Click the button below to share your predictions.
Let us know
 
Events
Thursday, Dec. 14
  • “Home Alone” | Thursday, Dec. 14 | 7:30 p.m. | The Long Center, 701 W. Riverside Dr., Austin | $95-$182 | The holiday classic will be accompanied by a live score performed by the Austin Symphony Orchestra.
  • William Beckmann | Thursday, Dec. 14 | 8 p.m. | The State Theatre, 713 Congress Ave., Austin | Free | The “Las Posadas” tour will stop in Austin with Christmas music, Spanish songs, and Beckmann’s signature storytelling.
Friday, Dec. 15
  • Il Divo - A New Day Holiday Tour | Friday, Dec. 15 | 8 p.m. | Bass Concert Hall, 2350 Robert Dedman Dr., Austin | $60-$136 | This multi-lingual group has 160 gold and platinum records across 35 countries.
  • Rumours: A Fleetwood Mac Tribute | Friday, Dec. 15 + Saturday, Dec. 16 | 8:30 p.m. | ACL Live at 3TEN, 310 W. Willie Nelson Blvd., Austin | $37 | The iconic band has inspired countless artists, including this cover group that has performed internationally.
Saturday, Dec. 16
  • SantaCon Austin | Saturday, Dec. 16 | 12 p.m. | Downtown Austin | $10-$20 | Dress up for the annual Santa Claus convention, which takes place across several bars and venues.
  • Big Ole Queer Market: Holiday Edition | Saturday, Dec. 16 | 12-6 p.m. | Palmer Events Center, 900 Barton Springs Rd., Austin | Free | Pick up some holiday gifts at this market featuring small, local, and queer-owned businesses.
Plan Ahead
  • Michelle Buteau | Monday, Dec. 18 | 7 p.m. | The Paramount Theatre, 713 Congress Ave., Austin | $45 | The comedian will stop in Austin for her “Full Heart, Tight Jeans” tour.
Events calendar here
Click here to have your event featured.
 
News Notes
Community
  • Peter Pan Mini-Golf’s lease on Barton Springs Road was extended from March to September 2024. The 75-year-old business sits on a property owned by a trust that may soon be appointed to a new trustee. (KXAN)
Biz
  • Tesla recalled nearly all of its US vehicles — more than two million Y, S, 3, and X models — due to issues with safety while using autopilot. The flaw affects the car’s ability to ensure that drivers are paying attention while using the feature, which is only partially automated. (Austin American-Statesman)
Coming Soon
  • Phoebe’s Diner will open a new location at 12001 Burnet Rd. next month. The diner — which currently has two locations in south Austin and Downtown — will serve its well-loved menu of comfort food and breakfast staples. (Eater Austin)
Development
  • More details about The Graduate Austin, a mixed-use development coming south of UT, reveal the project may span 340,000 sqft. Developers are currently seeking permission to build up to 200 ft, as opposed to the current maximum height of 120 ft. (Austin Business Journal)
Environment
  • ‘Tis the season… for bald eagle sightings? A handful of recent Austin encounters with the majestic bird — and an 85% increase in reports on eBird — have birdwatchers with their eyes on the skies. (KUT)
Holiday
  • Deck the Buc-ees with boughs of holly. Williamson County employee Deanna Vaters made an elaborate gingerbread replica of the beloved Texas gas station chain, complete with a dog park and candy cane gas pumps. (FOX 7 Austin)
Wellness
 
Answered

Your carbon reduction choices

What ATXtoday readers want to see funded by the Carbon Reduction Program
The Red Line pulling into the Downtown station.
Give the Red Line a try and you might find your new favorite form of transportation. | Photo via CapMetro
We recently shared info on the Carbon Reduction Program, a distribution of $6.4 billion in formula funding over a five-year period to reduce transportation emissions nationwide.

We also asked how you’d like to see funding from the program spent in our urbanized area, should we receive program money again.

Here’s a breakdown of what you said:
  • 46.2% | Public transportation
  • 15.4% | Pedestrian-friendly roads and facilities
  • 13.5% | Fuel alternatives
  • 9.6% | Traffic management/road diet projects
  • 7.7% | Bike infrastructure
  • 1.9% | Port electrification projects
5.8% of you mentioned other projects that you’d be eager to see, like:
  • “More and better roads so that we don’t sit idle in traffic.”
  • “Added roadway lanes to reduce congestion.”
Stay tuned — fiscal year 2024 funding announcements are expected in January or February.
The Buy

The Buy 12.14.23 (Affiliate + Six & Main)
A tried-and-true gift recommended by our editors. Think: cozy slippers, cordless vacuums, and weighted blankets.
31 Days of Local Shopping

🎨 A story with every stroke

ATXtoday’s 31 days of local shopping
ATX_ArtForThePeople
Find some art for a local art lover at Art for the People in South Austin. | Photo by ATXtoday
Support local artists and find your next favorite piece of decor at the same time at this south Austin gem.

Art For The People Gallery, 1711 S. 1st St. | Sift through dozens of local prints, paintings, and other artwork at this charming shop. Don’t miss the handmade jewelry or gifts like this Austin bird bingo card.
13 more shops
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The Wrap
 
London Gibson

Today’s edition by:
London
From the editor
City Editor Figi and I had a busy afternoon yesterday trying out a new happy hour at TenTen — you must try the hamachi maki — and then heading to my neighborhood in south Austin for a holiday edition of “Queer to Tell” at Captain Quack’s. I will never stop being impressed by the talent in this city.
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