Quote:
Originally Posted by photolitherland
Why has Austin been booming so much lately? It all of the sudden just got tons of new projects and beautiful new towers and most residential. Why did this happen now and not in the past? Are there just that many new tech jobs opening up around there, whats the deal?
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I don't think there's a simple answer to the question. There are a number of things that came together to produce our current building spree:
1) Pent-up demand -- As little as 5 years ago there were very few choices for downtown living. For a city the size of Austin, the amount of downtown residences was way too low.
2) City programs. The "Great Streets" program Austin started years back, with W. 2nd street being the pilot project. The 2nd St. makeover was a big success and showed that the city's model for revitalizing moribund downtown blocks really works. In addition, the city decided that it was cheaper for them, in terms of maintenance and service, to have increased residential density, and started encouraging high-rise developers to build here.
3) Favorable demographics -- Austin's place on so many "best of" lists and favorable job market caused people to start moving here in droves. More people = high housing demand.
4) Active downtown -- While there were few choices for living downtown, there were lots of reasons for coming downtown, as Austin has always have a very lively downtown scene with 6th Street and the warehouse district.
I'm sure there are other main reasons, but that's what came off the top of my head. It's a really good question.