The Business Climate in Lake Travis
At the beginning of 2016, Forbes named Austin as the #1 metropolitan city in the country to prosper during the coming decade. It made the top of this list for a variety of reasons, including its continued growth in the tech industry, which is bringing educated people from all over the world to the Austin area.
According to Innovate Austin, there are at least 5100 high-tech companies currently operating here.
In addition to the high-tech opportunities, there are lots of jobs in the fields of government, healthcare, telecommunications, real estate, education and more. Popular companies are continuing to choose Austin for their home base. Some of the well-known companies with their headquarters here include Dell, Apple, St. David’s Healthcare, Seton Healthcare, Whole Foods, Keller Williams Realty, Samsung, Farmers Insurance, HomeAway, uShip, and Kendra Scott to name a few.
Austin and the surrounding region had a staggering gross domestic product of $106.7 billion in 2014. Travis County is home to one of the lowest unemployment rates in Texas with a decline of over 3% over the past 5 years alone. This has been 2% lower, on average, than the national unemployment rate. In April 2016, Travis County’s overall unemployment rate was down to just 2.8%. Healthy employment rates have continued to allow this area to grow.
Employment has continued to be strong and Austin wages remain steadily above the national average. During the third quarter of 2015, Travis County had an average weekly wage of $1,122 compared to $974 for the US in general. Professional, business services, education and health-related industries remain strong areas of employment for the Austin economy. Many of these areas have seen an increase in available jobs over the past few years and tech companies, in particular, have made headway into developing campuses in the Austin area. The healthcare field will benefit greatly as well by newly opened Dell Medical School and even more opportunities in this field for research and employment are heading to Central Texas. These new endeavors in Austin will no doubt bring more opportunities for growth to the Lake Travis area.
The Lake Travis population has a median age of 38.4 years old and a new demographic has emerged of late: parents who desire to place their children in an exemplary school district. This bulging demographic has spurred growth in all areas of Lake Travis with city council members watching trends and ensuring their district is well-positioned for continued healthy development.
Lake Travis residents are more educated than in previous years with at least 53% of the population holding a bachelor’s degree or higher, making this area the second highest number of college-educated individuals in the Austin area.
The LTISD has earned a place on the AP Honor Roll by the College Board for the past three years in a row. Last year 43 Lake Travis High School students earned recognition by the National Merit Scholarship Program which, coupled with top STAAR scores, has boosted Lake Travis’ reputation as a premier place to educate children. Families wanting to take advantage of great public schools are moving new housing development estimates to upwards of 11,100 new homes in the next ten years. Existing home sales are also strong in this area as people look to take advantage of the benefits of living in established communities.
The wide range of activities and lifestyle choices has made Austin and Lake Travis a top contender in the United States for “pre-seniors” and seniors looking to enjoy a comfortable retirement. In fact, CBS News ranked Austin as one of the 10 best areas to retire. CNN Money commented that the area is “affordable, fun, and charming.”
Many of the businesses in the Lake Travis area cater to lodging, dining, recreational water activities, golf, and entertainment. Lakeway Resort and Spa is one of the premier resorts in the vicinity and several bed & breakfasts dot the landscape as well. Insurance agents, financial institutions, service industries, and personal assistance providers also contribute to the growth in the area.
Moving to the Lake Travis area is a smart decision for many reasons, not the least of which are great schools, healthcare, economic strength and the overall vitality of the community. Below are some key contacts for this area that should help you as you settle into life near the lake.