GTT (Gone to Texas): The Lone Star State’s Population Growth is Real

Tuesday, June 14th, 2016 and is filed under General

It’s said everything is bigger in Texas, a concept that is definitely true when it comes to the population. According to the U.S. Census Bureau[1], four major Texas metros together added more people from July 2014-July 2015 than any other state in the country.  The population in Dallas-Fort Worth, Houston, Austin and San Antonio increased by 412,000. As a point of comparison, Texas’ overall population increased by 490,000. [2]

The Houston-The Woodlands-Sugar Land and the Dallas-Fort Worth-Arlington Metropolitan Statistical Areas (MSAs) added 159,000 and 145,000 more residents, respectively.[3]

Additionally, the Austin-Round Rock and San Antonio-New Braunfels MSAs were both among the top 20 metros that expanded by 50,000 or more individuals.[4]

Focus on the Texas Capital

Speaking of the state’s capital, Austin also led the nation in growth percentage, a title it has earned for the fifth year in a row. [5]

Much of the Austin economy is supported by the tech industry. However, artists, professionals, lawyers and others are also flocking to the metro – as are real estate developers that are creating housing for the growing population. This has led to a diversified economy, more jobs . . . and more people.

This population influx is creating pressure on housing supply, driving up housing prices as demand continues to climb. According to the Austin-American Statesman, it’s becoming more expensive to buy a house within the Austin city limits. [6] Statistics from Real Estate Center at Texas A&M University report that, in 2015, the average price paid for a house in Austin’s Local Market Area (LMA) was $386,781[7]. Meanwhile, in the Pflugerville LMA, approximately 20 miles northeast of downtown Austin, the average price was $221,915. [8] As can be expected, increased housing prices in Austin are driving residents to the outlying suburbs.

[1] United States Census Bureau. (2016, March 24). Four Texas Metro Areas Collectively Add More Than 400,000 People in the Last Year, Census Bureau Reports. Retrieved from https://www.census.gov/newsroom/press-releases/2016/cb16-43.html

[2] Ibid.

[3] Ibid.

[4] Ibid.

[5] J. Barragan. (2016, March 24). Austin Metro Area Surpasses 2 Million Residents. Retrieved from Austin American-Statesman: http://www.mystatesman.com/news/news/local/austin-metro-area-surpasses-2-million-residents/nqrQF/

[6] Ibid.

[7] Real Estate Center at Texas A&M University. (2015). Housing Activity & Affordability. Retrieved from https://www.recenter.tamu.edu/data/housing-activity/

[8] Ibid.