Austin Ranks 5th in TX for Tourism Economic Impact
Waco-based economic analysis firm, the Perryman Group, reports that the tourism and travel sector brought in around $9.1 billion in gross product for the Austin metro in 2016, making the city rank fifth behind Houston, Dallas, San Antonio, and Fort Worth in Texas. Austin's tourism industry consists of restaurants, hotels, other lodging, amusement venues, and tourism-related properties. And with almost 104,000 professionals employed in Austin's tourism-sector, it's no wonder that this news is a big thing, both for local business owners and investors.
Austin's economy is becoming increasingly influenced by the hotel industry, local lodging, and rentals, but experts note that the Texas capital is still laging far behind other cities in the state. In Texas' $128 billion gross product from the tourism industry, Houston contributed $30.9 billion, Dallas a hefty $27.5 billion, and San Antonio-New Braunfels at $13.2 billion.
What does this have to do with Austinites and local property owners?
This information is relevant especially now that the controversial "bathroom bill" is being debated on by local lawmakers. Recently passed by the Senate, the bill faces strong opposition in the House as it is believed that the bill could have a negative impact on Texas' ability to attract major sporting events and conventions-- one of the fastest ways its cities can earn big revenue in the shortest period of time.
Also, significant property tax revenue for local governments and school districts are derived from the tourism industry. In 2016, school districts received over $50,000 in such taxes from travel and tourism properties. More revenue is generated from property rentals that fill during locally hosted events, such as the case during SXSW in Austin.
What do you think should Austin do about the facts of this new report? Should our city exert more effort in attracting tourists into our beautiful city? Should we impede the progress of the so-called bathroom bill? And most of all, is it still worth buying real estate in Austin for the purpose of rentals? Well, of course it is! If you want to know more about the Perryman Group's report, you can access it here, but for home buying advice and reasons on why we think it's still best to invest in Austin, you can get in touch with us by calling us at (512) 522-4659 or by sending us a message here.