Urban Economic Resiliency: Expanding Economic Development Opportunities in Cities

Reimagining Cities SymposiumLBJ School of Public AffairsOctober 25, 2013

October 25, 2013 | Reimagining Cities: Building Resiliency

GDP Growth, 2002-2012 (Adj)

20022003

20042005

20062007

20082009

20102011

2012-5%-4%-3%-2%-1%0%1%2%3%4%5%6%7%8%9%

US Metro Areas

Austin MSA

Austin MSA economy grew by 47% between 2001 and 2012, second only to Houston among large metro areas (> $50B).

Source: US Bureau of Economic Analysis. Adjusted for inflation ($2013).

October 25, 2013 | Reimagining Cities: Building Resiliency

Job Growth, 2002-2012

20022003

20042005

20062007

20082009

20102011

2012-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

Texas

US

Austin MSA

Source: US Bureau of Labor Statistics (CES)

Austin MSA ranked #1 in job growth (23%) among large metros (500K+) between 2001 and 2012. Austin MSA added 13,500 jobs per year on average.

October 25, 2013 | Reimagining Cities: Building Resiliency

Net Migration (Travis, 2010)

Source: Internal Revenue Service (# of people). Map created by Forbes. 5,600 figure based on 2000-2010 and includes taxpayers only.

Travis County is gaining approximately 5,600 people per year moving from other states, fueling total population growth of 276,000 residents (34%) between 2000 and 2012.

October 25, 2013 | Reimagining Cities: Building Resiliency

Per Capita Income (Travis, %US)19

6919

7119

7319

7519

7719

7919

8119

8319

8519

8719

8919

9119

9319

9519

9719

9920

0120

0320

0520

0720

0920

11

70

80

90

100

110

120

130

103.671996

103.942011

Source: US Bureau of Economic Analysis

October 25, 2013 | Reimagining Cities: Building Resiliency

% Pop ≥ Associate’s Degree (Austin, 2012)

Hispanic/Latino

Black

White

Asian

0% 10% 20% 30% 40% 50% 60% 70% 80%

23%

23%

65%

75%

70% of projected job openings (2013-2023) in Travis County paying median wage of at least $18 per hour will require a postsecondary credential or degree.

Source: US Census Bureau (ACS). Data is for population age 25+. Job opening data from EMSI. Includes full-time only.

October 25, 2013 | Reimagining Cities: Building Resiliency

Average Monthly Earnings (Travis, 2012Q2)

Hispanic/Latino

Black

White

Asian

$1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000

$3,272

$3,371

$5,387

$5,850

Source: US Census Bureau (LEHD, QWI)

According to MIT’s Living Wage Calculator, a family with one adult and one child living in Travis County requires $3,390 in pre-tax monthly income to meet basic needs.

October 25, 2013 | Reimagining Cities: Building Resiliency

Reimagining Austin

• Evaluate economic development efforts based on wealth creation, not just traditional metrics of jobs and private investment

• Austin Chamber and City of Austin are taking steps in right direction—now comes difficult work of implementation & experimentation

• Austin is uniquely positioned for exploring & testing new policies and models

October 25, 2013 | Reimagining Cities: Building Resiliency

Brian KelseyCivic Analytics LLC3420 Executive Center DriveSuite 300Austin, TX 78731brian@civicanalytics.com 512-731-7851

@civicanalytics

http://civicanalytics.com