Wednesday, March 5, 2008 - 3:50 PM CST

Austin Business Journal

The steel and glass residential towers set to reshape the downtown Austin skyline aren’t a pipedream. They’re coming–and they’re going to be filled, a new study shows.

The analysis from Texas economist Ray Perryman suggests that while the nation battles a housing correction, Austin’s residential market remains relatively healthy. Moreover, says Perryman, there is clear demand among Austinites to live in the city’s vibrant downtown.

There are currently about 6,000 people living downtown. And with about 4,000 residential units under construction or planned around downtown, that population is expected to double over the next two years. Perryman says with the Austin area adding more than 40,000 new residents annually, the local housing market will continue to fair well, and rising energy costs and traffic woes will drive a growing interest in urban living.

“This housing market will fundamentally support the type of housing being developed downtown,” Perryman said at a morning press conference at City Hall organized to discuss the report. “There is an amble population to absorb these units.”

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Tags: austin, building, buyers, condos, downtown, economy, investing, neighborhoods, real estate, urban living //