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As Austin economy cools, fewer apartments in pipeline

AustinCityLimitSignThough Austin’s economic growth continues to slow, the foundations of the regional economy remain strong, according to the Federal Reserve Bank of Dallas. But the report also noted a sharp decline in the number of apartment permits issued in 2016 compared to a year earlier.

“Despite the low vacancy, permits for multifamily construction slowed notably in the second half of last year, and 2016 permits were down 18 percent compared with 2015,” reads the report.

In its monthly Austin Economic Indicators report, released Thursday, the Dallas Fed noted that the Austin area’s job growth weakened in December, following a trend that saw overall employment growth in 2016 slip to half the pace during 2015. The Austin Business-Cycle Index, a rough measure of expansion and contraction in the Austin economy, slowed to a 3.8 percent annualized rate in December.

Meanwhile, the median home price in Austin declined slightly in December to $287,355, paralleling a statewide decline. The apartment market in Austin continued to remain tight, as well.

Click here to read the full article: As Austin economy cools, fewer apartments in pipeline Austin Business Journal 2-3-2017

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