(Written by the Austin Business Journal, ABJ)
Austin’s economic forecast for 2024 is on display in ABJ’s latest ATX Ahead podcast.
We at the Austin Business Journal are in the fortunate position to speak regularly with the headline makers and soothsayers of our local economy, and we’ve surveyed hundreds of them recently to provide you with a pulse on ATX.
In weatherman terms: Expect 2024 to be mostly sunny. It’s going to be fairly normal for these parts. Businesses will continue to expand here, the population will swell as usual, and the economy will get more diverse as it grows — to the tune of 5% year-over-year GDP growth, according to some economists’ predictions.
Interest rates aren’t expected to move much in 2024, meaning trends we see in the housing market now will likely continue. Industrial real estate is expected to keep booming as Tesla, Samsung — and maybe another big score in 2024 — drive suppliers here. And for office landlords: good luck in 2024. We’ll have to wait and see if the overall increases in our economy can make up for the companies downsizing office space as leases expire.
One predictable thing about 2024 is that it will become unpredictable for many in about two months. That’s when money and big decisions are expected to be sidelined majorly because tension will build even more for the presidential election. Will it be President Donald Trump? President Joe Biden? Someone else? Apparently a lot of business mavens need to know before they’ll open their pockets or solidify business plans in the coming years.
Listen to details about that and more in the podcast player atop this article. It’s part of our year-long ATX Ahead series, which dives into the issues critical to our region’s near-term success.
