May 29, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, ABoR & Unlock MLS CEO Emily Chenevert and Housing Economist Dr. Clare Knapp discuss the Austin labor market, focusing on recent tech layoffs and their implications for the local economy and housing market. Dr. Knapp explains that while the tech sector in Austin is significant, it does not dominate the economy as much as it used to. The layoffs, primarily driven by interest rate sensitivity, have now started affecting white-collar sectors, including tech jobs in research and development. Despite the tech layoffs, the overall impact on the Austin economy is mitigated by its diversified job market. The housing market is expected to experience a slight decline in sales but remains relatively stable due to this diversification.   They also highlight recent policy changes aimed at addressing housing affordability in Austin, specifically the HOME Phase Two initiative. This policy, supported by ABoR, aims to reduce the minimum lot size for new homes, which could significantly lower the cost of new housing and increase the supply of homes over time. Dr. Knapp emphasizes the long-term benefits of this initiative for affordability, predicting notable price reductions for new homes. The episode concludes with a review of housing statistics for May thus far and some of the numbers you can expect to see in the next Central Texas Housing Report coming early June.   Download a transcript of this episode: https://www.abor.com/content/uploads/2024/05/DIH-5-29-24-1.pdf   Links Mentioned: HOME Phase Two Initiative: https://www.abor.com/content/uploads/2024/05/ABoR-Advocacy-Win-May-2024-Housing-Reforms.pdf   Listen On: Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732 YouTube: https://www.youtube.com/playlist?list=PLzH_caxJ3VPq5iExWilqZOahnREgSFgqC  Connect with us on socials: https://www.abor.com/socials Connect with Dr. Clare Losey on LinkedIn: https://www.linkedin.com/in/clare-losey  Have feedback? Email us at [email protected].