Let’s take a look inside the crystal ball…
I attended an economic forecasting forum yesterday, with some of the smartest people in the world. The forum was held in one of the smaller rooms of our convention center, and the tickets cost $75 a pop. I was at a table that accommodated 10 persons, and my table number was in the mid-teens. Taking that information into account, I figure the cover charge was the annual income of someone that earns roughly 2.5 times the minimum wage. Subtract the expenses, and that still would cover someones annual income in the city of Austin.
 During the three-hour session, I did manage to take away a couple interesting facts: the average income in Austin exceeds that in New York City. Darryl Royal was quoted by one of the panelists as having made the following comment about cock roaches: “it’s not about what they are, it’s about what they get into.”
What else did I learn? Almost everyone in the room agreed that toll roads were here to stay, and that that is a positive thing. More toll roads are on the way, and that is a positive thing. Commuter rail will be here soon, and we will need some way to move those folks from the commuter rail terminals to the places that they actually want to be. We are years and years behind in planning the infrastructure that will be necessary to maintain our day-to-day functioning. That is just the planning part. This is not even including the actual construction and funding parts of that puzzle.
There was a lot of talk about the ‘quality of life’ that we all enjoy here in Austin. I am not so sure exactly what they were talking about. Don’t get me wrong, I LOVE AUSTIN and I cannot think of another place I would like to be right now, but I think a lot of the things folks are calling ‘quality of life’ are things we can no longer easily access because of al lthe other issues we face on a daily basis. It is hard to enjoy the music scene in downtown Austin if you cannot find a place to park, or if you are concerned that your car will be broken into, or worse.
And just exactly where are we going to put all the new citizens that are expected as a result of the 30,000 new jobs that are expected to be created in the new year? Are they all going to buy new condominiums that are being constructed? Probably not, but maybe they will. Someone will buy them eventually, and I really hope that I can get a little piece of that action!
And what about all the folks that want to move from the burbs to the new condominiums that are being built downtown? They all (or at least most of them) have a house right now that they will most likely need to sell before they can buy the new condominium.
Something else I learned yesterday: Starting now, you have to have a job (or some other assets) before you can qualify for a mortgage. For the last several years, as long as you could fog a mirro, you most likely qualified for a mortgage. I do not think it will be quite that easy for the next few years, anyway.
Follow the roads: That is where the majority of the new development will be in the foreseeable future. All the new roads that are being constructed in our area will need services and products, so bring on the big box stores to keep doing what they all know how to do.
Of course, no one can guarantee any of the predictions that were made yesterday will actually occur, and one of the panelists even said he would not be back next year, so there will be no way to track his particular results.
So, after all that stuff I learned, here is something I know. The great majority of us LOVE AUSTIN, and are happy to be a part of it with all its’ warts and whiskers. We will sit on MoPac travelling at zero miles per hour, and only really complain about it until we actually get to where it is we are going. After that, all is forgiven.
Give it your best shot at everything you do every day. Do something nice for someone that is not expecting it. Use your turn signal every now and then.
Have a Happy Halloween!
