How could Austin’s growing population impact my future business?
New research by American City Business Journals (ACBJ) suggests that Austin is about to significantly increase its population. The ACBJ, a parent company of the Austin Business Journal, projects that Austin will grow faster than any other large American city in the next 25 years, doubling its current population. Right now, Austin is home to about two million people. It is expected to reach four million by the year 2040.
Austin is one of several cities predicted to skyrocket in coming years. Population projections are based on current estimates from the United States Census Bureau and state projections from the University of Virginia’s Weldon Cooper Center for Public Service. Data indicates that the nation’s number of major markets, which include metropolitan areas with populations of over one million, will increase from 53 last year to 68 in 2040. Austin is the fastest growing of the group, with three other Texas cities also expected to greatly increase in population.
Growing Population Means More Opportunities
If you are considering opening a business in Austin, now is a great time. The rapid growth of this exciting city offers incredible opportunity for startups. Austin is attracting a host of talented individuals through its universities and mainstream appeal. Entrepreneurs will find a wide array of business options in Austin, including shared workplaces. As the population continues to expand, small business owners will have a larger pool of clients or customers, which can result in greater returns and more success.
New businesses in Austin will not be without their challenges, however. With a population explosion comes more competition and an increased cost of living. It is critical that anyone considering launching a business consult with an Austin business startup attorney. The early decisions you make to set up your business are crucial to your future success.
Forming your business will require that you chose the appropriate business entity. Potential business organizations in Texas include corporations, limited liability companies or LLCs, partnerships, and more. Your business organization will greatly impact your ability to raise capital, bring in new members, go public, or retain control of your startup. Contact a business formation attorney as soon as possible to start your business off on the right track.