Market Snapshot: Austin, Texas

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Texas in general is becoming an automotive powerhouse. OEM automotive employment has risen 29% since 2010. Toyota recently moved its entire headquarters there from its long-time home in Torrence, California, bringing with it two high-profile suppliers — ASI and Forma Automotive. As a result, Texas ranks 7th nationally for automotive manufacturing employment.

Automotive retail in Austin, Texas tells a similar story.

According to the Austin American-Statesman, auto sales in Central Texas climbed 6.7 percent in the first quarter of 2018, after a particularly strong 2017, a comeback year after the first auto sales dip in a record five straight years. “In January, Austin-area dealers sold 10,546 new cars, compared to 9,886 in the same month a year ago,” notes the article in the American-Statesman.
“The Austin area’s strong sale numbers are happening despite an overall slowdown in the U.S. auto market that is expected to continue this year. The U.S. auto market has been trending downward after a record year in 2016, when auto dealers sold 17.5 million new vehicles.”

Analysts suggest that the Austin area’s booming economy is the result for the increase in sales, despite the less positive news industry-wide.