Real Estate

News of $1.1 billion Tesla factory revs up already hot Austin housing market

Inventory remains low in Austin, while demand is high

Tesla

Electric car giant Tesla unveiled plans this week to build a $1.1 billion factory in Austin. Rumors had swirled for months prior that it might be happening, but this week, the news became official.

In building the factory on some 2,100 acres, Tesla has said it could hire 5,000 people over time.

The news follows 2018 and 2019 announcements by tech giants Apple and Google that they too plan to hire thousands of people in the Austin area in coming years. 

While the jobs created by Tesla will definitely only fuel the city’s economic boom (Austin has ranked on numerous lists in recent times, including coming in at No. 3 on the Milken Institute’s Best-Performing Cities 2020 report), they will come at a lower salary than those created by the likes of Apple and Google. According to the Austin Business Journal, the factory could employ about 5,000 workers with an average annual salary of $47,147 and a median salary of $68,303.

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