New Braunfels Benchmark Study
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New Braunfels’ population continues to grow over three times the rate of Texas, adding half of one percent of the state’s population. Since 2003, our city resident population has grown by 102%, averaging nearly 6% a year. Such growth can be attributed to our location on IH-35, between the two metropolises of Austin and San Antonio, as well as great quality of life and excellent public schools. In 2019, 1,425 new primary jobs were created from over 60 local employers. The 2,400-acre mixed-use development, Veramendi, has finalized plans to build over 5,000 new single-family homes. Recent announcements by PNC, Go! Retail and McCoy’s Building Supply are just a few of the numerous developments taking place to support our growing population.
CITY PROPERTY VALUATIONS
Per Capital Commercial Investment was created to indicate how the local economy was attracting commercial investment. The 17-year average is $1,589. Taxable value in New Braunfels is up nearly $5.3 billion since 2003: an increase of 302%. Since the recession of 2008, the increase has been 132%. The tax rate levied by the city is low to moderate for cities of this size.
JOBS IN NEW BRAUNFELS
Since 2003, New Braunfels has enjoyed a lower unemployment rate than the nation, state, region and nearby metro areas. The rate averaged 4.3% for the past 17 years, with 2019 reporting the lowest since 2015. More importantly, the employed labor force has increased by 184% since 2003.
Seventy-three percent of jobs in New Braunfels are filled by employees commuting into the area, proving that the community enjoys a larger and available labor shed. Additionally, 71% of employed citizens commute outside the city for employment.
NEW PRIMARY JOBS
This custom benchmark has been set locally since 2003, with input from 59 primary employers. Primary employers are those producing a good or service here with a majority of that good or service sold outside the trade area. Announced new primary have averaged 966 since 2004. Unemployment Rate continues to remain low.
New Braunfels property valuations increased in 2019 over $6.2 billion since 2003 and rose 12.5% over last year. Since 2003, the increase has been a total of 280%. There has been an increase every year. Residential permits exceeded 1,000 homes for the seventh consecutive year. Since 2010, over 13,000 single-family homes were added.
SALES TAX REVENUE RECEIPTS
Sales tax revenues in New Braunfels have increased by 220% since 2003. Continuing in 2019, revenue set new records. Sales tax revenue is the largest local revenue source for city government services. Another custom benchmark, office space inventory, has grown 154% since 2004. 2018 marked the second year that total office square-footage exceeded one million. More than 67% new office space was added in 2019 from 2011.
NEW BUSINESS METERS
AVERAGE HOME VALUE
Average home values are up $22,266 over 2018 and have increased 65% Increase in last 13 years. Median household income has risen 95% in New Braunfels since 2003. This is higher than the state and metro-area average.
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