Feasibility Study Company Independent Feasibility Analysis

Texas · Austin

Austin Feasibility Studies

Austin is a correction market, and a study there underwrites the bottom rather than the boom. Apartment vacancy stood at 12.29% in Q2 2026 while effective rent fell 3.88% on the year 13, and industrial vacancy ran 21.4% to 22.5% against a long-term average of 11.2% 2122. Payrolls still added 16,200 jobs in the year to August 2026 3, but the largest private employers move with the tech cycle: Tesla's Giga Texas headcount fell 22% in 2025 6. The demand case has to hold if the next swing is down.

Request a methodology briefing See the supply data
1,002,632
City of Austin residents, July 1, 2025 1
12.29%
Apartment vacancy, Q2 2026 (down 289 bps in a year) 13
22.3%
Industrial vacancy, Q2 2026 (Cushman & Wakefield) 20
3.6%
Retail vacancy, Q2 2026 (Partners Real Estate) 23
Supply by Asset Class

The deepest correction in Texas, and one tight exception.

Apartments: occupancy recovering, rents still falling

Matthews reports Q2 2026 vacancy of 12.29%, down 289 basis points in a year, with effective rent down 3.88% to $1,414 and Class A asking rent at $1,741 13. There were 14,610 units under construction, 4.55% of inventory, and 10 of 25 submarkets had none 13. The 2024 delivery count was 31,000 apartments 14; by Q3 2025 rents were down nearly 8% 15, and RealPage's forecast for the four quarters from Q2 2026 is rent growth below 1% 16. Build-to-rent adds about 1,700 units under construction 17.

This is the clearest oversupply correction among the Texas metros, more severe than Dallas-Fort Worth, where strong absorption is keeping pace with a larger pipeline. For a lender, the correction cuts both ways. A project delivering in a submarket with nothing under construction may lease up into a recovering market. A project in a submarket still absorbing peak-era buildings competes on concessions. For Austin apartments the test is coverage at today's effective rent with no recovery in the numbers (our note on effective rent versus asking rent explains why asking rent misleads in a market like this), with every competing lease-up in the submarket named.

Costs have not corrected with rents. Austin construction prices rose 4.32% in the year to Q1 2026, above the 3.94% average for Rider Levett Bucknall's Central region in the same report 19; a quarter earlier Austin had run below the region, at 4.18% against 4.41% 51. The firm's Q2 2026 range for Austin multifamily hard costs is $185 to $275 a square foot 18. Falling rents and rising costs squeeze a new project from both sides, which is why the study should show coverage on today's budget and today's rent together. See multifamily feasibility.

Industrial: about double its long-term vacancy

Industrial vacancy was 22.3% at Cushman & Wakefield 20, 21.4% at Colliers with 12.7 million square feet still under construction 21, and 22.5% at KBC Advisors against a long-term average of 11.2% 22. Speculative space is the problem; owner-user projects with their own demand are a different credit. A small-bay or flex study here must prove the tenant, not the market.

Retail: the exception

Retail is tight. Partners Real Estate measured 3.6% vacancy and 5.1% availability in Q2 2026 23; Cushman & Wakefield measured 4.2% 24; and CBRE, as reported by ICSC, ranked Austin first among U.S. markets for retail space shortfall 25. Neighborhood retail serving the new eastern and northern subdivisions has the best supply story in the metro, with shopping-center hard costs of $205 to $335 per square foot in Q2 2026 18. See retail feasibility.

Hotels and short-term rentals

For economy through upper-midscale hotels, CoStar data reported by a broker showed 65.7% occupancy, a $101.65 average daily rate and $66.79 RevPAR for the 12 months to January 2025, with 896 rooms under construction against an inventory of 20,329 26. RevPAR then fell 14.3% in Q2 2025 and 6.3% in Q3 2025, when the convention center was closed 27. Austin's hotel pipeline held 116 projects in Q2 2026 28. At the luxury end, Canyon Ranch Austin was set to open with 141 rooms on more than 600 acres near Lake Travis from October 15, 2026 29, on a total development cost its chief executive estimates at $500 million 54. That project is no comparable for a smaller Hill Country resort: HVS's 2026 survey of 2025 budgets puts the national median luxury hotel at $1,604,356 per key and the median full-service hotel at $467,244 57, and a resort study should build its budget from its own program. Short-term rental listings grew 32.2% in the year to March 2025, with occupancy of 45% to 50% 30. A hotel study must test break-even against new supply (see the break-even occupancy trap and hotel feasibility).

Senior housing, storage, health care and RV parks

Active adult occupancy rose from 85.2% in 1Q 2026 31 to 88.0% in 2Q 2026 32, a recovering trend for senior housing studies. Austin was one of only two U.S. markets with year-over-year gains in climate-controlled self-storage rates in August 2026 33. Urgent care is consolidating: 14 Austin centers passed to HCA's St. David's HealthCare in August 2026 34. The Jellystone Park north of Austin opened in June 2025 with more than 400 paved RV sites 35, a large competitor for any RV park in the region. In San Marcos, a Texas State University student housing project of 260 units and 759 beds closed a $116 million construction loan in May 2026 36.

Asset classIndicatorFigurePeriodSource
MultifamilyVacancy; effective rent; Class A asking rent12.29% (-289 bps y/y); $1,414 (-3.88%); $1,741Q2 202613
MultifamilyUnder construction; submarkets with none14,610 (4.55% of inventory); 10 of 25Q2 202613
MultifamilyDeliveries31,000202414
Build-to-rentUnits under constructionAbout 1,700Early May 202617
Construction costMultifamily hard cost; escalation (Central region average)$185 to $275 per sq ft; 4.32% y/y (3.94%)Q2 2026; Q1 20261819
Construction costEscalation, year to Q4 2025 (Central region average)4.18% (4.41%)Q4 202551
Student housingSan Marcos project loan; Hilltop Phase II$116 million, 260 units, 759 beds; $280 million, 1,504 bedsMay 202636
Collision repairBuda facility, cost and size$4.5 million; 15,131 sq ftMarch to September 202652
Event venueRound Rock wedding venue, asking cap rate4.50%202653
Luxury resortCanyon Ranch Austin, total development cost (developer estimate); rooms$500 million; 141 roomsNovember 2025; opening October 15, 20265429
Hotel development cost, national benchmarkMedian per key, luxury; full-service$1,604,356; $467,2442025 budgets57
RV parkJellystone Park north of Austin, paved RV sitesMore than 400Opened June 202535
IndustrialVacancy (C&W / Colliers / KBC); under construction22.3% / 21.4% / 22.5%; 12.7 msfQ2 2026202122
IndustrialLong-term average vacancy11.2%Q2 2026 report22
RetailVacancy; availability3.6% (+20 bps q/q); 5.1%Q2 202623
RetailVacancy (second source)4.2%Q2 202624
Hotel (economy to upper midscale)Occupancy / ADR / RevPAR65.7% / $101.65 / $66.7912 months to January 202526
HotelRooms under construction; inventory896; 20,329January 202526
HotelRevPAR change-14.3% (Q2 2025); -6.3% (Q3 2025)202527
Short-term rentalListings growth+32.2%March 2024 to March 202530
Senior housingActive adult occupancy85.2%; 88.0%1Q 2026; 2Q 20263132
Office, convenience stores, self-storage supplyMetro countsNot in the researchnonenone
Economic Base

A grocer, two hospital systems and a volatile tech payroll.

Austin's economy rests on government, a university, health care and a handful of very large technology employers, and the last group moves fastest. The Dallas Fed names the State of Texas as the metro's largest employer and UT Austin second, without headcounts 5. Among private employers, the Austin Business Journal's July 2026 list puts H-E-B first with 27,721 workers, Tesla second with 16,500, Ascension Texas third with 16,200, St. David's HealthCare fourth with 13,259 and Amazon fifth with 11,000 4. Two of the five are hospital systems, which gives medical office and senior housing a steadier demand base than the headlines suggest.

The tech side is where a lender should look hardest. Tesla's Giga Texas headcount fell to 16,506 at the end of 2025 from 21,191 a year earlier, a drop of 22%, according to its Travis County compliance report as reported by the Austin American-Statesman 6. Samsung's fab in Taylor began trial production in September 2026 and plans mass production in 2027 7. East of the city, SpaceX's Starlink operation in Bastrop had more than 1,500 employees in May 2026 55, after a $17.3 million grant from the state's semiconductor fund in March 2025 56. BAE Systems' May 2026 plans put $50 million of a $135 million two-state facility program in Austin 8, and UT's Dell Medical Center hospital near the Domain is planned for 2030 7. Those are real anchors, but each one is a single company's decision. A hotel near Giga Texas, apartments in Taylor or retail on Parmer Lane should be underwritten with a case in which that employer's headcount falls, because one already has.

The research found no military anchor and no other project over $50 million with a confirmed budget. That leaves a feasibility study consultant in Austin to document any employer the demand case relies on with a permit, an incentive agreement or the company's own filing.

Median household income in the same survey was $100,431 60, and the Bureau of Economic Analysis measured per capita personal income of $85,549 in 2024 61.

Employer or projectFigurePeriodSource
H-E-B (largest private employer)27,721 employeesJuly 20264
Tesla16,500 employeesJuly 20264
Ascension Texas16,200 employeesJuly 20264
St. David's HealthCare13,259 employeesJuly 20264
Amazon11,000 employeesJuly 20264
Tesla Giga Texas headcount16,506 (from 21,191; -22%)Year-end 2025 vs 20246
Samsung, Taylor fabTrial production; mass production planned 2027September 20267
SpaceX (Starlink), BastropMore than 1,500 employees; $855 million expansion backed by the countyMay 26, 202655
State semiconductor-fund grant to Starlink, Bastrop$17.3 millionMarch 13, 202556
BAE Systems, Austin share of a two-state program$50 million of $135 millionMay 20268
Growth

Still growing, at a pace that has cooled.

The Austin-Round Rock-San Marcos MSA added 53,796 residents in the year to July 2025, per the Austin American-Statesman's reading of the Census Vintage 2025 release 2. The research did not retrieve the MSA total or its 2020 base, so this page gives no five-year growth rate. The City of Austin passed 1 million residents, reaching 1,002,632 on July 1, 2025 1. Growth is fastest at the edges: KXAN reported that Hays and Williamson counties each grew more than 3% in the year 12, and Caldwell County to the southeast, home of our Lockhart case, counted 55,150 residents in the same estimates, as CultureMap Austin reported 58.

Over the same twelve months to August 2026 the metro added 16,200 payroll jobs, 1.2%, taking the preliminary, unadjusted BLS count to 1,415.9 thousand from 1,399.7 thousand 3. For a correcting market that is solid, and it is the number that will eventually absorb the vacant apartments and warehouses. A study should not assume it accelerates.

The supply response is already visible in permits. Trailing twelve-month multifamily permits fell to 8,760 units by June 2026, against a peak of about 22,000 11. In HBWeekly's 2025 tracking, Travis County led with 3,390 permits (up 5%) and Williamson County followed at 2,609, out of about 7,275 in all, 3% fewer than in 2024 9; CultureMap Austin reported 32,294 units for 2024 on a different basis 10. The two universes should not be combined. The message for a lender is that the builders have pulled back hard, which is how a correction ends, but the units started at the peak are still leasing up.

The 2020 to 2024 American Community Survey puts the median value of an owner-occupied home in the Austin market at $465,000 60, the five-year level a build-to-rent or for-sale absorption assumption is set beside.

IndicatorFigurePeriodSource
MSA population change+53,796 (MSA total and 2020 base not retrieved)July 2024 to July 20252
City of Austin population1,002,632July 1, 20251
Caldwell County population55,150July 1, 202558
Nonfarm employment1,399.7k to 1,415.9k (+16,200, +1.2%)August 2025 to August 2026 (preliminary)3
Multifamily permits, trailing 12 months8,760 units (peak about 22,000)To June 202611
Residential permits, HBWeekly universeAbout 7,275 (-3%)20259
Travis / Williamson counties, HBWeekly universe3,390 (+5%) / 2,60920259
Residential permits, CultureMap Austin32,294 units202410
Local Rules

A city that cut parking, counties that guard water.

City of Austin

On November 2, 2023, the City Council eliminated motor vehicle parking minimums citywide, keeping accessible and bicycle requirements 39; the vote was 8-2 40. No other large Texas city in the research has gone that far: Dallas kept tiers for apartments, and Houston still prints a ratio for most uses. A project above 2,000 vehicle trips per day needs a traffic impact analysis under the Land Development Code 41, which matters for a large retail center, a travel center or a mixed-use site. The state's 2023 law on extraterritorial jurisdiction has also changed the map at the edge: by December 15, 2023 Austin had received 191 petitions for direct release from its ETJ and released 74 properties 42. A parcel that has left the ETJ answers to the county, which regulates subdivision and infrastructure but not use. The study should state which government approves the site.

Water, aquifer and flood

Hays County, Travis County and Williamson County fall under the Edwards Aquifer protection program, so a site over the recharge or contributing zone needs an approved plan from the state environmental agency before construction 44. In February 2026, Hays County tabled a proposed moratorium on water-heavy projects over questions about its legal authority 43; the proposal shows where local sentiment sits, and a study for a car wash, water park or data-heavy user in the county should document the water supply in writing. After the July 2025 Hill Country floods, FEMA's DR-4879 declaration added Travis and Williamson counties for Individual Assistance 45, and the SBA amended its disaster-loan declaration to include them on July 10, 2025 46. That disaster program is separate from the 7(a) and 504 guarantees, but a parcel's flood record belongs in the study either way.

The hotel tax the research could not confirm

No primary source in the research gives the City of Austin's hotel occupancy tax; one unnamed blog does, and we leave it out. The rate stack has to come from the Comptroller and the city before a hotel pro forma is final; the statewide structure, and the written conditions that stand in for fees and utility capacity, are on our Texas page.

Corridors

I-35, SH 130 and the eastern plants.

Much of Austin's new industry sits east and north of the city, along SH 130, the toll road that parallels I-35, and out along US 290 and SH 71. The research names three employment nodes rather than retail corridors: SH 130 at SH 71, where Giga Texas sits; Parmer Lane in north Austin, home to Apple and Samsung's Austin plant; and Taylor in Williamson County, where Samsung's new fab is ramping 7. Projects that serve plant workers, from apartments to quick-service restaurants and hotels, cluster around those nodes and carry their concentration risk.

The one TxDOT count the research holds for the Austin area sits east of the metro: on US 290 east of Elgin, 2022 traffic volumes were mostly below 20,000 vehicles per day, and 17% of eastbound trips continued past Elgin, according to TxDOT's final traffic study of January 15, 2025 38. That is a corridor reading, not a site count. Everywhere else the study pulls its own station as our Texas page sets out, and on SH 130 it has to show whether the parcel faces the tolled mainlanes, which give no direct access, or a frontage road that does.

Travel demand on I-35 also brings large competitors. Buc-ee's opened a 74,000-square-foot San Marcos travel center with 128 fueling positions on August 12, 2026 37. A fuel and convenience study anywhere on the I-35 or SH 130 corridors between Austin and San Antonio has to treat a store of that size as part of the competitive set.

County Business Patterns counted 1,003 gas station and convenience store establishments in the Austin market in 2023 62, the base a new interstate fuel site's share has to be argued against, large travel centers included.

Lenders

Lenders and capital in Austin.

Austin has no SBA district of its own. Travis, Williamson and Hays counties are served by the SBA's San Antonio District Office 47, so district-level totals mix the two metros; see the San Antonio page for the district figures. The research found no official fiscal 2025 ranking of 7(a) lenders or certified development companies for the Austin area. PeopleFund CDC, a certified development company headquartered in Austin, is on the SBA's CDC list 48. Rather than lean on a ranking, ask the bank and the CDC to show their recent closings in the asset class.

Under 504, the borrower's injection rises to 15% when the business is new or the building is special purpose, and to 20% when both apply, under SOP 50 10 8.1 (see SBA 7(a) and 504); hotels are on SBA's special purpose list, so a new hotel business pays the top tier. Institutional capital is active here too: USCIS approved CMB's Travis South industrial project on August 25, 2025, with up to $15.2 million of EB-5 capital in a $61.08 million total 49, an example of the job-creation evidence an EB-5 study must carry (see how EB-5 jobs are counted). Bigger apartment and industrial financings are bank, debt-fund and agency deals (see conventional and institutional lending).

Program maps matter most in the eastern counties. Bastrop County holds three designated Opportunity Zone tracts on the Governor's 2018 list 50, and the small towns of Bastrop and Caldwell counties, where our USDA cases sit, are the places a site can pass USDA's rural test; Austin, Round Rock and the large suburbs cannot. How each test is run on the parcel is on our Texas page.

Projects in the Austin market's own counties drew 4,228 7(a) loans worth $2,608.1 million in fiscal years 2016 to 2025, net of cancellations, and $501.7 million under 504, by SBA's loan file 59.

Worked Cases

Five worked cases east and south of Austin.

All five of our Austin-region cases are in smaller towns, and each one has to separate spillover demand from Austin from the town's own. Lockhart, in Caldwell County, is the setting of the gas station case: a fuel and convenience site on US 183 under SBA 7(a), with the use approval still open. Bastrop holds two: the limited-service hotel case tests a branded hotel on SH 71 under SBA 504 against new rooms already registered in town, and the RV park case splits leisure from workforce demand for a USDA Business and Industry guarantee. The meat processing case in Elgin proves a USDA-financed plant's livestock supply and its buyers. West of the metro, the Hill Country lodging and retreat case near Johnson City sets a small resort against luxury and short-term rental supply under SBA 7(a).

Lender Checklist

What a lender should check on an Austin deal.

  1. Rent at the trough

    Coverage tested at today's effective rent in the subject's submarket, with no rent recovery assumed.

  2. Competing lease-ups

    Every peak-era building still leasing in the submarket, and the subject's position against them.

  3. Single-employer exposure

    A downside case for any project whose demand depends on Tesla, Samsung or another single plant.

  4. Today's budget

    A construction budget priced at current Austin costs, not at a pre-correction allowance, tested against today's rent.

  5. Industrial tenant

    For warehouse and flex, a signed or credible tenant rather than a market vacancy argument.

  6. Who approves the site

    City, ETJ or county after an ETJ release, and the traffic study threshold that applies.

  7. Water and aquifer

    Edwards Aquifer plan status, a written water supply and any county moratorium proposal.

  8. Flood history

    The current flood map and the parcel's record in the July 2025 floods.

  9. Hotel tax and STR rules

    The full hotel tax stack and the short-term rental ordinance from primary sources.

Austin Questions

What credit officers ask about Austin deals.

Should an Austin pro forma assume rents recover?

No. Underwrite at today's effective rent and treat any recovery as upside. Builders have pulled back hard, with trailing-year multifamily permits down to 8,760 units by June 2026 from a peak near 22,000 11, but the buildings started at the peak are still leasing, and RealPage's forecast for the year from Q2 2026 is rent growth under 1% 16. Costs have not followed rents down: Austin construction prices rose 4.32% in the year to Q1 2026 19. A study that needs rent growth to reach coverage rests on the one assumption the market has not yet supported.

How far has the Austin apartment correction gone?

Occupancy has come back faster than rent, and it is being bought with rent. Matthews measured 12.29% vacancy in Q2 2026, 289 basis points lower than a year earlier, but effective rent fell 3.88% to $1,414 while Class A asking rent stood at $1,741 13. The 14,610 units still being built equal 4.55% of inventory, and in 10 of the 25 submarkets nothing is under way 13. Austin delivered 31,000 apartments in 2024 14, and rents were down nearly 8% by Q3 2025 15. Which submarket the subject sits in now matters more than the metro figure.

How much do Tesla and Samsung matter to an Austin project?

A great deal, and that concentration is the risk. Giga Texas ended 2025 with 16,506 workers against 21,191 a year before, a 22% cut recorded in Tesla's Travis County compliance report 6, while Samsung's Taylor fab reached trial production in September 2026 with volume production slated for 2027 7. Starlink's Bastrop operation had passed 1,500 employees by May 2026 55. Each is one company's decision. A project whose demand rests on a single plant needs a pro forma that still covers debt after a layoff there, with the anchor documented by a permit or a filing rather than a press release.

With parking minimums gone, how many spaces should an Austin site plan show?

As many as the business needs, and the study has to say how many that is. The City Council removed motor vehicle minimums citywide on November 2, 2023 39, by an 8-2 vote 40, keeping accessible and bicycle rules, so the floor now comes from the operator's prototype, the franchisor and the lender rather than the code. Two other thresholds still shape the plan: a traffic impact analysis once a project passes 2,000 vehicle trips a day 41, and, at the edge, county rules for parcels released from the city's extraterritorial jurisdiction, where Austin had let 74 properties go out of 191 petitions by December 15, 2023 42.

Why is Austin retail tight when other property types are oversupplied?

Because building never kept up with the people. Partners Real Estate put Q2 2026 vacancy at 3.6% with 5.1% availability 23, Cushman & Wakefield read 4.2% 24, and in CBRE's ranking, as ICSC reported, no U.S. market had a larger retail space shortfall than Austin 25. Neighborhood centers near the new subdivisions east and north of town carry the metro's best supply story, though a shopping center costs $205 to $335 per square foot to build 18. Tight vacancy is no substitute for a trade area: a market study for an Austin retail pad still has to prove the rooftops and traffic within its drive time and its tenants' credit.

Is Austin's hotel weakness a demand problem or a supply problem?

Mostly supply. A broker's reading of CoStar data for economy to upper-midscale hotels put the twelve months to January 2025 at 65.7% occupancy, $101.65 ADR and $66.79 RevPAR, with 896 rooms being built on an inventory of 20,329 26. RevPAR then dropped 14.3% in Q2 2025 and 6.3% in Q3, quarters when the convention center was shut 27, and by Q2 2026 the pipeline counted 116 projects 28. Rooms keep arriving at the top end too, with Canyon Ranch Austin's 141 from October 15, 2026 29. A study should test break-even against the rooms opening in the subject's own competitive set rather than wait on a demand recovery.

Which Austin-area counties were in the July 2025 flood disaster declaration?

Travis and Williamson. FEMA added both to Individual Assistance under DR-4879 45, and the SBA's disaster-loan declaration was amended to cover them on July 10, 2025 46. A site near the Colorado River or a Hill Country creek should be checked against the current flood map and its history in the July 2025 flooding. Water is the companion issue: the same counties, with Hays, fall under the Edwards Aquifer rules, so any site on the recharge or contributing zone needs the state's approval of its plan before work starts 44, and Hays County shelved a proposed moratorium on water-heavy projects in February 2026 on doubts about its authority 43.

An Austin loan should work at today's rents. We test that first.

We test the subject against today's effective rents, the employers its demand depends on and the supply still delivering in its submarket. Share the parcel, the concept and the financing you have in mind.

Request a methodology briefing
Sources

Data sources and dates.

The sources below carry every figure on this page with its publisher and date. Broker series disagree on Austin vacancy, so the page shows each one with its publisher.

Market data reviewed by Mark Otava · Updated

  1. U.S. Census Bureau, Vintage 2025 population estimates for cities and towns (press release), May 14, 2026 (population as of July 1, 2025).
  2. Austin American-Statesman (citing Census Vintage 2025), Texas population growth in 2025, 2026 (change July 2024 to July 2025).
  3. U.S. Bureau of Labor Statistics, Over-the-year change in nonfarm employment, large metropolitan areas, September 30, 2026 (August 2026 preliminary).
  4. RM2244 (transcribing the Austin Business Journal list of July 3 to 9, 2026), Top 25 Austin employers, July 2026.
  5. Federal Reserve Bank of Dallas, Austin economic profile, accessed October 2026.
  6. Sunbelt Pulse (citing the Austin American-Statesman and Tesla's Travis County compliance report), Austin tech jobs, AI and semiconductor boom, 2026, 2026 (year-end 2024 and 2025 headcounts).
  7. TX Austin Life (a realtor's site), Relocating to Austin for Samsung or Tesla, 2026 (Samsung status as of September 2026).
  8. IndustrySelect, New U.S. manufacturing plants unveiled in May 2026, May 2026.
  9. HBWeekly, Texas New Residential Construction Review, 2025, February 4, 2026.
  10. CultureMap Austin, Austin new-home construction ranking, page undated; accessed October 2026 (calendar 2024 permit data).
  11. RealPage, Metro Permits, June 2026, July 2026 (trailing 12 months to June 2026).
  12. KXAN (via Yahoo News), These were Texas' fastest-growing counties in 2025, 2026 (July 2024 to July 2025 data).
  13. Matthews, Austin Multifamily Q2 2026, Q2 2026.
  14. RealPage, RealPage Forecast Update for 2025, 2025 (calendar 2024 deliveries).
  15. RealPage, Third-quarter analysis: strong retention offsets cooling apartment demand, Q3 2025.
  16. RealPage, Apartment Market Forecast, 2nd Quarter 2026, July 2026.
  17. RealPage, Build-to-rent units under construction, 1Q 2026, May 20, 2026.
  18. Rider Levett Bucknall, Quarterly Construction Cost Report, Q2 2026, June 2026.
  19. Rider Levett Bucknall, Construction Cost Report, Central, Q1 2026, March 2026.
  20. Cushman & Wakefield, Austin MarketBeat, Q2 2026.
  21. Colliers, Austin industrial market report, 2026 Q2, July 20, 2026.
  22. KBC Advisors, Q2 2026 Austin market report, Q2 2026.
  23. Partners Real Estate, Austin retail Q2 2026 quarterly market report, Q2 2026.
  24. Cushman & Wakefield, U.S. Retail MarketBeat, Q2 2026, July 2026.
  25. ICSC (citing CBRE), How much retail we need, where retail investment will outperform and more, December 6, 2024.
  26. MG Hotel Team (broker, citing CoStar), Hospitality investing news, South Central Texas, March 2025, March 2025 (12 months to January 2025).
  27. Hotel Investment Today (citing CoStar), Why investors keep coming back to Texas, page undated; accessed October 2026 (Q2 and Q3 2025 data).
  28. Hotel Dive (citing Lodging Econometrics), US hotel construction pipeline down in Q2, but higher-tier segments saw growth, July 27, 2026.
  29. Forbes, As luxury hotels rush in, will Texas Hill Country become the next Napa Valley?, August 1, 2026.
  30. AirROI, Airbnb oversaturation 2026, 2026 (March 2024 to March 2025 listings).
  31. NIC MAP, Senior living occupancy grows amid construction slowdown, April 23, 2026 (1Q 2026 data).
  32. NIC, Occupancy in senior housing climbs as half of primary markets top 90%, July 9, 2026 (2Q 2026 data).
  33. Yardi Matrix, Soft demand, lingering lease-up supply tame self-storage rate growth (press release), September 23, 2026 (August 2026 data).
  34. Healthcare Finance News, HCA acquires 40 Texas urgent care centers, August 4, 2026.
  35. Yogi Bear's Jellystone Park Camp-Resorts, New Jellystone Park camp-resort to open in June near Austin, Texas (press release), May 27, 2025.
  36. Multi-Housing News, Texas State University project lands $116M for construction, May 2026.
  37. San Antonio Express-News (MySA), Now open: Buc-ee's massive new San Marcos travel center, August 2026 (opened August 12, 2026).
  38. Texas Department of Transportation, US 290 Traffic Study, Final Report, January 15, 2025 (2022 AADT).
  39. City of Austin, Ordinance amendment review sheet C20-2023-039 (parking minimums, Ord. 20231102-028), November 2, 2023.
  40. KXAN, Austin City Council to consider eliminating minimum parking requirements, November 2023.
  41. City of Austin, Land Development Code Sec. 25-6-113 and 25-6-114, traffic impact analysis (city document), accessed October 11, 2026.
  42. City of Austin, Memo on SB 2038 implementation (ETJ release petitions), December 15, 2023.
  43. Community Impact, Legal questions stall Hays County moratorium on water-heavy projects, February 24, 2026.
  44. Texas Commission on Environmental Quality, RG-499, complying with the Edwards Aquifer rules, revised February 2024.
  45. FEMA, 4879-DR-TX notice and DR-4879 disaster page, July 2025 (declared July 6, 2025).
  46. Federal Register (U.S. Small Business Administration), Presidential Declaration Amendment of a Major Disaster for the State of Texas, July 16, 2025 (amendment of July 10, 2025).
  47. U.S. Small Business Administration, San Antonio District Office, accessed October 2026.
  48. U.S. Small Business Administration, List of Certified Development Companies, accessed October 2026.
  49. GlobeNewswire (CMB Regional Centers), CMB Regional Centers receives USCIS approval for Travis South EB-5 project, August 25, 2025.
  50. Office of the Texas Governor, Opportunity Zone tract designations, 2018 designations.
  51. Rider Levett Bucknall, Construction Cost Report, Central, Q4 2025, Q4 2025.
  52. Community Impact, Crash Champions to build $4.5M collision repair facility in Buda, February 25, 2026.
  53. LoopNet, Texas wedding venues for sale, 2026 listing.
  54. Texas Monthly, This wellness resort couldn't get any more extra, November 20, 2025.
  55. Community Impact, Bastrop County backs SpaceX application for state sales tax incentive, May 26, 2026.
  56. KUT, Texas gives Musk's SpaceX $17M for Austin-area site, March 13, 2025.
  57. HVS, U.S. Hotel Development Cost Survey 2026, July 2026 (2025 budgets).
  58. CultureMap Austin (citing Census Vintage 2025), Article on Williamson and Caldwell county population growth (descriptive title; the research does not record the headline), page undated; accessed October 2026 (July 1, 2025 estimates).
  59. U.S. Small Business Administration, Office of Capital Access, 7(a) and 504 FOIA loan-level data, loan status as of June 30, 2026 (approval fiscal years 2016 to 2025); retrieved October 16, 2026.
  60. U.S. Census Bureau, American Community Survey 5-Year Estimates, Detailed Tables (Census Data API), 2020 to 2024 five-year estimates; retrieved October 16, 2026.
  61. U.S. Bureau of Economic Analysis, Personal Income by County, Metro, and Other Areas (Regional table CAINC1), calendar year 2024; retrieved October 16, 2026.
  62. U.S. Census Bureau, 2023 County Business Patterns (Census Data API), 2023 (employment for the pay period including March 12, 2023); retrieved October 16, 2026.