Report: Urban growth outpaces suburban growth

Repost from the Austin Transportation Department

National news reports have poured out in the last week that U.S. cities are growing faster than the suburbs for the first time since the 1920s.

“Driving the resurgence are young adults, who are delaying careers, marriage and having children amid persistently high unemployment,” according to the Associated Press report. ”[T]hey are spurning homeownership in the suburbs for shorter-term, no-strings-attached apartment living, public transit and proximity to potential jobs in larger cities.”

At the same time, reports say young people are driving significantly less than past generations.

In a July 2 article, Reuters reported ”Generation Y includes an increasing number of people for whom driving is less an American rite of passage than an unnecessary chore.”

That report followed an earlier study publication that showed a dip in miles driven by young people.

Young people, which data shows are driving less and living in urban environments, are a key contributor to Austin’s “creative sector.”

In March, Austin-based economic research firm TXP reported the creative sector accounted for just over $4.35 billion in Austin’s economic activity in 2010, an increase of about one-third from 2005, according to Community Impact.

The sector created more than $71 million in city tax revenues, and almost 49,000 jobs.

“We’re talking about one of the most vibrant, young and exciting pieces of the overall Austin economy,” Jon Hockenyos, president of TXP, told Community Impact.