State of Downtown Report 2019
Growing. Thriving. Emerging.
The State of Downtown 2019 report is a market snapshot illustrating the central role downtown plays as Austin’s economic, governmental and cultural center.
Downtowns make up a small share of their city’s land area but have substantial economic importance. When the International Downtown Association compared 24 peer downtowns in 2018, Austin’s assessed value was five times higher than the other cities.
Economic Value of Downtown
- Downtown is 0.5% of the city’s land area but accounts for 10% of Austin’s total assessed value.
- With $13B in taxable revenue, downtown generates 20 times more tax revenue than the city average on a per acre basis.
- The economic tax impact of a building such as the Frost Bank Tower is equivalent to the tax output of 200 single family homes or 50 Barton Creek Malls.
- One-third of downtown’s land is tax exempt, yet downtown contributed more than $540M in combined tax revenue in 2018.
- Downtown’s share of Austin’s property value has doubled in the last 10 years, reinforcing its economic importance to the region.