Page 13 - Georgetown Retail Merchandising Plan 11.7.16 - FINAL

and employment opportunities, among other aspects. According Estimates suggests continuance of explosive population within
to a 2016 press release by the U.S. Census Bureau, the top the Georgetown, Round Rock, Cedar Park, Austin and Pflugerville
four metro markets in Texas added 412,000 of the approximately region that will fuel the need for high-quality commercial and Georgetown, Texas
490,000 new residents to the State. The 2016 Texas population retail.
is 27.63 million, and Texas is projected to grow to just shy of 30 Population Density
million by 2021. According to the U.S. Census, ”Georgetown by block group
Less than 250
has grown faster than any American city with a 250 to 500
500 to 1,500
1,500 to 2,500
Of the top four metropolitan areas, Austin-Round Rock MSA population over 50,000 in the last year” Greater than 2,500
City Limits
is the number one region in the state in terms of growth. The Primary Trade Area
population of the Austin region will exceed two million people INCOME
within the next five years, using an estimated growth rate of The median household income of the Austin-Round Rock MSA
32.4% (2010-2021). By 2021, Georgetown is estimated to have is $63,399, slightly higher than Texas, at $54,075. Georgetown’s
approximately 40% more residents than in 2010 (an additional median household income is higher than the Austin - Round
19,080 residents). That equates to an average of 3.1% growth Rock MSA at $66,968 (ESRI).
per year, almost double the rate of Texas, at 1.6%.
Income is anticipated to increase in Georgetown by 15.9% and
As the market has progressed to the north, Georgetown has in the MSA by 15.3%, considerably higher growth than Texas
positioned itself as a dominant player in retail development. at 9.7%. Furthermore, the median household income in the
This is due to topography (Georgetown is the beginning of Georgetown PTA is $78,988, as of 2016, which is higher than
the Hill Country), a developing transportation system, quality the City of Georgetown. As a result of the population boom
developments, regional location, and quality of life. and increased wealth and real income in Georgetown and the
metro area, purchasing power in the market is increasing, which
The Georgetown PTA population is projected to grow from a creates greater capacity for retail goods and services.
population of 105,405 in 2010, to a population of 153,973 in
2021, a 46% growth rate. This equates to approximately 56,400 Income ranges are higher in Georgetown and the MSA relative
households in 2021 (at 2.7 people per household). to the State. This is attributed to the fact that Georgetown has
Population Breakdown
Year Georgetown Georgetown PTA Austin-Round Rock MSA Texas
2010 47,831 105,405 1,716,289 25,145,561
2016 57,958 134,031 1,997,049 27,637,152
2021 66,911 153,973 2,272,790 29,966,830
Total Growth (2010-2021) 39.9% 46.1% 32.4% 19.2%
Compound Annual Growth Rate 3.1% 3.5% 2.6% 1.6%

Source: STI, ESRI
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miles
Georgetown Retail Merchandising Plan 2016 13