Expanding tech presence ripples to all echelons of housing. The rapid job creation trend of this cycle faced headwinds in 2019, when the unemployment rate started the year below 3 percent. A diminished available labor supply is forcing employers to moderate hiring; however, the technology segment is maintaining its vigorous expansion in northwest Austin. Numerous Bay Area tech companies are establishing strongholds here, highlighted by Apple’s ongoing extension into a $1 billion facility. These companies continue to bring high-wage staff members into the metro, who often look toward luxury rental housing options because of their location, amenities and flexibility. Consumer spending is also being enhanced as more high-wage jobs emerge in Austin, boosting the presence of retailers and service industry employers. The workforce tied to these industries will aid Class B/C leasing, holding vacancy tight in the 4 percent range.