Economist Jon Hockenyos says most of those laid off will get other jobs but the average citizen in Austin may already be cutting back on purchases. Realtors say it may take four to six months but mid-priced homes in this hot housing market may become more affordable. A car dealer told us in December sales were already off 20 percent from last year. Vehicles are arriving faster than he can sell them. Which is not to say Austin's economy is in a tailspin.
Economists say it's just slowing down.
And if there's a danger it's that consumers will panic, stop buying, and the economy will slow down even further. So the loss of their money to the economy here will be noticed. Though the economist News 8 talked to says he doesn't see a recession.