50+ businesses open in downtown Austin in 2023, report says

AUSTIN (KXAN) -- According to the Downtown Austin Alliance, there are more than 685 storefront businesses in the city's downtown.

The businesses encompass everything from restaurants, bars and retail.

According to the DAA's State of Downtown, openings were up in 2023. The report said there were 55 new establishments.

"Approximately 54% of all downtown retail establishments are drinks and entertainment businesses, restaurants and food trucks."

Downtown Austin Alliance's State of Downtown

Dozens of businesses close

However, along with those openings, there were some closures as well. The report cited 68 businesses downtown permanently closed.

"While more than a quarter of downtown businesses surveyed reported an increase in revenue since 2020, more than half reported a decrease in revenue," the report said.

According to the DAA's report, there are eight retail development projects under construction and 23 new ones proposed.

KXAN's Sarah Al-Shaikh will have more on this story. You can watch tonight on KXAN News at 6 p.m.