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Austin is the capital of Texas. According to the 2000 U.S. Census, Austin had a population of 656,562 people, making it the fourth largest city in Texas and the 16th largest in the United States. The Austin-Round Rock metropolitan area is one of the fastest-growing in the United States and was home to an estimated population of 1.4 million as of 2003.
Austin real estate is situated on the Colorado River, with three lakes wholly within the city limits: Town Lake, Lake Austin, and Lake Walter E. Long. Additionally, the foot of Lake Travis, including Mansfield Dam, is located within the city's limits. Austin real estate is subjected to frequent flash flooding from the excessive runoff caused by thunderstorms. To help control this runoff and to generate hydroelectric power, the Lower Colorado River Authority operates a series of dams that form the Texas Highland Lakes, providing venues for boating, swimming, and other forms of recreation within several parks located on the lake shores.
Austin's biggest employers include the State of Texas, the University of Texas, Dell, IBM and Freescale Semiconductor (spun off from Motorola in 2004). The proliferation of technology companies has led to the region's nickname, "the Silicon Hills," and has spurred rapid development that has greatly expanded the city to the north and south.*