Austin Dominates Overall Economics Rankings Since the Recession
Nonprofit public policy organization, The Brookings Institute, assessed the 100 largest U.S. metropolitan areas and ranked each city on its economic performance since the Great Recession. Each metro was ranked based on four indicators: jobs, unemployment, output (gross product), and cost of homes. The analysis timeframe focused on change during the recession, the recovery and the combination of the two (recession + recovery). In the overall standings, the Austin metro area ranked #1 for economic performance since the recession until March 2014.
Austin reached its lowest level of jobs in the 4th quarter of 2009 and has since seen its job numbers increasing year-over-year to its highest level since about 2005, according to the report. Unemployment was at 3.9% for March 2014, which is only .3% away from its lowest pre-recession level in 2007. The metro GDP is skyrocketing past the peak level in 2008 and shows no signs of slowing down as of the date of the assessment.
Housing prices, which have been outperforming the U.S. market overall since mid 2007, have made momentous gains since its lowest recession levels in 2012. Austin real estate values increase with the strength of the jobs market and the influx of people moving to the city for work, or who are entering the housing market after their personal financial recoveries have enabled them to become home buyers. The city’s diverse job offerings also offer stronger wages than the national average, due in part to the city’s remarkable insulation from the effects of the Great Recession. It appears that Austin real estate is not only a great way to invest in building long-term wealth, but also a way to safeguard against the wide reaching effects of economic instability.
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