Austin is #1 Fastest-Growing Economy in the U.S. and 38th in the World
Three hundred of the planet’s largest economies were assessed on their economic growth by the Brookings Institution recently. A report released by the nonprofit public policy organization revealed the Texas capitol as one of only six developed metro economies from the U.S. and United Kingdom to be one of the world’s top performers in 2013 and 2014. Austin was rated the 38th fastest-growing economy in the world for that time. Among cities in the U.S., Austin took the gold at number one.
Some common elements in the strongest economic growth rates were specialties in utilities, trade and tourism, and manufacturing. Employment and GDP growth per capita was also considered and revealed that most of the top performers were outpacing the growth rate of their countries. In the U.S., Austin grew its economy by 1.9% in 2013 and 2014 - far ahead of the 0.4% economic growth seen across the nation - making an economic difference of 1.5%.
Statistics from the analysis show that just over one-fifth of metro areas assessed are “not recovered” in employment or GDP growth; 90 percent of this group is comprised of North American and Western European metro economies. In contrast, Austin is considered to be "fully recovered" to pre-recession levels of employment and GDP per capita and reported a 3.6% employment improvement.
Now a top performer on the global economic growth chart, Austin also outpaces other U.S. cities in growth with nearly 200 people taking up real estate in the city per day. Investing in Austin real estate secures a seat in the city that's outpacing all other cities in the country economically. Austin's economic rocket ride is also making it a strong leader among the world's metropolitan economies.
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