Austin Ranked #1 in GDP Growth Among Big U.S. Metros

Austin's economic boom with 7.4% growth in regional gross domestic product and leading among major U.S. metros is remarkable!  The substantial growth, amounting to about $13.4 billion, indicates a robust and flourishing economy.  The Austin-area economy's GDP came in at $193.63 billion in 2022, the Federal Reserve Bank reports, up from $180.24 billion the previous year.

ABJ’s report says, “Expansions and relocations by global, brand-name companies have fueled the boom, such as the decision by electric carmaker Tesla Inc. to make the region its headquarters and build a Gigafactory in southeast Travis County, and the decision by electronics giant Samsung to build a $17 billion semiconductor plant in Taylor northeast of Austin.  The unemployment rate in the Austin metro area came in at 3% in November, according to the Texas Workforce Commission. That's up slightly from 2.8% in November 2022 but still considered low by economists. For comparison, the unadjusted unemployment rate came in at 3.5% both nationally and statewide last month.”

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