Austin: The NEW Superlative Economy of the U.S.
It’s OFFICIAL: Forbes reports that Austin has become “the nation’s superlative economy over the past decade.”
This may come as big news to those who are expecting the title to land with any of the Three Great Cities: New York, Los Angeles, and Chicago. However, a recent study conducted over the 53 largest metropolitan cities in the U.S. that were ranked according to past, present, and future vitality metrics concluded that Texas is the new hotspot, with all four of its largest metro areas making it to the top 10, and with Austin landing the top spot.
Here are the Top 10 New America’s Boom Towns from Forbes’ recent study:
- Austin, TEXAS
- Salt Lake City, UTAH
- San Jose, CALIFORNIA
- Denver, COLORADO
- Raleigh, NORTH CAROLINA
- Houston, TEXAS
- Dallas, TEXAS
- San Antonio, TEXAS
- San Francisco, CALIFORNIA
- Oklahoma City, OKLAHOMA
Aside from using 8 metrics, the study also took into consideration the percentage of children in the population, birth rate, net domestic migration, percentage of Bachelor’s degree-holding residents aged 25-44, income growth, unemployment rate, and population growth. The result shows two divergent kinds of ascendant cities: the tech industry-driven cities and the “opportunity cities” with its diverse industries.
Austin, dubbed as “the nation’s superlative economy over the past decade,” has shown top performance in attracting professionals from all over the country, making its population growth (13.2% up from 2010 to 2014), number of educated millennials aged 25 to 44 (43.7% compared to the 33.6% national average), and number of households with children, all look stunning compared to the national average.
All of Texas’ major metro areas, Austin, Houston, Dallas-Ft. Worth, and San Antonio enjoyed double-digit growth from 2010 through 2014-- well above the 8.1% national average. These cities have also posted income growth well above the national average. Therefore, it does not come as a surprise that all four made it to the top ten results.
To learn more about America's new Boom Towns, you can read the complete Forbes article here.