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Austin’s economy ranked No. 1 in the country

Posted by: In: Industry Insights 24 Oct 2013 Comments: 0

(Austin Business Journal)  Austin’s reputation as a job-creation machine has again propelled it to the top of a monthly report measuring economic indicators for all major U.S. metro areas.

With an overall score of 83.9 out of 100 based on 18 economic factors, Austin tops the list of 102 cities measured in the monthly report by The Business Journals’ On Numbers.

The Texas capital, with an unemployment rate of 5.2 percent and five-year wages growth from October 2008 through October 2013 of nearly 15 percent, had held first place for eight of the first 10 months in 2013. The city’s average weekly earnings per worker are now $919.12.

The biggest reason why Austin remains No. 1 is its job-growth record. On Numbers reports that Austin is the only city in the nation — pause for a second, and let that sink in for minute — with double-digit percentage job growth in that five-year period, at just under 11 percent. By comparison, no other U.S. city has seen five-year job growth higher than 8 percent.

Dallas-Fort Worth is No. 2 in the country with a total score of 81.3, in a virtual tie with Provo, Utah. Houston comes in at No. 4 at 76.9 while San Jose, Calif., rounds out the top five.

At the bottom of the U.S. list is Bridgeport, Conn., with a score of only 21 out of 100.

Just this week, a study by the Brookings Institution showed how Austin’s economy is rapidly evolving its global reach.

To view the Time Magazine article, click here.

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