Austin Economy Staying Strong to 2020

Posted on Monday, July 28th, 2014 at 4:00pm.

Austin Economy Staying Strong to 2020

Photo courtesy of Andreanna Moya Photography.

It’s hard to talk about Austin without mentioning the city’s booming growth. According to a report recently released by the U.S. Conference of Mayors in Dallas, the Texas capital led the nation in growth of its gross domestic product (GDP) in 2013. Austin posted a percentage growth of 4.6% for its gross domestic product, which is the sum of all goods and services produced by a city in a year. Experts at the conference predict that Austin and other similar cities will help the rest of the nation recover from the recent recession and grow the national economy. Austin’s GDP was also predicted to grow by 4.4% between 2013 and 2020. If Austin follows that trend, its economy will rank among the strongest in the nation through the next six years.

Austin’s continuous job growth is one of the factors keeping the city’s economy on top. Austin was recently named the number two city for future job growth by Forbes. Companies from all over the state are fully relocating or setting up new branches in the Austin area to take advantage of the available workforce. Forbes predicts a 4.1% annual job growth for Austin to match its 4.1% unemployment rate, which is among the lowest in the country. Job seekers across the nation have noticed Austin’s growth and are choosing to relocate to the city in greater numbers. Austin has posted the 3rd highest net migration in the U.S. over the past five years.

Whether you’re a new job seeker or longtime Austin residents, it’s a great time to call Austin home. The city’s low business costs and other economic incentives will continue to attract startups and major corporations to make their home here over the next few years. As the Texas capital grows and develops, the strong economy and steady job growth will keep Austin in the nation’s spotlight for years to come.

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