Photo courtesy of Stuart Seeger.
It’s a great time to be living in the city of Austin. The Business Journal’s On Numbers report ranked the Austin economy as number one out of 102 cities. The city scored a total of 83.9 points out of 100 based on 18 economic factors. Austin isn’t new to the top spot, as it has held first place eight out of ten months in 2013. The monthly On Numbers report has also never ranked Austin below third place over the last 15 months, and the city has finished as number one nine times during this period. Dallas-Fort Worth came in at number two while Houston claimed the number four spot. Rounding out the top five are the cities of Provo, Utah at number three and San Jose, California at number five.
While several factors have contributed to Austin’s stunning economic growth, the city’s incredible job growth has had the largest impact. According to the report, Austin is the only city in the country with a double-digit percentage of job growth over the last five years at 11%. The next highest percentage on the list comes in at 8%. Austin also boasts a 15% growth of five year wages between October 2008 and October 2013. The On Numbers report further cites that Austin has added 67,800 private sector jobs over the past five years and 23,800 jobs alone between August 2012 and August 2013. This amazing job creation has contributed to the city’s 5.2% unemployment rate, which is among the lowest in the country.
Austin’s job growth goes hand in hand with the city’s booming population growth. More and more people are moving to Austin to take advantage of these new jobs and prosperous economy. New and long-time Austin residents are attracted to the city’s unique culture that is ideal for fresh innovations and creative solutions. The city’s tech center has grown exponentially with national brands like Google and Facebook choosing to set up offices in Austin. International brands like Samsung, National Instruments and Dell have also brought in economic revenue from international trade. Finally, Austin original festivals like Austin City Limits and South by Southwest have contributed millions to the city’s economy. South by Southwest alone added $218 million to Austin’s market in 2012. Austin’s thriving economy gives Austinites just one more thing to love about their city.