Austin Ranks as #1 U.S. Economy – and among Most International in Nation
Not only has Austin secured its rank (once again) for the top economy in the nation, it’s now also being touted as one of the most international states. Number One Economy According to the Austin Business Journals’ On Numbers Economic Index report, Austin tops the 102 major United States metro areas measured, with a score of 83.9 out of 100 based on 18 economic factors/indicators. This is the ninth time in 15 months that Austin has led cities across the nation. Factors cited included its low unemployment rate of 5.2 percent, a 15 percent growth rate in wages from October 2008 to October 2013, and, most notable, its 11 percent job growth in that same five-year period. Austin is the only city in the nation with double digit job growth over the past five years – and it solidly beats the runner up by three percent. Texas metropolitan area Dallas-Fort Worth scored 81.3 for a second place finish, further backing up Texas’ reputation as a job growth and economic powerhouse. Austin International Economy A study by the Brookings Institution ranks Austin as having the ninth highest percentage of international trade among U.S. cities. With 22.3 percent of its economy international in nature, the Austin-Round Rock-San Marcos economy joins fellow Texas economy Houston-Sugar Land-Baytown, which ranked fifth with 23.9 percent of its economy international. Austin’s tech-heavy electronics goods are credited for a large portion of the international trade. Not surprisingly, international trade equals international home sales, and Texas recently tied Arizona for the third-largest percentage of international home sales in the U.S., according to a Texas International Homebuyers Report released by the Texas Association of REALTORS®. As an interesting aside, the Brookings report also revealed Austin generates the ninth most patents per person, compared to other U.S. major metropolitan areas. Austin also is the Top City in the Nation for Population Growth.