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Austin named No. 1 in US for economic growth
Central Texas is growing rapidly and one prominent city's booming economy is standing out amongst the rest of the country for being the best. Austin was named the No. 1 largest U.S. city for economic growth, according to a new Coworking Cafe study.
Texas' capital city was recognized for having steady economic growth driven by its robust job market, rising incomes, innovation and expanding population. The study analyzed small, mid-size and large U.S. cities that saw the most economic upswing using data from 2019 to 2023.
To measure a city's prosperity, the study used 11 key factors such as gross domestic product (GDP) growth, job gains, housing expansion, export strength and infrastructure buildout. With 61 points, Austin led the nation for having a good mix of productivity, employment and investment data, according to Coworking Cafe.
The city recorded the highest (51%) GDP growth from 2019 to 2023, fueled by rapid job creation in tech, manufacturing and professional services. It also ranked second in housing overall with a 12% increase in stock, meaning more residential units were built to meet its growing population.
Austin's largest flex by far is its business sector with a 71% surge in new business applications, placing fifth nationwide. On top of that, Austin had an impressive 33% median earnings increase being the seventh-highest growth — reaching $54,283.
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