Austin ranked No. 1 large U.S. city for economic growth

Austin has been named the top large U.S. city for economic growth, according to a new analysis by Coworking Cafe (read it here). The report examined data from 2019 to 2023 across small, mid-size, and large cities, weighing factors like GDP growth, job gains, housing, exports, and infrastructure.

With 61 points overall, Austin topped the list for its balanced mix of productivity, employment, and investment. The city posted a 51% increase in gross domestic product during the five-year span, the highest among major metros, fueled by gains in technology, manufacturing, and professional services.

Austin ranked second nationwide in housing growth, with a 12% increase in housing stock to keep pace with its rising population. The city also saw a 4% increase in educational attainment, reflecting more residents with college degrees or higher. Employment rose by 1%, the third-highest jump among large U.S. cities.

Median earnings climbed 33% to $54,283, giving Austin the seventh-largest income growth in the nation during the period.

The report highlighted Austin’s business dynamism, noting a 71% increase in new business applications, ranking fifth nationwide. Local GDP surpassed $248 billion in 2023, supported by a diverse economy spanning technology, government, higher education, and creative industries.

Major infrastructure commitments also bolstered the ranking. Voter-approved Project Connect, a multibillion-dollar transit overhaul, was cited as a sign of long-term investment in the region.

Fort Worth also landed in the study’s top five large cities, ranking No. 5. The North Texas hub recorded a 9% gain in educational attainment and 8.3% population growth between 2019 and 2023.

Thanks to mysanantonio.com for the scoop.