Texas has one of the most impressive economies of any state in the country. However, because Texas is so big, certain areas of the state have a far better economy than others. So if you want to find out what city in Texas has the best economy, we have what you need to know right here.
The Texas city of Austin has the best economy of any other city in the entire state. The city’s features that have created the best economy include its stable housing market, low unemployment rate, opportunities for job growth, and immense energy industry.
In this article, we are going to discuss how and why Austin has the best economy in all of Texas, as well as how it compares to other cities in the state. In just a few minutes, you will know everything there is to know about the economy in Austin, Texas.
Why is Austin’s Economy Considered the Best?
Now that you know that the city in Texas with the best economy is Austin, you will certainly want to know what has made it the best economy in the state!
There are several factors that contribute to Austin’s booming economy:
- Austin is not a single-sector economy.
- Austin focuses on six target industries for successful growth:
- Advanced Manufacturing
- Clean Energy and Power Technologies
- Corporate Headquarters
- Data Management
- Life Sciences
- Creative & Digital Media
- Arts have grown by 25% over the last 10 years.
- 75,000 jobs have been added in Austin since June 2021.
- Austin was rated America’s Best Job Market by the Wall Street Journal in 2021.
- Austin comes in #4 in a list of the top 10 most stable housing markets in the U.S.
- It had a GDP of $168 billion in 2020.
As you can see, it is quite clear why this city is considered to have the best economy in the state of Texas. But there are also features that have contributed to its rise to the top besides great statistics.
What Else Does Austin Have to Offer?
One of the reasons why Austin’s economy continues to grow is because so many people are moving there and staying in the beautiful city.
In 2021, more than 44,000 people moved to Austin from other areas in the state and throughout the country. And this mass immigration is greatly affecting the economy in a positive way. However, the economy wouldn’t be able to thrive if people didn’t love living in Austin.
The bottom line is that Austin has a lot to offer! In addition to a stable housing market, affordable family homes, and job opportunities, there is also a ton of activities in arts and entertainment, outdoor adventures, and fantastic food and restaurants.
Although these offerings may not be included in the numerical statistics of why Austin has a great economy, they certainly are prominent factors and are increasing Austin’s economic growth every year.
How Does Austin’s Economy Compare to Other Cities in Texas?
It is important to understand that Texas has the world’s ninth-best economy. That means that if Texas were considered a country on its own, it would have the ninth-best economy, which is pretty wild to think about.
Overall, Texas’ economy is doing incredibly well; the state has a GDP of $1.9 trillion, whereas the country of Brazil only has a GDP of $1.8 trillion.
There is no corporate or personal income tax in Texas, which is why so many Fortune 500 and other big-name companies have moved their headquarters to the state over the past few years.
From 2010 to 2020, Texas’ population grew by 4 million people due to the fact that there is a stable housing market, affordable family homes, low cost of living, prominent arts and entertainment, outside spaces, job opportunities, and much more!
This mass influx of residents has done a lot of good for the state’s economic growth, especially in suburban areas of metropolitan cities and the cities themselves.
Here are the current top 5 metropolitan cities in Texas with the best economies:
- San Antonio
Each of these economies is growing by the day, and while Austin is still considered to have the best economy in the state, it is hard to say which city will be in the lead by the end of the year.
So, what city in Texas has the best economy? Well, now you know that Austin, Texas has the best economy in the state.
But hopefully, you know a lot more than that! You should understand why Austin has the best economy, including a long list of statistics, as well as the fact that thousands of Americans are picking up and moving to Austin, and how the city’s economy compares to the rest of the state.