Austin leads national rankings
Austin has been named the fastest-growing large city economy in the United States, according to a new study by Coworking Cafe (read it here). The report analyzed economic performance in small, mid-size, and large cities between 2019 and 2023, with Austin claiming the top spot among major metros.
The Texas capital earned 61 points across 11 categories, which included gross domestic product growth, job creation, housing expansion, exports, and infrastructure investment.
Key drivers of growth
Austin recorded a 51% increase in gross domestic product over the five-year period, the highest among large cities. Growth was powered by tech, manufacturing, and professional services. Housing supply also rose by 12%, ranking second nationwide, as developers raced to meet demand.
The city’s workforce continued to strengthen, with a 4% increase in the share of residents holding college degrees or higher and a 1% gain in employment, the third-highest among large metros.
Business creation was another highlight. Austin saw a 71% jump in new business applications, placing fifth nationally. Median earnings climbed 33% to $54,283, the seventh-highest increase among the nation’s largest cities.
Broad-based economy
The study noted Austin’s diverse economy, spanning technology, state government, higher education, and creative industries. Regional GDP reached $248 billion in 2023. Long-term projects such as Project Connect, the voter-approved transit overhaul, were cited as signs of ongoing infrastructure investment.
Other Texas cities in the spotlight
Fort Worth also placed in the top tier, ranking No. 5 among large cities. Its economic gains were fueled by a 9% increase in educational attainment and population growth of 8.3% between 2019 and 2023.
Thanks to mysanantonio.com for the scoop.
