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

Austin has been recognized as the fastest-growing major city economy in the nation. The designation comes from a Coworking Cafe (read it here) report that examined economic trends across small, medium, and large U.S. cities from 2019 to 2023.

The Texas capital earned the highest overall score among large metros, collecting 61 points across categories such as GDP growth, job creation, housing availability, export performance, and infrastructure development.

According to the study, Austin’s economy expanded by 51% in gross domestic product over the five-year span, the strongest showing among large cities. The increase was fueled by growth in technology, manufacturing, and professional services.

Housing construction also surged, with a 12% boost in available units, the second-highest national increase. Educational attainment rose 4%, reflecting more residents with college degrees, while overall employment grew by 1%, ranking third among peer cities.

Austin also stood out for entrepreneurship. The city recorded a 71% rise in new business applications, ranking fifth nationally. Median earnings increased by 33%, reaching $54,283, the seventh-best rate of growth among major U.S. metros.

The report emphasized the breadth of Austin’s economy, which spans major tech companies like Dell, Apple, and Oracle, state government operations, the University of Texas, and creative sectors such as music and film. In 2023, the region’s GDP topped $248 billion. Large-scale infrastructure projects, including the voter-backed Project Connect transit initiative, were also highlighted as drivers of long-term growth.

Austin was not the only Texas city to make the list. Fort Worth secured the No. 5 ranking among large cities, thanks to a 9% increase in educational attainment and population growth of 8.3% during the same period.

Thanks to mysanantonio.com for the scoop.