In an article written by Yahoo! Finance, Austin was named #1 on their Top Boomtowns list. While those of us who live in Austin have seen first hand the effects of this surge in population, it not surprising to find out Austin’s GDP compound annual growth was 3.26% with the second best boomtown, New Orleans, coming in with 2% growth.
Austin’s Unemployment Rate Well Below the National Average
Austin’s unemployment rate is 5.4%, compared to a national average of 7.8% and jobs continue to pour into Austin. Apple is expanding its Austin campus in 2013 with a 1 million square foot operations center, the second largest facility in the country. This expansion will bring 25,000 new high tech jobs to Austin. Add eBay, Facebook, Google and Intel and you’ll start to see how the tech industry in Austin is evolving.
Austin’s Not the Only Texas City to Make the List
Austin’s close neighbor, San Antonio, rounded out the list at #4. Although San Antonio is a much larger city and metro area than Austin, it is growing a tad bit slower. San Antonio, with 2.2 million people living there, is the 7th largest city in the US and has the oil and gas industry to thank for it’s growth in population. #5 on the list was another Texas city, Houston. Like San Antonio (and most of Texas), Houston has benefited from the oil and gas boom with chemical and mining industry but also has NASA’s Johnson Space Center. Completing the list of Texas cities, Dallas/Fort Worth came in at #11 on the Top Boomtowns list. Dallas and Fort Worth tend to have a broader range of employment opportunities, so it attracts all types of companies, not just high tech or oil/gas like in Austin, San Antonio and Houston.
Top 12 Boomtowns of 2013
Here is how the entire list filled out. You probably won’t be surprised as a lot of these cities have been seen on many similar lists lately.
- Austin – Round Rock
- New Orleans
- San Antonio
- Washington DC
- Oklahoma City
- Dallas – Fort Worth
- San Jose
Thinking of Relocating to Austin?
Clearly, you aren’t the only ones! We relocated here from San Francisco about 4 years ago now and in just that short period of time, we’ve seen Austin grow tremendously. And, for good reason. Quality of life is superior, we have jobs and excellent public schools. For more about Austin and what it’s like living here, check out our Austin Relocation Guide and our Austin Relocation Blog. While other Realtors claim to specialize in relocation, most of them have been in Austin for their entire lives. We’ve actually made the move to Austin and know what it’s like to move to a city you know nothing about. We know the area well and can help you find which part of town is best for you and your family. Check out our Austin Home Buyers section to learn how we’re different than your average Realtor. Then call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a time to discuss your move to Austin.