We see it with our traffic. We see it as we fight for that last parking space at Costco. New restaurants, new office parks, new high-rise condos and suburban sprawl as far as we can see. Our cool and quaint little Texas town is now all grown up and ready for the world. And it looks like everybody is taken us up on our invitation.
Austin Tops the List of America’s Fastest Growing City in America 2014
Topping Forbes’ List of America’s Fastest Growing Cities is an old hat for Austin, as this is the 4th year in a row Austin has taken the crown. However, Austin’s not alone; Texas as a whole showed well in Forbes’ Annual List. The Lone Star State boast four cities in this years list, with three landing in the top 10: Austin (#1), Dallas (#4), Houston (#10), and San Antonio (#20). Texas’ strong population growth is due to it’s business friendly environment, highly educated workforce and no state income tax.
Austin By The Numbers
Forbes formulates it’s list by first evaluating the 100 most populous Metropolitan Statistical Areas (MSAs) in the U.S. This includes the larger city and the surrounding suburbs (Austin includes Round Rock and San Marcos). The city ratings are then based on 6 metrics: estimated population growth for 2013 and 2014, year-over-year job growth for 2013, 2013 economic growth rate, unemployment rate and median salaries for local college-educated workers.
Austin Ranks Highly for All 6 Metrics
As expected, Austin ranked high on all 6 metrics. Coming in at number #1 with the highest population growth at 2.5%. Combine that with an economy growth rate of 5.88% and an unemployment rate of 4.89%; Austin is hard city to compete with.
Austin Attracts Businesses from High Cost Areas
Most of Austin’s success has come from the efforts of the Chamber of Commerce. Their proactive approach to recruit businesses from “high cost of doing business” areas (California, the Upper Midwest and the Northeast) has brought 307 business to Austin over the last 9 years (Google, Facebook, eBay, PayPal, Apple, IBM). As of now, Austin boasts over 4000 technology companies with more on the move in 2014 (California based Dropbox, Roku, Websense and Spansion Inc. are all expanding here).
Will Austin’s Population Explosion Continue?
Don’t expect Austin’s population explosion to slow down anytime soon. The city has collected over $40 million from the private sector to keep the recruitment efforts up. Add in the great weather, a relatively low cost of living (15% lower than the national average), a healthy housing market and low crime rates; Austin has positioned itself into a place people want to move (158 people per day). With over 2.3 million people expected to be living in the Austin MSA (includes San Marcos, Round Rock) by 2020, don’t expect us to lose the top spot anytime soon.
Considering a Move to Austin?
We relocated to Austin from San Francisco several years ago now and love it here. It is a great place to live with plenty of activities to keep you busy year round. If you’re considering a move to Austin and have questions, we are happy to help. If you’re considering buying, check out our Neighborhood Guides where you can learn more about each area of town and find out the best area for you and your family. Check out our Guide to Relocating to Austin for more info. Then call us at (512) 827-8323 or fill out our Relocation Survey and one of our Relocation Experts will contact you as soon as possible.