Austin, Texas claimed the top spot of metro areas to watch with the “most economic momentum going into 2014″ in a newly released Forbes study.
To gauge economic vitality, Forbes measured four factors: GDP growth (economic growth), job growth, median household income growth, and current unemployment. To measure demographic strength they looked at population growth, birth rate, domestic migration and the change in educational attainment. All factors were weighted equally.
“Austin, Texas, has enjoyed double-digit growth in GDP, jobs, population and birthrate since 2007. The Texas capital has a very strong hipster reputation, attracting many of the same people who might otherwise end up in Silicon Valley or San Francisco, but it also boasts the low taxes, light regulation and reasonable housing prices that keep migrants there well past their 30s. As has been the case for most of the past five years, Texas cities are clearly the place to be in terms of job creation, wealth formation and overall growth,” writes Joel Kotkin Forbes contributor.
The assumption is that strong local economies attract the most people and create the best conditions for family formation, which in turn generates new demand. Strong productive industries drive demand for such things as heath care, business services and retail, as well as single-family houses, a critical component of local growth cites Forbes magazine. Economies such as San Jose and San Francisco are among the most restrictive in terms of new construction, leading to ever escalating prices that tends to force 30-somethings and families out of the region.
Austin is a city that has embraced growth not only inside of the city but in its suburban core as well. Round Rock, located on the outskirts of Austin, is a city that has absorbed all the desirable traits of Austin but just on a smaller more condensed scale.
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Sources:
http://www.forbes.com
http://www.newsmax.com (photo)
