Economic Domination

Austin's booming economy declared one of the best in the country

Austin's booming economy declared one of the best in the country

Austin, Texas, skyline, downtown
In a recent report, WalletHub ranked Austin at No. 9 for U.S. cities with the fastest growing economies. Ed Schipul/Flickr

Austin is quite the boomtown. Amid talk of a hot real estate market and a flourishing tech industry, the latest numbers prove that our overall economy is also thriving.

A new report from WalletHub ranks the U.S. cities with the fastest growing economies. Austin sits at No. 9 overall and No. 1 among cities with a population over 300,000. The Lone Star State dominates the rankings with nine cities in the top 10 and 14 cities in the top 20.

The financial website looked at data from 2008 to 2014 and focused on 10 individual socioeconomic metrics, including population rates and job growth. Scores were assigned to each category and then combined to create an overall ranking.

Among the individual factors, Austin ranked exceptionally well in three. The Capital City earned a No. 12 spot for job growth and placed at No. 15 for the increase in number of businesses. Perhaps less brag-worthy is our high No. 7 ranking for growth in median house prices.

Most of the Texas representation on the WalletHub roundup comes from small cities. The top five spots are claimed by Odessa, Frisco, Midland, Mission, and College Station. Other Central Texas spots include Killeen at No. 6 and Round Rock at No. 10.

As far as the big cities go, Fort Worth ranked No. 18 overall and No. 3 for cities with populations above 300,000. Houston (No. 59), San Antonio (No. 62), and Dallas (No. 86) didn't fare as well, although many of their suburbs are found at the top of the list.