Austin Job Growth
Austin loses title of best U.S. city for job growth
Austin is no longer the top U.S. city for job growth, but the future still looks bright.
On Wednesday, Forbes released a new list of cities primed for substantial job growth over the next three years. Naples, Florida narrowly beat out Austin for the No. 1 spot. Austin came in second, with Forbes projecting that the we'll see an annual job growth rate of 4.1 percent through 2016.
Naples also has a projected annual job growth rate of 4.1 percent, but its current unemployment rate of 5.4 percent means more room to grow. (Austin's unemployment rate is an impressive 4.1 percent.)
While Forbes lauds the impressive turnaround the state of Florida has seen since the recession, Texas cities dominate the list. Along with Austin, other Lone Star cities include McAllen at No. 3, Dallas at No. 5, Houston at No. 9 and San Antonio at No. 10. Each city is expected to see a growth rate of at least 3.5 percent annually through 2016.
Austin's rosy employment outlook can be attributed to a strong workforce and tech expansion.
"Companies flock to Austin to take advantage of the strong workforce options, which are continuously replenished by the University of Texas at Austin," says Forbes. In addition, Austin "continues to be a major tech center with Dropbox, IBM and Oracle all announcing major expansions in the area over the last year."