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Austin holds onto first place in economic health index

Posted by: In: Industry Insights 04 Apr 2013 Comments: 0

(Austin Business Journal) Austin maintained its No. 1 spot in the Business Journals’ latest analysis measuring the economic health of major metropolitan areas.

In March, the Capital City again ranked in first place in the Business Journals’ On Numbers Economic Index, which is calculated by an 18-part formula. The formula assesses private-sector job growth, unemployment, earnings, housing-price appreciation, and construction and retail activity for all 102 metropolitan areas with populations of more than 500,000.

Austin held the position for the second straight month — and the third time in four months.

Second place is held by Provo, Utah, which moves up from sixth place a month ago. Rounding out the top five are Houston, Oklahoma City and Dallas-Fort Worth.

Austin has been consistently strong since the index debuted in August 2012, occupying first place three times and second place the other five months. Its current record of economic growth is unparalleled:

• The number of private-sector jobs in the Austin area has increased by 9.7 percent during the past five years. No other market has expanded more rapidly than 7.5 percent.

• Austin is the only market with growth rates of better than 3 percent in four key categories: private-sector jobs over the past year and the past five years, and personal earnings during the past year and past five years.

• Home values have risen in just 10 of the 102 major markets since 2008. Austin qualifies for that elite group with an appreciation rate of 4.7 percent.

Last place currently belongs to Bridgeport-Stamford, Conn.

To view the Austin Business Journal article, click here.

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