Austin: America’s Biggest Boomtown
In a recent study, MagnifyMoney found the biggest current boomtowns in America, and Austin, Texas, topped the list at No. 1 with a score of 87.8/100. The Texas capital attracts people from across the country because of promising opportunities and a coveted lifestyle. Provo, Utah, and Raleigh, N.C., came in at second and third place.
MagnifyMoney looked at the current 100 largest metropolitan areas and tracked the population change over 5 years (2011-2016). The cities were analyzed based off three main metrics: Population and Housing, Workforce and Earnings, and Business Growth, along with a variety of subtopics including unemployment rate and total housing units.
Austin came in at No. 1 because of its strong business and industry growth, the increasing housing market and incoming population, and a growing workforce with increasing job opportunities.
“Austin jumps way out ahead of all the metros we reviewed, showing the greatest five-year growth in population and housing, earning a perfect Population & Housing score of 100 … almost all of those gains in population have gone directly to the local workforce, and that, combined with a 23% drop in unemployment and an almost 9% increase in median wages, gives Austin the highest Workforce & Earnings score (70.3) on our list.”
Not only was Austin an impressive boomtown, but Texas as a state outshined all the other states with one-third of the top 15 boomtowns being in Texas.
[Via MagnifyMoney]Posted on Friday, August 17, 2018