Austin’s Economy Has Best Growth of U.S. Metro Areas in 2017
According the Bureau of Economic Analysis, the Austin–Round Rock area was the country’s fastest-growing large metro area last year. Austin’s economy grew by an impressive 6.9 percent, and the regions output of goods and services was up from $135.98 billion in 2016 to $148.75 billion in 2017.
Bernard Weinstein, a Southern Methodist University economist, said Austin’s expansion is very impressive because not only is it No. 1, but it is also more than three times the average growth rate for U.S. metro areas, which is 2.1 percent.
While it is still up in the air if Austin can sustain its fast-paced economic boom, William Mellor, the vice president at Austin economic consulting firm Angelou Economics, expects the local economy to remain relatively strong in face of threats. Threats pertain primarily to the reining in of some of the region’s gains because employers are having trouble hiring enough workers to sustain the output pace. After all, Austin’s unemployment rate is already at an impressive growth rate.
“Austin is great at attracting more than its fair share of people (and) we will be able to fill job shortages more easily than many other cities around the country”
For more information about which sectors and industries are leading Austin’s booming economy and growth, visit the original article here.Posted on Monday, November 5, 2018