Austin’s GDP Increased Faster Than Any Other American Metro Economy
According to an Austin Business Journal article, Austin’s real gross domestic product grew by 6.9 percent in 2017 — 1.7 percent more than any other American metro economy. The Texas capital’s GDP rose to $148.8 billion. Seattle, Washington, cinched the second place behind Austin. The retail and wholesale trade growth in both these cities largely led to their success.
William Mellor, the vice president of AngelouEconomics, said Austin’s GDP growth over one year was “pretty significant” and demonstrates the high productivity in the Austin area.
Of course, the big question surrounding cities that see such growth is if they can sustain it. According to Mellor, Austin’s tight labor market will be a deciding factor in if the city can sustain its growth.
“The growth of Austin going forward is really going to be dictated by the ability of employers to fill up open positions.”
The U.S. Bureau of Economic Analysis determined that every major sector they tracked in Austin saw an increase in gross domestic product. Trade saw the greatest increase, followed by natural resources and mining.
[Via Austin Business Journal]Posted on Thursday, December 13, 2018