Austin Business Journal posted an article this morning about the growth in Austin's Gross Metropolitan Product in 2010 -- just under 7%, compared to 2.5% average GMP nationally. Here is their source, from Business First of Buffalo:
Among all 366 metro areas analyzed, the Austin-Round Rock-San Marcos
area was the 35th largest local economy. It ranked 13th on GMP
Notice that most of the other cities on that list are much smaller
economies. Among the 50 largest metropolitan economies, the
Austin/Central Texas area enjoyed the 2nd fastest GMP growth last year,
only led by California's Silicon Valley:
Obviously, Northern California experienced the housing downturn very
differently than we did here: According to the Case-Shiller Home
Price Index through June 2011, the average home value was down 38% from
the peak in May 2006. Austin home values gained 16% over the same
period. That's a difference that may last a long time given the
size of the housing bubble that burst in California.
On the other hand, Northern California and Austin have been compared
many times, and they have a lot in common in terms of technology-driven
economies and entrepreneurial spirit. It is great to see both
growing. These cities should be pacesetters for the national
economy in the coming months and years.
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