Bill Morris: September 2011

Austin ranks highly in economic growth

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 growth rate:

GMP Ranking By Rate Of Growth

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:

GMP Growth Rank Among 50 Largest

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.

Bill F. Morris, ABR, CRS, CDPE, e-PRO, MBA
RE/MAX Capital City
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Comment balloon 0 commentsBill Morris • September 14 2011 12:53PM
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