Austin Poised for Fastest Recovery

From now until the end of 2010, the Austin economy is projected to grow by $5 billion. That, coupled with relatively subdued unemployment, has the Texas Capital poised for the quickest economic rebound in the nation, according to Forbes.com.

Overall, many economists expect the national economy to return to growth later in 2009, perhaps as soon as this summer. But, as the Forbes writers point out, that won't be the case everywhere. While some cities are positioned for a quick rebound, others face a slow crawl to recovery that could take years.

Texas cities such as Austin, San Antonio, Dallas and McAllen are in a good position, Forbes' analysis found. That's due in part to the fact that Texas did not see the massive real estate bubble that formed in states like California, Nevada and Florida.

To determine the 10 cities that look best poised for recovery, Forbes examined estimates from data provider Moody's Economy.com of the projected gross domestic product of metropolitan areas across the U.S., as well as unemployment figures from the Bureau of Labor Statistics and home prices, incomes and affordability data from the National Association of Home Builders.
The analysis shows the importance of a city's economic make-up. In essence, the more diverse the industry base is in a particular city, the better off that city is when it comes to quick recovery.
The top five cities for recovery, in order, are Austin; Fayetteville, Ark.; Boulder, Colo.; Huntsville, Ala.; and San Antonio.

Source: Austin Biz Journal

2009 BEST CITIES: Austin #8

2009 BEST CITIES: No. 8 Austin, Texas
"DEFYING THE ODDS"
Population: 1,533,263
Income Growth: 7%
Cost of Living Index: 94
Median Household Income: $54,827
Percentage of Workforce in Creative Class: 37%

Leave it to Austin to ruin the curve. While most cities around the country posted job layoffs in the past year, Austin added 3,300 jobs, the biggest bump in the country. The increase covered a broad swath, from professional services, education and hospitality to health care and government. Gains in those sectors more than offset losses in manufacturing and information technology -- though the unemployment rate in the area has crept up.

By Jane Bennett Clark, Senior Associate EditorFrom Kiplinger's Personal Finance magazine, July 2009

Austin Ranked in Top 10 list of Nation's Green Cities

The City of Austin was recently named as one of the nation’s 10 greenest cities by the Mother Nature Network, an environmental news and information site founded by Rolling Stones keyboardist Chuck Leavell.

Austin ranked number 10 on the list, with Portland ranking No. 1. Other cities on the list include: San Francisco, Boston, Berkeley and Seattle.

In the ranking, the network cited Austin’s Climate Protection Program, a plan to go carbon-neutral by 2020; and the city’s electric utility Austin Energy, the nation’s largest provider of renewable energy, among its reasons for naming Austin a Top 10 Green City.
"Austin is a green city because of our engaged community, and we hope our residents will continue to reduce their greenhouse gas emissions," Ester Matthews, director of the Austin Climate Protection Program, said in a statement.