Austin's strong metro economy will stay ahead of the pack for years, report finds
Jun 23, 2014
Austin Business Journal
The Austin economy led the entire nation in percentage growth of gross metro product in 2013 and is expected to stay on top through 2020, according to an economic analysis released Friday by the U.S. Conference of Mayors
The report relayed optimism about the improving U.S. economy and stressed that metro areas would be the quickest recover and improve as economy emerged from the effects of the recession. Austin led the nation's cities in 2013 with a gross metro product growth – the sum of all goods and services produced annually in a city – of 4.6 percent
The city is expected to hold onto the No. 1 ranking though 2020, with an average annual gross metro product growth of 4.4 percent from between 2013 and 2020
The report was released on the opening day of the annual U.S. Conference of Mayors national meeting in Dallas, which continues until Monday
The report stressed that metro areas across the country would be the first to rebound, stating "Metro economies will lead the way, first enabling the nation to at last recover the jobs lost during the recession, and then propelling the U.S. economy to achieve its growth potential of greater than 3 percent real gains per year, a rate not reached since 2004."
Jon Hockenyos, president of TXP Inc. and local economist, said that while the report was likely prepared for a national audience, it generally matched his conclusions about Austin's economy
"I think it's not a surprise," he said. "Really, absent something unusual... I think Austin is the strongest regional economy in the country. It's pretty consistent with what we've been thinking and saying for some time."