Austin took the top spot for the third year in a row on Forbes’ list of “America’s 20 Fastest Growing Cities.”
The Capital City is an economic powerhouse thanks to the 51,000-student University of Texas at Austin, a bevy of Silicon Hills startups and the presence of mega corporations like Whole Foods Market Inc. (Nasdaq: WFM) and Dell Inc. (Nasdaq: DELL), the magazine wrote.
Houston and Dallas took the No. 2 and No. 3 spots, respectively.
Data from the U.S. Census Bureau shows more than 427,000 people moved to Texas between August 2011 and July 2012, Forbes reports. The magazine cites the state’s healthy labor markets, low unemployment rates and business-friendly regulatory environment among factors contributing to Texas cities’ high rankings on the list. San Antonio also made this year's ranking.
Forbes' analysis of the 100 largest U.S. metropolitan statistical areas was based on six metrics. Here’s how Austin measured up:
- 2012 population growth rate: 2.8 percent
- 2013 population estimated growth rate: 2.7 percent
- Job growth rate: 3.1 percent
- Unemployment: 4.9 percent
- Gross Metro Product: 6.3 percent
- Median salary for local college-educated workers: $63,200