Austin is officially America's Biggest Boomtown.
The Post Oak Hotel is already changing The Galleria area skyline. Soon, it will have company.
When you think of the word “boomtown,” oil springs to mind. Vast Texas plains dotted with wells, then bustling towns, courtesy of rogue wildcatters and savvy oilmen.
Those overnight expansions may seem distant — fitting more into vintage sepia photographs than into today’s landscape — but American cities are still booming. And, no surprise, a lot of them are in the Lone Star State.
Texas is ranked the No. 1 State for Business in America by CNBC once again, but that’s not all.
Magnify Money conducted a study on America’s Biggest Boomtowns today, the buzzing places that embody the American Dream. It’s all about skyrocketing prosperity and quality of lifestyle, whether it’s from tech in Northern California or cars in Detroit.
Or anything and everything Texas has to offer. For Texas boasts five of the Top 11 Boomtowns in America. Five of the Top 11.
Austin takes the gold as No. 1 Boomtown in the country. Dallas is hot on its heels at No. 7, San Antonio’s risen to the occasion at No. 9, McAllen’s snagged No. 10 and Houston makes an impact at No. 11.
That’s right. Texas claims four spots in the tippy Top 10. Magnify Money determined the elite list by examining changes in cities between 2011 and 2016 in three different categories: industry, people and housing; and workforce and employment opportunities.
No other state places more than two cities in the Top 20. Once mighty California only has one Top 20 city (San Jose at No. 19).
Austin’s Super Business Power
The analysis asks a basic question: Are people coming, and is the metro growing to keep up?
When it comes to Austin, 1000 times yes. It’s easy to see why the city takes the crown.
Its final score came out to 87.8, a whopping 12.1 points ahead of the runner up, Provo, Utah. Austin out shined all others cities by keeping it weird on a big — and getting bigger — scale. The greatest five-year growth in population and housing on the list landed it a perfect 100 percent in that category.
And that 10 percent increase in Austin housing units can’t even keep pace with the nearly 16 percent growth in the population over that half-decade. That brings us to the workforce and earnings score. Unemployment has dropped 23 percent and median wages have leapt up almost nine percent in Austin over five years.
That’s the makings of the list’s highest score in that category. Austin’s 70.3 is considerably higher than Provo’s 52.2.
The hipster haven city slipped a bit in the business growth category, but don’t fret. Instead of coming in first, Austin finishes a close second with 93 points to Provo’s 95.1. A 93 is still an A, and you can thank the 21 percent increase in the number of businesses and a 24 percent increase in the number of employees hired by those firms.
It’s three-pronged greatness, with thriving industry, expanding population and housing, and a growing workforce.
Dallas also puts it best foot forward with its No. 7 ranking, significantly ahead of the much more fawned over Houston. Dallas earned a solid 58.2 final score from 61.4 in population and housing; 48.7 in workforce and earnings; and 64.4 in business growth.
So there you have it. We’re leading the way, drawing in the crowds and giving them tons of opportunities. The future of America is right here in Texas.
What can we say? We’re in the business of booming.