The city of Austin, Texas is unique in its own right and stands apart among the rest – known for its iconic music scene, booming tech industry and, not to mention, being the fastest growing of the 50 largest US cities in the country. What is so rarely mentioned, however, is the knowledge of this great city just outside the Bee Cave city limits of Spanish Oaks – until now.
Thanks to a new study by the Brookings Institution as reported by the Wall Street Journal, Austin is now considered a ‘knowledgeable capital’ with a similar economy to that of Boston, Massachusetts. According to the article, about half of the world’s seven billion people now live in cities, and two-thirds are expected to do so by mid-century. However, some cities are more intelligent than others. Enter Austin.
In this particular study, the analysis went outside the box of the simple factors like cost and livability and, instead, focused on the broader concept of a large city and a surrounding region “linked by daily economic life.” A great example would be the large city of Austin and the surrounding region of West Austin and Bee Cave. The research included looking at 22 economic measures and 13 others to gauge innovation, talent (college-educated share of adults) and infrastructure. What makes Austin’s economy like Boston’s is what lies within that economy and its output.
It’s no secret the city of Austin is booming and this study is just one of many examples. In January 2016, Forbes named Austin ‘America’s next boomtown.’ Looking at the 53 largest metro areas in the country, Forbes determined Austin, Texas was one of those that had the best chance of prospering in the next decade – and rightfully, so.
Many signs still point to a boom for Austin, including:
- 2 percent population increase from 2010 to 2014
- 43 percent of the current population ages 25 to 44 have at least a bachelor’s degree
- A 19.1 percent increase in the local job count in the past five years
Overall, this recent news on Austin’s economy is a positive one – showing that Texas remains the land of opportunity, and the cities of Austin and Bee Cave are at both part of this economy and benefiting from its expansion.