If you’ve taken a recent trip down to the Lone Star State, you might discover that it’s more bustling than ever. Since the pandemic has ended, the entirety of the United States has been trying its best to recover its former economic glory. The fastest-growing Texas city is no different, facing an impressive leap in GDP in a very short period of time. If you’re interested in finding out what city this is and what feats it accomplished to earn its spot on the American Growth Project’s list, continue to read on.
How Growth Rate Is Measured
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As mentioned above, this article is using GDP, or Gross Domestic Product, growth rates to determine what qualifies as the fastest-growing Texas city. But what exactly is GDP? Here’s a quick summary of what this metric means and how it is measured.
Gross Domestic Product is the measure of a given economy’s produced goods and services. It not only encompasses the value of the goods and services created but also those distributed within a particular time period. This is usually calculated in one of three ways.
You can measure this using the production approach, which simply uses the flat number of produced goods and services as measurement. Alternatively, the income approach is utilized, which totals the incomes earned by all members of the production process, from business profits to workers’ wages. The least commonly used approach is the expenditure approach, which measures GDP by the sum of all money spent in an economy.
That said, GDP isn’t a foolproof measurement. There are a few things that it doesn’t account for, like unpaid work or the sustainability of growth. Still, this is a solid numerical way of determining the fastest-growing Texas city!
An Overview of The Fastest-Growing Texas City
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Now, for the moment you’ve all been waiting for! Based on 2022 GDP growth rates, the fastest-growing Texas city is Austin, Texas! In the measured year, the city experienced a growth of 4.3%. When you think about this fact, it begins to make an increasing amount of sense. Not only is it the state’s capital city, but it is also a central and populated area in the state. It has experienced such major growth in 2022 that it’s not only the fastest-growing city in Texas but also the second fastest-growing city in the entire United States!
Something interesting about the city’s ranking is that while it has experienced tremendous economic growth, it is far from the most populated city on the list. In fact, the two other Texas cities that made the cut are both more populous than Austin. The city has a population of ~2.3 million, and it ranks as the 33rd most populated on the list of fifty cities.
What Helped The Fastest-Growing Texas City Thrive?
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Now that we’ve gone over what the fastest-growing Texas city is, it’s time to discover what the city has done to earn its status. A number of industries comprise Austin’s economy. But primarily, Austin is known to be full of well-known tech giants. In recent years, it has become somewhat of a mini Silicon Valley. Companies such as Oracle, Google, and Tesla have major offices in Austin, and the number of technological advancements has certainly helped the city solidify its high growth rate.
There are other industries that help Austin thrive, too. Research and development, manufacturing, and telecommunications, to name just a few. The city is home to companies like Amazon, Apple, and Whole Foods, which give diverse career options to the city’s citizens. These key brand names have certainly contributed to the city’s GDP increase.
Other Fast-Growing Texas Cities
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Though Austin came through as the frontrunner, the list of cities with the highest rate of wealth creation contained quite a few recognizable Texas names. This proves that, among other things, the state of Texas as a whole is looking at a bright future. But what were those other cities? Let’s see if you can guess!
Dallas, TX
The second fastest-growing Texas city was Dallas. The exciting cultural scene in Dallas is one of the city’s major draws. There is never a shortage of things to do in Dallas, with bustling music and art abound. It’s also the home of the famous football team, the Dallas Cowboys. The cost of living is slightly higher than the state average. But it’s still an excellent place in the state to call home. The GDP growth rate that the city experienced in 2022 was 3.1%, meaning it came in 5th place overall!
San Antonio, TX
Our last-mentioned Texas city is certainly not the least! San Antonio, which ranked 12th overall with a 2.4% growth rate, is a historic city with a number of important landmarks. Some of these include The Alamo (remember?), the Spanish missions, and its beautiful riverwalk. In comparison to Dallas, San Antonio is incredibly affordable. The cost of living in the city is 20% cheaper than the national average.
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