Austin ranks among Top 5 'boomtowns' in the US

The state's capital city has seen huge growth in recent years.

Central Texas has experienced a wave of economic growth in recent years, and one particular city has been at the center.

Austin was recently deemed one of the top "boomtowns" in the country. The state's capital city ranked No. 5 in a new study entitled, "America's Boomtowns: Top Cities for Economic Growth."

The study by CoWorking Cafe ranked America's "boomtowns" based on population growth, GDP, employment rates, and other economic factors. Top cities were divided into three categories including small cities (populations under 250,000), mid-sized cities (populations between 250,000 and 500,000) and large cities (populations over 500,000).

Fort Worth came in at No. 2 with 64 points, beating Austin in the report's ranking of top cities with a 500,000+ population. The North Texas city's population has grown by 7% and its economic diversity has been a key factor in sustaining employment and population growth, according to the report.

Austin's prosperity was tied with Fresno, California for a top 5 rank and total score of 59.9 points. Despite Austin's population only growing by 1% from 2018 to 2022, it had the biggest GDP evolution at 46% during that time and tied with Fort Worth for an 11% rise in housing, the report says. 

Similar to Fort Worth, Austin's unique economic advances can be attributed to a steady increase in housing, and an attraction of major businesses and employers, according to the report. Median earnings among Austin residents rose 32% in the five-year span and trade-exports grew 34% within the same time period.

Mesa, Arizona was named the No. 1 best economic boomtown in America, earning a score of 66 points. After Fort Worth and before Austin, the other two cities in the top 5 were Phoenix, Arizona (No. 3) and Sacramento, California (No. 4).

Other Texas cities in the top 25 best large economic boomtowns were El Paso (No. 16) and San Antonio (No. 23).