ALEX Studios just completed analysis of Milkin Institute‘s report on “Best Performing Cities 2024.” Austin regained the number one position. The city’s dynamic economic growth, especially in the technology sector, fueled Austin’s move back to number one in the US!

Summary

The Austin-Round Rock MSA, included in the Greater Austin Area, reclaimed the top-performing large metro area in 2024, marking its first return to the pinnacle since 2013. Key factors include: outstanding labor market performance, significant job and wage growth, and a booming technology sector.

Get a free copy of the Milkin Report. www.alex.realestate/milkin-institute-top-performing-cities

Key Findings

Labor Market Performance

• Job and Wage Growth: Ranked first in five-year job and wage growth among large metro areas.
• Employment and Wages: Benefited from robust growth in both employment and wages, buoyed by a thriving technology sector.

Technology Sector Expansion

• High-Tech Output Growth: Saw a 62.4 percent increase in high-tech output between 2017 and 2022.
• High-Tech GDP Growth: Placed eighth in five-year high-tech GDP growth.
• High-Tech GDP Concentration: Ranked seventh in terms of high-tech GDP concentration, reflecting a strong specialization in high-tech industries.
• High-Tech Diversification: Achieved fourth place among large cities for high-tech diversification, with 14 well-established high-tech industries.

Affordability and Community Resilience

• Affordability Improvements: Despite challenges, there was a slight increase in households with affordable housing in 2022, improving 23 spots in the ranking among large cities.
• Community Resilience: Exhibited strong community resilience, ranking high in this metric.
• Income Inequality: Performed above the median of large cities in terms of income inequality, indicating a relatively balanced economic distribution.

Submitted by Aaron Alexander

Aaron Alexander, BA, CLHMS, ABR
Senior Partner ALEX.realestate
Board Member ALEX Cares
v 214-886-0816
e aaron@alex.realestate
w https://aaronalexander.alex.realestate/

ALEX knows more about Greater Austin real estate than just about anybody.

If you have any questions, I am always here. Just call, text or email me.

Diane Hart Alexander, MBA, MHA, CEO, Broker
Alexander Tiffany Southwest dba ALEX.realestate
v 713.591.9902
e diane@alex.realestate

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• EditBest in Texas™: Congratulations