By Barry Harrell , AMERICAN-STATESMAN STAFF
Austin weathered the recent recession better than any other major metro area in the United States, and better than some of the biggest cities in the world, according to a Brookings Institution report issued Tuesday. The report found that "Austin's continued attraction and retention of high-skilled human capital, its diverse set of export-based industries and its avoidance of the worst U.S. housing market excesses of the 2000s help explain its stronger-than-national performance.""It's a nice position to be in," said Dave Porter, senior vice president of economic development for the Greater Austin Chamber of Commerce.The report looked at job growth and gross value added — a per-capita measure of income — for 150 major metropolitan areas around the world to determine how they are recovering from the recession. The report ranked them on their economies pre-recession (1993-2007), during the worldwide economic downturn (2007-2010) and during the recovery period (2009-2010).The list included the 50 biggest metro areas in the United States, the capital cities of 25 European Union countries, and 75 other major metro areas around the world. To read complete article click here.....
Austin ranks third among best cities for military retirees
Waco is No. 1, and College Station ranks fourth.
By Jeremy Schwartz ,AMERICAN-STATESMAN STAFF
Austin's not your traditional military town, but its healthy economy, proximity to Army posts and cool factor have earned the city a third-place ranking on a national survey of best places for military retirement.
The first-of-its-kind survey, released today by USAA and Military.com, has a strong Texas flavor. Waco, with its affordable housing and manufacturing industry, topped the list; College Station came in fourth; and San Angelo placed sixth. Rounding out the top five were Oklahoma City at No. 2 and Harrisburg, Pa., in the fifth spot. The Texas cities earned extra points because federal pensions are not taxed in the state, rankers said.
"Austin embodies many of the characteristics that military retirees look for and care about," said Lt. Col. June Walbert, an Army reservist and certified financial planner with USAA, a financial services company that serves military and ex-military personnel and their families. To read complete article click here.....
Central Texas Economy In Perspective
By Tony DeLisi, Chamber Director of Research
To read complete article click here.....
The Knowledge Economy
Andy Greenberg, 05.24.10, 06:00 PM EDT
A Silicon Valley city tops the list, of course. But the No. 2 hot spot may surprise you.
Turns out everything really is bigger in Texas. Including the brains.
Over the last year residents of Austin have patented inventions including a laser-guided nail clipper for dogs and cats, an electronic fishing reel system, a fertilizer that also functions as a pesticide, and a gadget that can detect explosive chemicals with microphones--along with about 2,900 other ideas, the second-most per-capita of any metro area in the U.S. ..........
.....Austin's culture of innovation may be boosted by well-known tech credentials like the South by Southwest (SXSW) Web startup and music festival held annually in March, as well as the nearby headquarters of hardware industry giants Dell ( DELL - news - people ) and Freescale Semiconductor ( FSL - news - people ). But they also have two secret weapons in the innovation race: the University of Texas's Cockrell School of Engineering, and IBM's ( IBM - news - people ) Austin research lab.
IBM produces more patents than any other company in the world, and for the last seven years Austin has produced more of those patents than any other IBM office. In total the lab produced 880 patents in 2009. That's just 30 less than all of Cisco, and 300 more than Sun Microsystems ( JAVA - news - people ), Boeing ( BA - news - people ), AT&T ( T - news - people ) or Toyota ( TM - news - people ). Six of IBM's 25 top inventors live in Austin, including one with more patents to his name than any other IBMer, a chip-focused engineer named Ravi Arimilli. "For IBM, Austin has evolved into a real hotbed of innovation," says Tony Befi, the company's site manager.
Befi cites the University of Texas at Austin as a major source of the area's innovative workers. It ranks ninth on the U.S. News World and Report list of best engineering schools, but its size helps to distinguish it. Every year its Cockrell School of Engineering pumps out more than 1,000 undergraduates, far more than higher-ranked engineering schools like MIT, Caltech or Stanford. "Employers come to Austin because they can get quality and quantity," says Michael Powell, director of the school's career center. To read complete article click here.....
10 Best Cities for the Next Decade
They're prosperous, innovative, and they'll generate plenty of jobs, too.By the Editors of Kiplinger's Personal Finance Magazine
From Kiplinger's Personal Finance magazine, July 2010
In Kiplinger's latest search for top cities, we focused on places that specialize in out-of-the-box thinking. "New ideas generate new businesses," says Kevin Stolarick, our numbers guru, who this year evaluated U.S. cities for growth and growth potential. Stolarick is research director at the Martin Prosperity Institute, a think tank that studies economic prosperity. "In the places where innovation works, it really works," he says.
After researching and visiting our 2010 Best Cities, it became clear that the innovation factor has three elements. Mark Emmert, president of the University of Washington in Seattle, put his finger on two of them: smart people and great ideas. But we'd argue that it's the third element -- collaboration -- that really supercharges a city's economic engine. When governments, universities and business communities work together, the economic vitality is impressive.
And it's no coincidence that economic vitality and livability go hand in hand. Creativity in music, arts and culture, plus neighborhoods and recreational facilities that rank high for "coolness," attract like-minded professionals who go on to cultivate a region's business scene. All of which make our 2010 Best Cities not just great places to live but also great places to start a business or find a job.
1. Austin, Tex.
Austin is arguably the the country's best crucible for small business, offering a dozen community programs that form a neural network of business brainpower to help entrepreneurs. Now overlay that net with a dozen venture-capital funds and 20 or so business associations, plus incubators, educational opportunities and networking events. Mix all these elements in what many call a classless society, where hippie communalism coexists with no-nonsense capitalism, and you’ve got a breeding ground for start-ups.
Don’t discount the fun factor: In the self-proclaimed live-music capital of the world, music and business creativity riff off one another. The city’s famous South by Southwest festival, where concerts, independent film screenings and emerging technology overlap, is a prime example. To read more click here.....
Milken Institute Ranks Austin-Round Rock #1 for 2009 Best Performing Cities
The 2009 Milken Institute/Greenstreet Real Estate Partners Best-Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary and technology growth. To read complete article click here.....
Friday, February 19, 2010 (About.com: Austin)
South by Southwest is just around the corner, and more people are excited than just music lovers, film buffs, and tech geeks. Local businesses and the Austin government can't wait for the nine-day multimedia festival, trade show, and conference. Greyhill Advisors studied the impact of SXSW 2009, and found that the event injected a staggering $99 million into the Austin economy.
In addition to attendance cost and local spending that make up the $99 million, the media coverage from SXSW 2009 generated an additional estimated $21.4 million. In 2009, there were 200 million broadcast, print, and online impressions for SXSW, which created a "buzz factor" for the City of Austin and SXSW.
SXSW 2010 should generate even more revenue for the city. By January, pre-registrations and hotel reservations were already ahead of 2009's record pace, and the Interactive Media event was already up by 50%, according to a press release.
Business Week Ranks Austin-Round Rock, TX #2
Forty Strongest U.S. Metro Economies
Austin, a high-tech center, is also home to the University of Texas. Employment in the Austin metro peaked in the fourth quarter of last year. Gross metropolitan product peaked in the second quarter. Home prices grew 2.5% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 7.1%, up 2.6 points from a year earlier. To read complete article click here.....
The Austin-Round Rock area was named the best performing city on the 2009 Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index.
The index ranks U.S. metro areas based on their ability to create and sustain jobs, measuring employment, salary growth and technology output.
"Texas' strong position in our best performing cities study demonstrates that a favorable business climate, combined with a low-cost/low-tax environment, is highly supportive of job creation," said Ross DeVol, senior economist at the Milken Institute and lead author of the report. "The state has diversified its economy by fostering several key high-tech clusters, and the passage of Proposition 4, allocating $500 million in funding for research universities, will make Texas an even more formidable competitor in the future."
(Community Impact Newspaper - November 13, 2009)
Index components include job, wage and salary and technology growth. Leaders in the 2009 index are cities that succeeded in avoiding the worst of economic declines driven by falling housing markets and job losses in manufacturing and global trade.
Austin-Round Rock, which ranked fourth in the 2008 index, claimed the top spot this year over the second-ranked Killeen-Temple-Fort Hood metro area and third-ranked Salt Lake City.
The Austin region's job growth rate of 0.32 percent ranked fourth among large metro areas nationwide and was one of just five areas with positive job growth. Austin-Round Rock also outperformed the U.S. average in growth of wages and salaries by 3.1 percentage points.
The Milken Institute is a publicly supported, nonpartisan think tank that studies economic trends and develops economic development strategies. Analysts attributed Central Texas' success to a strong tech industry and business-friendly incentives that help bring new companies to the area.
Austin-Round Rock Metropolitan Statistical Area
- Overall 2009 Rank: 1
- MSA Population: 1,652,602
- 5-yr Job Growth (2003-2008) Rank: 6
- 1-yr Job Growth (2007-2008) Rank: 4
- 5-yr Wages & Salaries Growth (2002-2007) Rank: 19
- 1-yr Wages & Salaries Growth (2006-2007) Rank: 5
- Job Growth (Mar08 - Mar09) Rank: 4
Homebuyer Tax Credit Extension
Last week, after the Senate gave its final and fully supportive approval on the homebuyer tax credit extension, the House of Representatives voted overwhelmingly to pass the legislation, sending the tax credit to President Obama who's final sign-off on Friday made it official.
The $8,000 first-time homebuyer tax credit, which was slated to expire Nov. 30, 2009, will be extended for contracts signed before May 1, 2010 that close before July 1, 2010. First-time buyers, who are in the process of closing now, no longer have to worry about qualifying for the $8,000 tax credit if they do end up closing after the Nov. 30 deadline. The new legislation also increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the current level.
Buyers who already own a home are also now eligible for a tax credit and the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000 or less, as well as making both credits available only for primary residences, not second homes or investment properties. The legislation will take effect November 7, 2009 and is not retroactive.
Home loan demand hits highest since late May
Robust demand for mortgage refinancing and applications for home loans
Reuters updated 8:17 a.m. CT, Wed., Sept . 23, 2009
U.S. mortgage applications jumped last week to their highest since late May as interest rates tumbled below 5 percent, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Sept 18 increased 12.8 percent to 668.5, the highest level since the week ended May 22.
While consumers clamored for home refinancing loans, their appetite for applications to buy a home, a tentative early indicator of sales, was also robust. The overall trend bodes well for the hard-hit U.S. housing market, which has been showing signs of stabilization.
Eric Belsky, executive director at Harvard University's Joint Center for Housing Studies, said several months of improvement in new and existing home sales is a positive sign.
"Low interest rates on mortgages are important to the fledging housing recovery," he said.
This has made a significant impact on the affordability front and where they may be headed could be key to a sustained recovery, he said.
"While an uptick may bring buyers anxious that rates will keep rising into the market temporarily, a material increase in rates could threaten the rebound. To read complete article click here.....
Texas moves up in Forbes' best states for business list
Austin Business Journal
Texas improved its position on Forbes' Best States for Business this year.
The Lone Star State ranked 8th on this year's list, up from 9th in 2008.
The magazine ranks all 50 states based on costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.Business costs, which include labor, energy and taxes are weighted the most heavily.Texas ranks No. 1 in the land for overall economic climate and third for growth potential.
To read complete article click here.....
Forbes Ranked Austin #1 - Best Poised for Recovery
From now to the end of 2010, the economy of Austin is projected to grow by $5 billion, and unemployment has stayed relatively subdued. The city's diverse economy, home to Dell, the University of Texas and the Texas state government, has kept the economy strong. Forbes.com also recently ranked Austin the Best Big City for Jobs.
To read complete article click here.....
Forbes Ranks Austin #1 (Again)
America's Best Bargain Cities
Nearly a decade ago, after making a donation to a volunteer-run radio station in Austin, Texas, local librarian Red Wassenich was asked why he chose to support a broadcaster with a penchant for playing strange crooner music. "Because it keeps Austin weird," he said.
Since then, the phrase "Keep Austin Weird" has become the city's official rallying cry against the establishment of large chain stores near mom-and-pop shops--and, more generally, for maintaining the city's eccentric feel. The city may be weird, but perhaps more redeeming is that it's also a bargain to live there: Austin is the place where people pay the least to get the most.
To read complete article click here.....
Forbes Ranks Austin #1 ....."Austin, Boulder [Colo.], Fort Collins [Colo.] and to a lesser extent Raleigh all have a lot of high-tech investment," she says. "We think that is one of the first things that comes back once the economy does recover." Top 11 Reasons to Buy a Home Now! click here.... The economic storm sweeping the country has left Americans with few places to hide. But those looking to hunker down might want to head to Texas, where they can get the best value for their dollar. That's because Austin and San Antonio lead our list of places where your money goes farthest. Residents of both enjoy affordable housing and promising prospects for job growth in coming years. Houston and Dallas also land in the top 10, at Nos. 4 and 7, respectively. more... Financing Solutions with David Reed You’ve watched the news and read about it in the papers. You know, the “credit crisis” and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren’t making loans anyway. So, why bother, right? Wrong! more... America's Recession-Proof Cities Nationally, home prices are falling, unemployment is on the rise and the economy is expected to grow slowly--or even contract--in the first half of the year. But some cities are doing just fine. more..
In Depth: Best Big Cities For Jobs
No. 1: Austin-Round Rock, Texas
Joel Kotkin, April 14, 2009
Of the 10 large cities with the best employment prospects, Austin is the leader. Job growth between 2004 and 2008 was a whopping 14.8%--and even between 2007 and 2008, overall growth remained in the black. In some areas, Austin is representative of nationwide changes in employment. For example, manufacturing waned; between 2000 and 2008, jobs in that sector decreased by a third. But service sectors like education and health, leisure and hospitality, and others grew tremendously. Job growth stagnated in 2008, but avoiding net losses was enough to propel this city to the top of the list.
To read complete article click here.....
By Kurt Badenhausen, Forbes.com
Mar 26th, 2009
The city has a fan in the Charles Schwab Corporation. "The city of Austin is extremely business-friendly. They have bent over backwards to accommodate us," says Glenn Cooper, head of real estate at Schwab, which expanded its Austin presence in 2007 when it purchased the 401(k) Co. Cooper highlights the political environment, culture and cost of living as draws for Schwab to Austin.
For complete article click here....
Answers to all of your FAQ's about the New Homebuyer Credit click here....
From Builder Magazine.....The Healthiest Housing Markets for 2009:
#2. Austin, Texas Read more...
Best Cities to Live, Work and Play
These ten great places will only get better.
From Kiplinger's Personal Finance magazine, July 2008
We discovered that our numbers guru, Kevin Stolarick, hadn't steered us wrong. Stolarick, research director at the Martin Prosperity Institute, a think tank that studies economic prosperity, says: "Our formula highlights cities not just with strong past performance, but also with all the ingredients for future success." One key to a bright future is a healthy shot of people in the creative class. People in creative fields -- scientists, engineers, architects, educators, writers, artists and entertainers -- are catalysts of vitality and livability in a city.
The cities that made our list also represent larger surrounding areas. And because we understand that city living isn't for everyone, we've highlighted some great suburbs, too.
Pack a bag and join us on a tour of the Best Cities for 2008 and prepare for some surprises.
No. 1: Houston,Texas
No. 2: Raleigh, North Carolina
No. 3: Omaha, Nebraska
No. 4: Boise, Idaho
No. 5: Colorado Springs, Colorado
No. 6: Austin, Texas
No. 7: Fayetteville, Arkansas
No. 8: Sacramento, California
No. 9: Des Moines, Iowa
Best And Worst Bang For The Buck Cities
Abha Bhattarai 10.10.08, 2:30 PM ET
Overcoming the misconceptions about the "credit crisis"
Joshua Zumbrun 04.29.08, 8:20 PM ET