Austin TX hits another top 10 list. This one is ranking #8 for Best Business Communities according to MarketWatch.
Here is the criteria used:
1. Per-capital sales volume, based on revenue of S&P 500 companies in a metro area, divided by the population.
2. Per-capita sales for Fortune 500 companies in the area.
3. Per-capita sales for Forbes Private Companies in the area.
4. Number of Russell 2000 companies per capita in a metro area. (For those cities with no S&P, Fortune 500, Forbes or Russell companies, the largest metro area with a zero total in those categories finishes last.)
5. Census Bureau data from 2009 — the most recent available — measuring the number of companies, annual payroll and number of employees, all per capita, in a metro area.
6. Census Bureau data measuring economic output in the military sector per capita for 2009.
7. Census Bureau data measuring economic output in the leisure and hospitality sector per capita for 2009. Data is most recent available.
Under the general heading of economic stability, the categories are:
1. Population growth, from Census Bureau data, 2000 to 2010.
2. Per capita metro economic output, from Bureau of Economic Analysis data, 2010.
3. Growth in economic output, from Bureau of Economic Analysis data, 2007 to 2010.
4. Personal income growth, from Bureau of Economic Analysis data, 2000 to 2010.
5. Personal income growth, from Bureau of Economic Analysis data, 2009 to 2010.
6. Unemployment rates, from Bureau of Labor Statistics data, for August 2011
7. Cumulative metro unemployment rates, from Bureau of Labor Statistics data, for August 2003, August 2007 and August 2011.
8. Job growth measured against population growth from Census Bureau and the Bureau of Labor Statistics data, 2005 to 2010.
Well, Austin has definitely had population AND job growth in the past few years, so I can imagine why they are rated so high. I'm actually surprised they aren't rated higher since Texas has added almost 800,000 jobs to the economy while no other state has even hit 100,000. Of those jobs in Texas, a large portion have been in Austin with the addition of many companies opening here or moving here like Google, Facebook, and Ebay. Formula 1 is on track and will bring so many more people, even if just vacation people.
Here is the actual article from MarketWatch.
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