Central Texas is growing rapidly and one prominent city's booming economy is standing out amongst the rest of the country for being the best. Austin was named the No. 1 largest U.S. city for economic growth, according to a new Coworking Cafe study.

Texas' capital city was recognized for having steady economic growth driven by its robust job market, rising incomes, innovation and expanding population. The study analyzed small, mid-size and large U.S. cities that saw the most economic upswing using data from 2019 to 2023. 

To measure a city's prosperity, the study used 11 key factors such as gross domestic product (GDP) growth, job gains, housing expansion, export strength and infrastructure buildout. With 61 points, Austin led the nation for having a good mix of productivity, employment and investment data, according to Coworking Cafe.

The city recorded the highest (51%) GDP growth from 2019 to 2023,  fueled by rapid job creation in tech, manufacturing and professional services. It also ranked second in housing overall with a 12% increase in stock, meaning more residential units were built to meet its growing population. 

As a city known for having highly educated workers, Austin had a 4% rise in educational attainment, which reflects a larger share of residents with college degrees or higher. Despite some Texans thinking people don't work in Austin, the city's employment rate grew by 1% over the same period - the third-highest increase among large cities.

Austin's largest flex by far is its business sector with a 71% surge in new business applications, placing fifth nationwide. On top of that, Austin had an impressive 33% median earnings increase being the seventh-highest growth - reaching $54,283. 

"To that end, Austin's diverse economy - spanning tech (with Dell, Apple and Oracle); government (as the state capital); education (home to the University of Texas); and creative industries (such as music, film and gaming) - generated a regional GDP exceeding $248 billion in 2023," the report says. "Plus, major developments like Project Connect, a voter-approved transit overhaul, indicate serious long-term infrastructure commitment. While some cooling is evident in big tech hiring and housing demand, Austin's multi-sector growth makes it the undisputed leader."

In addition to Austin, Coworking Cafe's study also highlighted Fort Worth's economic growth rounding out the top 5. The North Texas city ranked No. 5 among large cities thanks to its great evolution of education attainment of 9% and its population growth of 8.3%.

Original Article by: Cristela Jones, MSN