According to Forbes.com, Austin's economy is expected to grow by a whopping $5 billion from now until the end of 2010. These figures, combined with the fact that Austin has a relatively subdued unemployment rate, are the two greatest reasons why Forbes.com has identified Austin as the city that is likely to experience the quickest recovery from our current economic troubles.
Several economists are already predicting that our national economy will start to grow again by the end of this year, if not sooner. This will not, however, be the case for every city. In fact, many cities will be faced with a slow recovery, with many likely to need several more years to recover.
Austin isn't the only city in Texas that is poised for a relatively fast turnaround, as other Texas cities to make it on the list included:
• San Antonio
Part of the reason for other Texas cities making the list was due to the fact that Texas didn't experience the same extreme difficulties with its real estate market as did states such as Nevada, California and Florida.
In order to determine which cities were best poised for a fast economic recovery, Forbes examined a variety of different statistics. These included:
• Projected gross domestic product
• Unemployment figures
• Home prices
• Affordability data
When it came down to it, the cities with the most diverse industry base where the most likely to experience a faster economic recovery. The top five cities to make the list included:
• Austin, Texas
• Fayetteville, Arkansas
• Boulder, Colorado
• Huntsville, Alabama
• San Antonio, Texas
Many of the cities expected to face a slow recovery, on the other hand, were found in California where home prices had soared to unsustainable levels and unemployment has soared to more than 10%. Some of the California cities that are currently in this predicament include Bakersfield, Fresno, Los Angeles, Modesto, Salinas and Stockton. Other cities expected to face a slow economic recovery include Detroit, Michigan; Flint, Michigan; Youngstown, Ohio and New York City, New York.