Economy

Throughout the recent downtown in the United States Economy, Austin and Texas as a whole, has fared well.

Austin Economy

As you saw in the video, Austin’s economy has withstood the recession and is poised to come out strong.

  • Texas has 4th Least Amount of State Debt
  • Texas has the 11th Largest Economy in the World
  • National Unemployment is 9.6% – Texas Unemployment is 8.7%
  • Texas Foreclosure Rate 1/752 – California Foreclosure Rate is 1/178
  • Newsweek Names Austin One of Top 10 Cities Suited for Recovery
  • Forbes Named Austin #1 in Top Cities Best Surviving the Recession
  • CNBC Named Texas #1 State for Business
  • Texas is Tied with CA for the #1 Spot in Number of Fortune 500 Companies
  • Austin has 2 Fortune 500 Companies
  • Austin named the Healthiest Housing Market for 2010 by Builder Magazine
  • Austin Continues to Place among America’s Most Recession Proof Cities by CNN Money
  • Austin Leads the Nation in Job Growth – CBS news
  • Austin #26 City in the World (Highest in US) in Recovering from Recession by the Brookings Institution Metropolitan Policy Program
  • Facebook Chose Austin as its First Expansion Outside Palo Alto Bringing 200 New Jobs
  • 56 Companies Moved or Expanded to Austin in 2010

San Francisco Economy

With mounting state debt, budget crisis and no plans to get spending under control, it appears California is headed for some rocky times. We’re seeing more and more tech companies move to Austin from San Francisco and if California’s business climate continues down the same path as its been heading, we would only expect more companies to move out of San Francisco.

Austin vs San Francisco Economy

BestPlaces.net compared Austin’s economy to San Francisco’s economy. The following chart breaks it down.

Economy Austin San Francisco United States
Unemployment Rate 6.50% 9.90% 10.20%
Recent Job Growth 0.17% -5.75% -4.06%
Future Job Growth 33.84% 18.60% 21.68%
Sales Taxes 8.25% 8.50% 6.80%
Income Taxes 0.00% 9.30% 6.25%
Income Per Capita $27,308 $43,177 $26,372
Household Income $48,327 $71,410 $51,660

Source: BestPlaces.net