Once again, Austin, Texas has made national news. Forbes.com has named Austin #3 on its new list of “Recession Proof” cities. The top two cities were Oklahoma City and San Antonio, TX.
The top 50 largest metro areas were ranked on a scale using three major factors, namely:
- Unemployment rate – Which areas added the most jobs over the past year?
- Real estate prices – Which areas posted the largest annual gains in median home price over the past year?
- Gross metropolitan product growth – How would rising foreclosures and falling home prices affect overall levels of productivity in the local economy?
Among the statistics cited were the following:
- Austin’s low unemployment rate of 3.6%
- The median home price in Austin remains under $200,000, and it rose over 6% this past year
- Texas cities are much easier to afford for a large percentage of the population, since there is still a lot of open land.
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