The American Dream is alive and kicking in Texas. In a recent study, popular business magazine Forbes, analyzed over 50 large metropolitan areas across the United States in the hopes of finding out which cities will likely be the most prosperous within the next ten years. Overall, the results basically showed two very different types of cities: opportunity cities and technology hubs.
The term “opportunity cities” was coined by Forbes. They use it to refer to areas that enjoy more industry choices, lower living costs, and more numerous families. On the other hand, technology hubs are mainly characterized by a large inflow of educated young professionals, as well as a higher average income.
Although this was a national study, most Texans will be pleasantly surprised to discover that four out of these ten cities are part of the Lone Star State. These Texas cities were Austin, Dallas-Fort Worth, Houston, and San Antonio. To quote Forbes, “the most vital parts of urban America can be encapsulated largely in one five-letter word: Texas.”
Although Austin took the top spot on the list, the other cities weren’t far behind either. San Antonio, Houston, and Dallas-Fort Worth were ranked fourth, fifth, and seventh, respectively. These three Lone Star cities boast the most significant increase of new jobs over recent years, amounting to approximately 80,000. What’s even better is that this steady growth has been accompanied by relatively low real estate prices and very strong local economies.
Dallas-Fort Worth, in particular, was praised for its strategically placed airport, which was considered instrumental in encouraging corporate relocations. Moreover, the metropolitan area was also dubbed a “major immigrant hub” which attracts plenty of new residents, specifically those who seek opportunities to grow as an entrepreneur and upward mobility in general. In particular, there was a 15 percent increase in job growth from the year 2010 to 2015, as well as an 8 percent increase in population from the year 2010 to 2014. Moreover, many of these new residents are young and educated. To be specific more than 30 percent are 25 to 44-year old college graduates.
With all that said, one crystal clear pattern emerges: the improvement of vital demographics and increased job creation will definitely fuel growth in the region not only for the immediate future, but also for the following decade. It’s people that create economies. When it comes down to it, they will prefer actions over words, showing others which cities they believe hold the nation’s future by moving there themselves.