TEXAS — A Milken Institute study ranked the Austin-Round Rock metropolitan area No. 1 on its list of best-performing large cities in the U.S. for 2024.

What You Need To Know

  • Austin is the No. 1 best-performing large city in the U.S., according to a new study from the Milken Institute

  • Factors like strong job and wage growth and high-tech presence in the Capital City helped the institute decide its ranking

  • The Dallas-Plano-Irving metropolitan area also ranked in the top 10 of the list for large cities

  • It’s the sixth consecutive year that Austin makes the top 10 of Milken’s ranking for best-performing cities

This year’s study focused on sustainable growth and resilience in each city. Factors like strong job and wage growth and high-tech presence in a given area helped the institute decide its rankings.

Austin has enjoyed being the center of a booming tech industry, home to the headquarters of major companies like Google, Indeed and Tesla. These tech giants have helped solidify Austin’s spot as one of the top tech cities in the nation.

According to the study, from 2017 to 2022, Austin had 73.1% wage growth, 22.8% job growth and 62.4% high-tech GDP growth.

“Cities such as Austin, which has a well-balanced assortment of tech industries, are well positioned to maintain their growth,” said Maggie Switek, senior director of the Milken Institute’s Research Department. “As these cities grow, it is important that they continue to invest in sustainable and equitable development, to assure that economic opportunities are spread equitably among their residents.”

The Dallas-Plano-Irving metropolitan area also ranked in the top 10 of the list for large cities. Like Austin, the Dallas area benefited from increasing tech growth in the last several years. From 2017 to 2022, the area has had 14.5% job growth, 46.2% wage growth and 62.4% high-tech GDP growth, putting it at No. 8 on the list.

Austin leads the nation in more ways than one. In 2023, the city became the 10th largest in the U.S., according to data from the 2022 U.S. Census. It was also the fastest-growing area in the country for the 12th straight year.

“Austin has always been a town where new and different ideas are welcomed. That embrace of creativity and imagination has helped us stay a great city and evolve into a focal point in the global economy. This is a truly exceptional place in which to live and work, and talented folks from all over have been drawn to Austin by the natural beauty, live music, and, yeah, its great barbecue. I’m very proud the Milken Institute has recognized Austin as the nation’s Best-Performing City,” said Austin Mayor Kirk Watson.

This is the sixth consecutive year that Austin has made the top 10 of Milken’s list of best-performing cities.