Heather's Take on Austin Real Estate

Austin's GMP growth top in nation
(Austin Business Journal) 1/11/2010

The Austin economy has grown more than those of any of the largest 100 American metros during a period when 95 percent of those metro economies contracted, according to a December Brookings Institution report.

Austin’s gross metropolitan product — or GMP, the value of goods and services produced — expanded by 2 percent from the end of fiscal 2008 until now. The average U.S. metro area saw its GMP decline 2.4 percent.

GMP accounts for a lot of things. It is not just exports. It is income growth, consumer spending, business investment.

Income in Austin has grown by about 35 percent in the past decade, which fuels more consumer spending. Since the end of fiscal 2008, income has grown by about 1 percent, according to data from IHS Global Insight.

Top five for GMP growth
1. Austin — 2%
2. Washington, D.C. — 1.6%
3. McAllen, Texas — 1%*
4. Virginia Beach, Va. — 0.7%
5. San Antonio — 0.5%