Austin's economy among fastest-growing in the U.S., new report finds

Austin's boom is far from over, as a new report says the metro area has the second-fastest-growing economy in the country.

Austin's estimated regional gross domestic product — the total value of goods and services produced in one year — increased by 4.3% this year, second only to San Francisco's growth at 4.8%, according to the Kenan Institute of Private Enterprise at the University of North Carolina.

The report is the institute's first as a part of its American Growth Project, which aims to provide "up-to-the-minute" economic data for the microeconomies of towns, cities and counties across the country.

Hoping to help government officials and community leaders understand real-time industry trends, forecasts and labor issues, the project is keen on identifying why economies in some areas are contracting as others nearby expand.

The full-year GDP numbers for 2022 include estimates for the fourth quarter, which has not been completed yet. The report's authors write that "our estimates may not align with national fourth-quarter to fourth-quarter GDP growth, which is likely to be meaningfully slower than the yearly national figures."

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