Aug 08, 2013 09:01 AM EDT
On Wednesday, Forbes released its ranking of best American cities for job growth in 2013. The American Business Magazine arrived at the rankings based on a study by Moody's Analytics. The magazine included 200 most populated cities that are expected to have the fastest employment growth through 2015.
Texas State has dominated the rankings with seven of its cities featuring in the top 10.
Austin, Texas leads the ranking with a projected annual job growth of 4 percent, a median household income of $59.554 and an enviable unemployment rate of 5.5 percent. Austin considered as the frontrunner for job growth did not come as a surprise because it is home to numerous large and expanding companies such as Accenture, AT&T and Time Warner.
Apart from the established companies, several other prominent companies have promised to introduce more jobs in the city soon.
In February, National Instruments, a company that manufactures test and measurement hardware and software systems, said that it would add 1,000 jobs in Austin with an average wage of $72,223. Late in 2012, Visa, an American multinational financial services corporation, decided to build a new software development center in Austin that will create nearly 800 jobs at an average salary of $112,000.
Other Texas metros like McAllen, Houston and Fort Worth have grabbed the second, third and fourth spot in the list respectively.
"In Texas, it starts with the energy industry, but it has become a well diversified economy with IT, professional services and transportation," said Ed Friedman, a research analyst at Moody's Analytics.
Ocala, Fla., has been ranked fifth in the list with a projected annual job growth of 3.4 percent, a median household income of $39.630 and an enviable unemployment rate of 8 percent.
The magazine placed the coastal surf town, Santa Cruz, on the sixth place in the list of best cities for future job growth
"When I think of the last half decade in Santa Cruz, I see an unbroken string of entrepreneurship," said Hilary Bryant, Santa Cruz mayor. "Public-private partnerships, collaborations with UC Santa Cruz on things like the Project for Innovation and Entrepreneurship, online government services, and weekly retention visits to businesses have all played a role.
Check out the Top 10 cities, here.
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