Austin ranks 61st in fastest growing economies in the world!

congress viewAustin is one of only five metropolitan areas in all of North America to rank in the top 70 of the 300 fastest-growing metropolitan economies worldwide, according to a Friday report.

Austin ranks No. 61 after experiencing a major recession and partial economic recovery, according to the report by the Metropolitan Policy Program at the D.C.-based Brookings Institution.

From 2011 to 2012, employment in the Austin metro area increased by 3.1 percent as real GDP per capita rose by 0.9 percent.

Other variables factored in included population — the Austin area registered nearly 1.8 million people — and nominal GDP.

Houston is the highest ranked U.S. city on the list at No. 40, followed by San Jose, Calif. with No. 46; Salt Lake City at No. 56; and Louisville, Ky. next at No. 57.

Cities in Asia, the Middle East and Latin America dominating the field.

Still, China reigned supreme, with 34 separate metropolitan areas in the country making the list for their robust economic growth. Macau, China was deemed the single fastest-growing metro economy.

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