Even small businesses are bigger in Texas, evidently.
Business Journals has a new report that places the state capital of Austin at the head of the pack for the “creation and development” of small businesses. It’s an honor Austin arrived at through the website’s six-part formula, and is weighted heavily on three factors:
- Population explosion. Austin has seen its population increase by 286,000 from 2004 to 2009, making it the eighth-fastest growing city in America. That population boom has led to more opportunities for businesses and increased the number of consumers in the city.
- New jobs. Austin’s job base grew by 9.3 percent, according to Business Journals, in just five years from 2005 to 2010. That’s the opposite of what many cities and towns faced during the recession, and it left them well-positioned to weather the economic storm.
- Small biz growth. From 2007 to 2008, when the recession was getting into full-swing, small business in Austin grew by 1.5 percent. No other market came close.
Mix those three factors together and it’s not particularly surprising that Austin emerges smelling like roses made of money. The fact that the city is getting increasing amounts of good press for their success makes it likely that the growth will only continue in the short-term.
It’s part luck, part skill for Austin, which has championed its appeal to small business over the last several years and been rewarded for it. It makes Austin and its companions on the Business Journals list attractive destinations for new small businesses, and their rapid growth provides a model for others to follow.
Following on Austin’s heels were Oklahoma City, Charleston and Seattle, according to the article.
Are you a small business in one of those cities, or would you consider re-locating there? Sound off!
Photo credit to shaunclark at http://www.sxc.hu/photo/1114128