NEW YORK (MainStreet) The state of Texas dominated the list of fastest-growing municipalities with Austin, San Marcos, Cedar Park and Georgetown ranking among the top ten, according to the U.S. Census Bureau.
"The population and market are growing rapidly through both immigration and investment, which create growth, but much of the growth stems from an investment made decades ago by a politician too many people in Texas have forgotten named Governor John Connally," said George Haley, head of the Center for International Industry Competitiveness at the University of New Haven.
Although once dominated by cotton, cattle and oil in the past, today the state's economy includes farming, tech and health services.
"Energy is driving Texas's economic boom, and the small cities are benefitting as well as larger ones," said Steve Berkowitz, CEO with Move, which operates Realtor.com.
Austin by itself is gaining nearly 21,000 people a year. Other emerging municipalities in the lone star state that made the list include Frisco, McKinney, Odessa and Pearland.
"Texas offers the best tax incentive of all with no levy on individual or corporate income," said Michael Cox, director with the William J. O'Neill Center for Global Markets and Freedom at Southern Methodist University Cox School of Business. "A business owner can save enough in taxes to buy a BMW by moving to Texas from New York or California."
"Greater New York's unemployment rate has been a nearly a full percentage point lower than Chicago's for more than a year," Berkowitz told MainStreet. "The increased demand in New York has pushed up home prices 17.53% while prices in Chicago have risen 10.92%."