After tumbling to the No. 10 spot last year, Houston is back on top of Forbes’ fastest-growing cities list this year. But the Bayou City might not lead the pack for long.
Houston took the No. 1 spot away from Austin, which had held the position for the past four years. Austin came in at No. 2 this year, followed by Dallas at No. 3. With Fort Worth at No. 8 and San Antonio at No. 10, Texas claimed half of the top 10 spots.
Forbes cites the boom in energy and exports in helping drive a surge of new jobs in Houston. According to Forbes, Houston’s 4.5 percent year-over-year job growth rate is the fastest in the U.S. And median annual pay for college-educated workers is $71,900 — the fourth-highest among the largest 100 U.S. metro areas — thanks to major corporations headquartered here, Forbes reports.
Houston also recorded a 1.81 percent population growth rate in 2014, with 1.74 percent projected for 2015, Forbes reports. Its gross metro product growth was 3.52 percent in 2014.
The Greater Houston Partnership’s annual Houston Employment Forecast shows the city added 500,000 residents over the past four years. Falling oil prices and slower global growth will have a negative impact on Houston’s energy and export sectors in 2015, but the city will still add another 125,000 residents and 62,900 jobs this year, GHP predicts.
Although Forbes notes that slowdown could knock Houston out of the top spot next year, the Bayou City likely will maintain a decent growth rate.
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