Austin has topped a list of cities with the highest small-business vitality, according to a survey out this week. The survey, conducted by Bizjournals, determined the most vibrant cities in the United States for businesses employing 99 or fewer people by using a six-part formula.Austin's outstanding rank came about because of three major factors - the remarkable 19.5% population growth between 2003 and 2008, four times faster than the national population growth rate of 4.8% over the same period; a 15.58% increase in private-sector employment, while the country overall had an employment rate drop of 0.5%; and a 5.6% increase in the number of small businesses between 2006 and 2007, the last period for which there are official statistics.
Last year, Austin ranked #4 on the list. All of the Texas cities to be considered in the survey made the top 50. The next Texas metropolitan area to make the list was the McAllen-Edinburg area near the Texas-Mexico border, at #6. The Dallas-Ft. Worth metroplex came in at #25, while San Antonio ranked #30. Houston made the list at #36, and the El Paso area ranked #50.
Last year's top city for small-business owners, Raleigh, North Carolina, dropped down the list to #3 in this year's survey.
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