Round Rock has been ranked as having the 14th fastest growing economy of any city in American, according to a recently-released ranking by WalletHub. It ranked No. 8 among midsize cities (100,000 to 300,000 population).
To determine where the fastest local economic growth has occurred in the United States, analysts compared 515 cities of varying population sizes based on 15 key measures of both growth and decline over a period of seven years. Their data set ranges from population growth to unemployment rate decrease to growth in regional GDP per capita.
The rankings are based on two key dimensions, “Sociodemographics” and “Jobs & Economy.” They evaluated those dimensions using 15 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the fastest economic growth. For each metric, WalletHub analyzed data spanning from 2010 to 2016 with the exception of “Unemployment Rate Decrease,” “Job Growth” (from 2011 to 2016), “Increase in Number of Startups” (from 2010 to 2014) and “Increase in Number of Businesses” (from 2010 to 2015).
Finally, a determination of each city’s weighted average across all metrics was used to calculate its total score and used the resulting scores to rank-order the cities in its sample.
Sociodemographics – Total Points: 50
- Population Growth: Double Weight (~25.00 points)
- Working-Age Population Growth: Full Weight (~12.50 points)
Note: “Working-Age Population” includes individuals aged 16 to 64.
- College-Educated Population Growth: Full Weight (~12.50 points)
Note: “College-Educated Population” includes individuals with at least an associate’s degree.
Jobs & Economy – Total Points: 50
- Job Growth: Double Weight (~3.70 points)
- Increase in Ratio of Full-Time to Part-Time Jobs: Half Weight (~1.85 points)
- Median Household Income Growth: Full Weight (~3.70 points)
- Unemployment Rate Decrease: Full Weight (~3.70 points)
- Poverty Rate Decrease: Full Weight (~3.70 points)
- Growth in Regional GDP per Capita: Double Weight (~7.41 points)
- Increase in Number of Businesses: Full Weight (~3.70 points)
- Increase in Number of Startups: Full Weight (~3.70 points)
- Increase in Venture Capital Investment Amount: Full Weight (~3.70 points)
- Median House Price Growth: Full Weight (~3.70 points)
- Building-Permit Activity Growth: Full Weight (~3.70 points)
- Foreclosure Rate Decrease: Full Weight (~3.70 points)