Austin, Texas
The Greater Austin metropolitan statistical area had a gross domestic product (GDP) of $86 billion in 2010. Austin is considered to be a major center for high tech. Thousands of graduates each year from the engineering and computer science programs at the University of Texas at Austin provide a steady source of employees that help to fuel Austin's technology and defense industry sectors. The region's rapid growth has led "Forbes" to rank the Austin metropolitan area number one among all big cities for jobs for 2012 in their annual survey and WSJ Marketwatch to rank the area number one for growing businesses. By 2013, Austin was ranked No. 14 on "Forbes"' list of the Best Places for Business and Careers (directly below Dallas, No. 13 on the list). As a result of the high concentration of high-tech companies in the region, Austin was strongly affected by the dot-com boom in the late 1990s and subsequent bust. Austin's largest employers include the Austin Independent School District, the City of Austin, Dell, the U.S. Federal Government, NXP Semiconductors, IBM, St. David's Healthcare Partnership, Seton Family of Hospitals, the State of Texas, the Texas State University, and the University of Texas at Austin.
History of Dallas
In the late 1990s, the booming telecom industry exploded in Dallas, especially in areas like Las Colinas and the Telecom Corridor. During this time, Dallas became known as Texas's Silicon Valley, or the "Silicon Prairie". Another recession prompted by the dot-com bubble-burst and the 2001 terrorist attacks hurt several of the city's vital industries. By 2004, signs of an economic turnaround began to appear. In 2005, three towers began construction amid tens of residential conversions and smaller residential projects. By the year 2010, the North Central Texas Council of Governments expects 10,000 residents to live within the loop. Just north, Uptown is one of the hottest real estate markets in the country. At the beginning of 2006, nine highrise residential buildings or hotels were under construction in that area. Leading the way is the $500M phase two of Victory Park, a $3B+ project. At full build-out, it should contain more than 4,000 residences and 4M ft² of office and retail space.