The City of Austin’s Economic Development Department has received the 2025 Excellence in Economic Development Silver Award from the International Economic Development Council for its Economic and Cultural District Framework Policy. The program, honored in the Neighborhood Development category, has reached more than 500,000 residents and will be recognized at the IEDC Annual Conference in Detroit in September.
The award comes at a time when Austin’s economy continues to outpace both state and national averages. The region recorded an estimated 4.5 percent GDP growth in 2024, compared with a projected 2 percent U.S. average in 2025. A recent LendingTree analysis identified Austin as the fastest-growing “boomtown” in the country, citing 14.6 percent GDP growth, a 9.4 percent increase in housing units, and 5.1 percent population growth, with nearly one in five new residents relocating from outside the metro area.
Employment trends reinforce this trajectory. As of July 2025, nonfarm payroll employment in the Austin area reached 1.36 million, up 9,600 jobs year-over-year. Unemployment stood at 3.5 percent, below both state and national levels, while average hourly earnings rose to $35.15, reflecting 4.5 percent annualized wage growth. Venture capital activity has also surged, with investments totaling $2.4 billion in 2025, a 244 percent increase from the prior year, placing Austin as the fourth-largest startup ecosystem in North America.
IEDC President and CEO Nathan Ohle said the recognition highlights Austin’s leadership in combining cultural vitality with economic policy. “This award shines a spotlight on Austin’s commitment to its community and showcases the significant impact of economic development,” he said.
Anthony Segura, Interim Director of the Economic Development Department, noted that the recognition validates the city’s broader vision. “It’s a powerful validation of our resolve to build an economy that strengthens our community while opening doors of opportunity for every Austinite,” he said.
Austin’s Economic and Cultural District Framework Policy positions culture, equity, and innovation at the core of growth. With international recognition now paired with strong economic momentum, the city is reinforcing its role as one of the most dynamic and inclusive economies in the United States.
