Austin is ranked No. 1 for development across all 75 markets surveyed. It ranks No. 2 for homebuilding and No. 4 for investment.
Data in the report indicates that Austin has the highest percentage of millennials, those with ages between 16 and 35. With 32 percent of the population falling in that range, Austin surpasses Los Angeles and Madison, Wisconsin, for appealing to young adults. The cost of doing business in Austin is 102 percent of the national average, fall less than New York City, which is 160 percent or San Jose, California, which is 129 percent.
Not everything about Austin is rosy, though.
"If there is a concern about Austin, it may be that the market is growing faster than the local infrastructure," the report states. "The only potential shortcoming perceived by the local market is in public and private investment."