Austin and Raleigh: Americans are going where the money is
Austin’s population grew by 6.9 percent and Raleigh’s by 5.1 in 2010-12. That’s huge growth in just two years.
Both are high-tech centers with major universities. They had the biggest rate of domestic in-migration of any million-plus metro areas in 2010-2012.
They both have reputations as cool cities. More important, they both have creative and vibrant private sector economies, fostered by relatively low tax rates and sensible regulation.
Raleigh’s taxes and cost of living compare favorably with those in most states in the Northeast. Austin is attracting a lot of people from California, where the top income tax rate is now 13.3 percent. Texas’s income tax rate is zero.