KILLEEN, Texas – Killeen’s economy has not only fared well in recent years; according to the POLICOM Corporation, it has become significantly stronger. The Killeen-Temple-Fort Hood Metropolitan Statistical Area (MSA) is ranked 8th in the nation on the POLICOM Corporation’s 2013 Economic Strength Rankings, an improvement from the 2012 ranking of 30th on the list.
POLICOM produces this study annually, analyzing the economic strength of 366 MSAs in the United States and ranking them accordingly. In less than a decade the Killeen-Temple-Fort Hood MSA has improved its standing in the chart by 161 places with a steady climb from the rank of 169 in 2006 to its best position yet with the 8th spot in 2013.
“To investors, those who start businesses, create wealth, provide jobs and pay taxes, the important economic factors are trends over time,” said John Crutchfield, President/CEO of the Greater Killeen Chamber of Commerce. “By POLICOM’s definition, their ‘highest ranked areas have had rapid, consistent growth in both size and quality for an extended period of time’. For our MSA to be ranked 8th out of 366 MSAs in the U.S. is an extraordinary achievement. When coupled with other factors, such as the City of Killeen’s recently achieved high-quality credit rating, the achievement is even more remarkable. Our region is poised for a tremendous future.”
In 2012, the MSA was ranked 30th in the nation and 5th in Texas behind the state’s four major metropolitan areas – Dallas, Houston, San Antonio and Austin. The 2013 study ranks Killeen-Temple-Fort Hood as the 3rd strongest economy in Texas behind Austin-Round Rock-San Marcos ranked 4th in the nation and San Antonio-New Braunfels ranked 7th. The Killeen area surpassed Dallas-Fort Worth-Arlington at the 14th position and Houston-Sugar Land-Baytown ranking 17th in the nation.
“The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation,” said William H. Fruth, President of POLICOM.
The study measures 23 different economic factors over a twenty-year period to determine an area’s “economic strength” - the long-term tendency for an area to consistently grow in size and quality. To be designated a Metropolitan Statistical Area, the area must have at least one urbanized area with a population of at least 50,000, plus adjacent counties which have a high degree of social and economic integration with the core as measured by commuting ties. They must have a minimum of one county but most often include several counties.
POLICOM, located in Palm City, FL, specializes in analyzing local and state economies and has created this study each year since 1997 to enable the corporation to study the characteristics of strong and weak economies. Data stretching from 1992 to 2011, released in January, 2013, was used for this study. Specific formulas determine how an economy has behaved over an extended period of time.
To view the full POLICOM Corporation 2013 Economic Strength Rankings visit http://www.policom.com/metrorank.htm.Â