Texas metros, led by No. 1 Austin, claim four of the top five spots in the “2009 Milken Institute /Greenstreet Real Estate Partners Best-Performing Cities Index” — and nine of the top 16.

Leaders in this year's index, which ranks U.S. metros based on their ability to create and sustain jobs, are all metros that succeeded in avoiding the worst of economic declines driven by falling housing markets and job losses in manufacturing and global trade.

Economic engines in the oil and gas sector, technology and alternative energy provided stability among metros in Texas, North Carolina, Washington and Louisiana, which also benefited from low dependence on housing/construction.

Austin in particular has been helped by its strong tech industry. It is the first metro to ever be ranked No. 1 twice on the index, the last time being in 2000.

Another factor helping Texas metros move up in the rankings is that state's favorable business climate and its ability to attract jobs and corporations away from higher-cost states.

The biggest decliners (including multiple cities in Florida and California) continue to experience the fallout from the housing meltdown, which has caused spillover into the construction sector. Michigan metros are mired among the nation's weakest performers, with heavy losses in durable goods manufacturing and the ailing U.S. automotive industry.

The 2009 Top 10 Performers (with 2008 rankings) of the 200 largest metros:  

1.      Austin-Round Rock, Texas (4)

2.      Killeen-Temple-Fort Hood, Texas (13)

3.      Salt Lake City, Utah (3)

4.      McAllen-Edinburg-Mission, Texas (7)

5.      Houston-Sugar Land-Baytown, Texas (16)

6.      Durham, N.C. (21)

7.      Olympia, Wash. (9)

8.      Huntsville, Ala. (5)

9.      Lafayette, La. (14)

10.  Raleigh-Cary, N.C. (2)

View the full report.