Other factors used to determine "The 15 Most Ambitious U.S. Cities" included the number of residents with a bachelor's degree or higher, number of business applications, percent of population that starts a new business and home ownership.
Director of Economic Development Elizabeth Huff said in a press release the city was excited for this national recognition.
"It's proof that our proactive efforts ensure a strong economy, support quality services for our residents and allow our city to maintain the second-lowest tax rate in the state among cities of similar size," Huff said.
A city press release attributed their success in part to recent initiatives that invest in the city economy, such as Sweet Cash, a gift card purchasing program to support local businesses.
Frisco was the only other Texas city named by the study, and over half of those on the list were in California. Sugar Land also came out above the cities of Scottsdale, Arizona; Coral Springs, Florida; Pembroke Pines, Florida; Columbia, Missouri; and Miami Gardens, Florida.