Katy - the Newest 'Boomtown' in Texas

There is good economic news to report for Texas. According to BusinessWeek, Katy is the second fastest growing community in the U.S.

Dan and Kim Sarver service pools and sell hot tubs in Katy. They say their sales have tripled in just one year. According to the BusinessWeek study, the couple is just one of many success stories in Katy.

City officials say plans are in place to go ahead with millions of dollars in captial improvement projects, even while the nation is in a recession.

"Right now, doing those projects is actually saving us money because a lot of our projects are coming in at 20 percent below what we anticipated," says Katy's Finance Director Byron Hebert.

According to BusinessWeek, between the years 2000 and 2008, household incomes in Katy increased by 17 percent, while the amount of households in the area jumped by 168 percent.

The city's finance director says tax revenue increased by 4 percent in 2008.