Four cities in Texas ranked high in 2010 on Newsweek's list of the 10 cities in America that are best situated for economic recovery.

The magazine described Texas as “the No. 1 destination for job-seeking Americans, thanks to a hearty energy sector and a strong spirit of entrepreneurism.” Newsweek placed Austin, Dallas, San Antonio and Houston in its top 10, described as cities that have better withstood the economic slowdown and seem poised to emerge even stronger than before.

“For sheer economic promise, no place beats Texas,” the magazine wrote. “Businesses have been flocking to Texas for a generation, and that trend is unlikely to slow soon.”

The article noted that Austin boasted the strongest job growth on its list in 2010 and over the previous decade, and that its private-sector growth has come from an expanding roster of homegrown and outside companies, including an increasing number of multinationals such as Samsung, Nokia, Siemens and Fujitsu.

Texas now has more Fortune 500 companies – 58 – than any other state, including longtime corporate powerhouse New York.