Take that, space shuttle stealers: Fast Company magazine names Houston 'City of the Year'

Houston may have been an also-ran in the race to obtain a space shuttle, but the editors of Fast Company magazine believe the Bayou City is something special.

Allegra Lagani, managing editor of the progressive business magazine, has confirmed to CultureMap that Houston has been named its 'City of the Year.'

Each year Fast Company compiles a list of Fast Cities that best exemplify the magazine's focus on entrepreneurship, ethical business models and potential growth.

City of the Year represents the tip top of this list, and has gone in the past to cities like Chicago (in 2008) for its social investing, before-it-was-trendy green initiatives and innovative house music, and Seattle (in 2009) in recognition of its natural creativity (especially in computers and programming) and social consciousness.

In 2010 Fast Company opted to profile the best initiatives coming out of 12 different U.S. cities to illustrate what might define the perfect metropolis. Two Texas cities made that list — Dallas, for its easy-cultural-access AT&T Perfoming Arts Center, and Austin for its car-sharing culture.

Pick up the issue April 26 or read it online May 2 (it's not officially out yet) for a feel-good slice of hometown glory.