Diffusion models are instrumental in text-to-audio (TTA) generation. Unfortunately, they suffer from slow inference due to an excessive number of queries to the underlying denoising network per generation. To address this bottleneck, we introduce ConsistencyTTA, a framework requiring only a single non-autoregressive network query, thereby accelerating TTA by hundreds of times. We achieve so by proposing "CFG-aware latent consistency model," which adapts consistency generation into a latent space and incorporates classifier-free guidance (CFG) into model training. Moreover, unlike diffusion models, ConsistencyTTA can be finetuned closed-loop with audio-space text-aware metrics, such as CLAP score, to further enhance the generations. Our objective and subjective evaluation on the AudioCaps dataset shows that compared to diffusion-based counterparts, ConsistencyTTA reduces inference computation by 400x while retaining generation quality and diversity.