Dallas and 4 other Texas metros make the top 15 in the new list of U.S. boomtowns
The story of the United States is the story of people migrating to different cities and towns to build new lives through new opportunities. From the promise of gold to the promise of big tech in Northern California; from trading furs to building cars in Detroit; from the prosperity of shipping to the prosperity of hospitality in Charleston, the country is built on boomtowns… and Dallas is one of them!
With all the construction cranes on the highway and business relocations to the area, it’s no surprise that Dallas has ended up on a new list of the country’s biggest boomtowns. But why all the continued growth and interest?
Texas is obviously on fire, and people love coming here, maybe it’s our salsa! Seriously though, there are three good reasons why Dallas is a boomtown:
1 – Growing industry – business is booming
2 – More people and housing – people are coming and we are keeping up!
3 – Growing workforce and employment opportunities – it’s a good place to work and make a living
In fact not just Dallas, but all of Texas’ major metros ended up near the top of the new ranking by Magnify Money, a consumer finance website.
Dallas ranked in seventh place in the comparison of top U.S. growth cities. Austin was rated the top U.S. boomtown in the report. And San Antonio was just after Dallas in ninth place.
“Americans are flocking to and prospering in Texas,” Kali McFadden with Magnify Money said in the report. “Texas metros take up one-third of the top 15 spots.”
Magnify Money ranked cities on factors including population growth, housing and rising employment and incomes.
“The first thing we looked at was how much business and industry has grown locally,” McFadden said. “We not only wanted to know how many new businesses there are but also how businesses in general are doing, as measured by their increase in hiring and — for businesses that don’t have employees, known as non-employers — how much revenue has increased.”
While Texas towns hogged the economic beauty contest, cities in the Northeast and Midwest were near dead last in the ratings.
Some cities in Pennsylvania, New York, Connecticut and Ohio saw their labor forces and the number of businesses shrink for the five-year period used in the comparison.
North Texas has been one of America’s fastest growing markets since the Great Recession, leading the country in job gains and population growth.
Article first published by MagnifyMoney.com.