Despite all the challenges at the domestic level, the United States of America has the strongest and largest economy in the world. In 2018, the US economy grew by 3.4% in the third quarter. The United States growth rate (GDP) as per 2017 was 2.3%. In order to determine the most rapidly growing local economies, a survey was conducted by an online company Wallethub based on two subjects namely: “Sociodemographics” and “Jobs and Economy.” The data is considered only for large cities.
According to Morihei Ueshiba, “Economy is the basis of society. When the economy is stable, society develops. The ideal economy combines the spiritual and the material, and the best commodities to trade in are sincerity and love.”
According to Cambridge University, “Economy is the system of trade and industry by which the wealth of a county or region is made or used.” Based on the data collected from the US Census Bureau, Bureau of Economic Analysis, National Venture Capital Association, the 12 fastest growing cities in the US are:
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Fastest Growing Cities In The US
1. Lehigh Acres, Florida
With a total score of 82.11 and an economy rank of 3, Lehigh Acres is a prominent residential area in the vicinity of Fort Myres and Cape Coral. The place has a population of nearly 118,000. According to recent data and figures, Lehigh Acres saw a tremendous growth rate of 6.77% in employees and a 6.98% growth in average household income.
2. Mount Pleasant, South Carolina
On the second place, we have Mount Pleasant in South Carolina with a total score of 79.47 and an economy rank of 37. The city has a population of just about 89000. According to data and figures, the city has an increment of 27.5 since 2010. The city lies just across the bridge from Charleston.
3. Bend, Oregon
On number 3 we have Bend, a city with a population of about 98000 people. It has an impressive long term growth. With a total score of 78.1 and an economy rank of 4, the city’s population in 2000 was just 52000. The city has ranked 3rd in terms of growth in large cities and 2nd in small cities.
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4. Enterprise, Nevada
Number 4 is dominated by the city of Enterprise, Nevada. With a total population of just over 108,000, the total score was 76.62 and the economy ranking was 65. Also in addition to being one of the fastest-growing cities in the US, it is also becoming a popular choice for buying a vacation home. Reports suggest that 7.04% of the homes in the area are secondary homes. The city is at a distance of 11.51 miles from Las Vegas. Enterprise has the largest population growth rate in the US.
5. Frisco, Texas
Number 5 is bagged by Frisco city of Texas. The city’s a part of the Dallas metro area and houses a population of 188,000. The total score of the city was 74.25 and the job ranking was 155. The average home value in Frisco is around 397,000 which makes it one of the best cities to purchase a home now.
6. Fort Myers, Florida
with a total score of 73.88 and a job ranking of 13, this popular beach home destination has a total population of 82,000 people. It also serves as the headquarters of the clinical laboratory Neogenomics. It’s a major tourist destination and is the county seat and commercial center of Lee County.
7. Meridian, Idaho
The third-largest city in Idaho, having a population of nearly 107,100 people, it’s the seventh fastest-growing city in the US. It got a total score of 73.76 and a job rank of 125. The motto of the city is “Built for business, designed for living.” It’s also one of the safest cities in the US.
8. Saint George, Utah
With a population of 171,000 and an unemployment rate of 2.8%, Saint George still manages to come 8th in the list of fastest-growing cities in the US. With a total score of 72.42 and job rank of 2, the city is known for its natural environment and its proximity to several state and national parks.
9. Cape Coral, Florida
Adjacent to Fort Myers which is number 6 on this list, this city has a population of 189,000 people. It has a bagged 9th position with a score of 71.56 and job rank of 11. The city has seen a job market increment of 1.9% over the last year. Future job growth over the next ten years is predicted to be 41%.
10. Round Rock, Texas
Part of the greater Austin metropolitan area, Round Rock has a population of nearly 129,000 people and obtained a total score of 70.99 and a job rank of 28. The city has seen an increment in the job rate by 3.5% over the last year and future job growth over the next ten years is predicted to be 52.2%.
11. College Station, Texas
With a population of 116,000, the city obtained a total score of 70.54 and a job ranking of 50. The city saw a market increase of 3.6% over the last year. The future job growth rate over the next ten years is predicted to be 45.8%. The college station is known for Texas A&M University which is well known for its academic life.
12. Murfreesboro, Tennessee
Housing a population of 141,000 people, this city located in the southwest of Nashville, got a total score of 69.96 and a job rank of 122. Murfreesboro got an increment of 2.3% with respect to the previous year. Future job growth over the next 10 years is predicted to be 56.6%.
The data is based on the survey done by WalletHub. WalletHub is a personal finance website. The survey was done on more than 500 cities in the US. The methodology used in the determination of cities was done using 17 metrics. Each metric was graded on a 100 point scale, with a score of 100 representing the fastest economy.