Why are certain metropolitan areas able to double and even triple the national population growth rate? After examining the Top 10 Growing Markets in the U.S., NuWire discovered that each market owed its growth to a different and unique combination of economic factors, but there were some similarities common to all.
Job growth was a key factor underlying the population growth of the Top 10 Growing Markets, although in some cases job growth did not keep up with the pace of population growth. Retiree and pre-retiree populations made up a significant portion of the growth in most of the markets, while young adults and children were also a substantial part of the growth in some of the markets.
A temperate climate, recreational and entertainment opportunities and an affordable cost of living and housing were advantages common to many of the Top 10 Growing Markets. Some areas—particularly those in Texas and Georgia—experienced more growth in suburbs than in urban centers.
The Top 10 Growing Markets were selected based on the U.S. Census Bureau’s population growth statistics for Metropolitan Statistical Areas (MSAs) with populations of at least one million people. The markets are ranked in order of percentage growth during the period from 2000 to 2006.
The statistics cited in the analysis of these markets includes historical data only and are not meant to serve as a future projection. The markets considered in this analysis were limited to the MSAs included in the U.S. Census Bureau’s data.
The Top 10 Growing Markets were:
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|