Cities that grow rapidly are often labeled “boom towns.” To earn this honored designation, a city needs to have a steadily growing population, and all that goes with it: thriving residential housing market, flourishing jobs opportunities with stable anchor industries, and ample amenities such as academics, arts and culture and a sense of community. Below we share the latest data on the U.S. cities that are growing the fastest in population and residential housing, and in turn providing the greatest opportunities for field service professionals.
A Southern Shift
According to the U.S. Census Bureau, 2016 found 10 of the 15 fastest-growing U.S. large cities located in the South. Texas claimed bragging rights to four of the fastest-growing cities, based on population estimates. Since the 2010 census, large cities in the South saw populations increase by an average of 9.4 percent. By comparison, cities of the West posted population increases of 7.3 percent.
Fastest Growing Cities
It isn’t only population increases that gauge a city’s “boom town” eligibility. Housing markets are also a good indicator of a city on the brink of booming. When considering both population growth and residential housing market projections, a list emerges of U.S. cities that seem poised for “boom town” designation.
We offer a summary of U.S. cities projected to grow the fastest in population and residential housing in 2018, in no particular order.
- Nashville, Tennessee. Nashville is not just for country music these days. Tennessee’s Music City has seen a 6 percent rise in its employed workforce. Job growth sits at 3.1 percent, making it a magnet for population growth.
- Charlotte, North Carolina. Charlotte is North Carolina’s biggest city and growing. It boasts a 5.5 percent increase in its employed workforce. The city’s growth is spurring jobs in myriad industries, from construction to hospitality and utilities.
- Fort Worth, Texas. This city is a favorite in the Lone Star state, welcoming nearly 9 million visitors each year. Its seven entertainment districts are a big draw for younger people, giving rise to the city’s growing population. It’s become a popular place to set down roots, with home ownership at 68 percent and growing.
- Grand Rapids, Michigan. Sitting along the banks of the Grand River, this second-largest city in Michigan consistently posts employment growth of 2.5 percent year after year. It’s low vacancy rate (ranked 16th nationally) bodes well for the housing market, with about 66 percent of Grand Rapids’ residents owning their homes.
- San Antonio, Texas. A full 65 percent of San Antonio’s residents own their homes. With a growing jobs market – up 2.2 percent over previous years – this 300-year-old city continues to grow in population and new job opportunities. Projections show home ownership continuing to grow, outpacing renting into the future.
- Madison, Wisconsin. Home to Wisconsin’s state government and the University of Wisconsin-Madison, Madison has a growing educated population, with 60 percent of residents holding college degrees. It is an eclectic collection of “bests” niches, from most-walkable to most vegetarian-friendly and best road-biking city.
- Austin, Texas. Known for its live music scene, Austin is also a university town. Many come for the education and stay on, giving rise to Austin’s steadily growing population. Its housing market posted an average increase in home ownership of 34.5 percent, an impressive number by any standards.
- Tampa/St. Petersburg, Florida. This sprawling metro area along the Gulf of Mexico posted an enviable 5.4 percent increase in its employed workforce. The area is a large draw for those in health care, technology-based jobs, professional and scientific fields. A vibrant jobs market spurs a healthy population increase here in southern Florida.
- Atlanta, Georgia. Atlanta has an impressive record of steady growth and isn’t showing signs of slowing down anytime soon. Its employed workforce, led by education, healthcare, hospitality and professional services, is increasing at almost 5 percent year after year. The growing population spurs Atlanta’s stable housing markets.
These are but a few of the great cities of the U.S. showing growth in both population and residential housing.
Service pros: Did this list surprise you? Share your thoughts in our comments section.
Last modified: April 20, 2018