(KTLA) – Suffolk was the only city in Virginia to crack SmartAsset’s top 100 fast-growing cities list, coming in at No. 78, with four North Carolina cities represented.
Suffolk had 3.12% average yearly GDP growth, a 7.75% growth in population, a 9.55% growth in the number of businesses and 9.28% growth in housing units.
As housing and living costs remain high for many nationwide, the new study showed plenty of Americans relocating to more affordable locales.
The SmartAsset study reviewed nearly 500 large U.S. cities and ranked them based on multiple metrics, including changes in population, average household income, housing units, and unemployment over a five-year period from 2016-2021, as well as average yearly GDP growth, one-year change in unemployment, and unemployment rates in September 2022.
Dubbed “boomtowns,” SmartAsset found two Idaho cities – Nampa and Meridian – are seeing the fastest growing. Both have seen a high rate of growth in their populations, number of businesses, and housing units, according to available federal data.
Cities in Texas, California, and Florida ranked highly through the top 15 “boomtowns.”
Here are the Top Boomtowns in America in 2022 according to SmartAsset:
- Nampa, Idaho
- Meridian, Idaho
- Murfreesboro, Tennessee
- New Braunfels, Texas
- Fort Myers, Florida
- Conroe, Texas
- Menifee, California
- Pasco, Washington
- Lewisville, Texas
- Chino, California
- Port St. Lucie, Florida
- Rancho Cordova, California
- Victorville, California (Tie)
- Riverview, Florida (Tie)
- Homestead, Florida
Three California cities – Santa Clara, Mountain View, and Milpitas – have seen the highest average yearly GDP growth at 6.32% each. Over the last five years, New Braunfels, Texas has recorded the largest changes in population and housing units at 36.10% and 40.86%, respectively. Data shows St. George, Utah has had the largest growth in the number of businesses in its city at 31.20%.
Thinking of moving to a “boomtown”? Experts say timing is important to reap the most benefits.
“Moving to a boomtown at its earliest stages can be a great opportunity for entrepreneurs and investors, as there’s still plenty of room for growth,” Edith Reads, senior editor at TradingPlatforms, told SmartAsset. “And for those who are looking for a job, there are usually plenty of opportunities available in rapidly growing cities.”
Reads warned that, if a city has already reached its peak, it may be too late to take advantage of its growth.
“In this case, it may be wiser to wait until the city’s growth slows down before making the move,” Reads said. “This way, you can avoid getting caught in the midst of a housing or job crunch.”
Check out SmartAsset’s full study of America’s Top Boomtowns in 2022.