According to a new study by Magnify Money, Americans are flocking to Texasmetros more than any other state. In their latest report on America’s Biggest Boomtowns, the financial source seeks to answer questions around ongoing migration of our populations in, “where Americans are gathering now to take advantage of growing prosperity and improved lifestyles to achieve the American dream.
As longtime residents of the state have felt and even those recently relocating to the Texas area, the boom has not gone unnoticed. “Now more than ever there is a popularity among new development, business expansion and out of state residents who are increasing activity across top metro areas and blooming suburbs. The boom in Texas’ top cities has been here and is here to stay,” shares Marcus Hiles, Dallas based entrepreneur and 30-year veteran in the Texas property development space.
To uncover where these spikes of growth have been created throughout Texas and the country, the report starts by looking at the top 100 metros nationwide and how each has changed over a five-year period between the years of 2011 and 2016. The fluctuations that impacted each metro’s boom fell into three categories focusing in on industry, populations and employment. Weighted collectively, the report uncovers overall increases in the areas driving each category of growth necessary for city life. Combined, a picture of where each metro falls in America’s interest for new opportunity and professional success is shaped.
One factor that drove importance to each city’s standing centered around how industries and the businesses that support them had grown locally, both in existing and new companies. Captured through revenue, this factor was also measured by increases in hiring and business performance in general.
Residents and increases in populations were also evaluated to identify the trend in people coming to each city and how the area was able to sustain the growth it attracted. Using data from US Census studies, the hard numbers outlined changes in populations and housing to shape an accurate picture of expansion in new community development. The local workforce and employment opportunities in each area also helped to pinpoint where Americans are heading to seek better opportunities. Workforce changes were also evaluated for how they translated into the average increase in earnings and unemployment rates in the area.
By considering a five-year period, the analysts were able to measure the true footprint of each metro and the growth pattern that has been established.
More than any other region, Texas was uncovered to hold one third of the top metros in the list’s leading 15 cities that spanned Austin, San Antonio and Dallas. Leading the list was the city of Austin, which has been named in recent years as a tech boom area attracting some of today’s top businesses and talent from across the nation. Holding the highest score overall, the city was given the only perfect score of 100 in the report for population and housing. The report notes:“Austin jumps way out ahead of all the metros we reviewed, showing the greatest five-year growth in population and housing.” Along with these increases, the metro led in areas of workforce, where almost all new population growth can be traced back to the local workforce resulting in a 23% drop in unemployment and a nearly 9% increase in median wages. That gives the area its second top earning score on the list, with an over 10-point lead to the second leading metro, Provo, Utah.
With this supporting data, it is clearer than ever in the areas of business, population and employment Americans are heading to Texas for bigger prosperity and it seems the growth ignited is not slowing down.