Thinking of opening a small business in a new city?
Maybe you want to expand your business to a new, rapidly growing city.
US Cities With the Fastest Economic Growth, and the Slowest
Well, Frisco in Texas is the city with the fastest local economic growth in the U.S., according to an in-depth study of 2017’s Fastest-Growing Cities in America. The study conducted by personal-finance website WalletHub shows Frisco and other fast-growing cities could be ripe for small business development.
Top 10 Fastest-Growing Cities in America
WalletHub analyzed 515 cities of varying population sizes across 15 key metrics of both growth and decline over a period of seven years. It ranked the cities on a 100-point scale for fastest economic growth.
Frisco, Texas saw the highest economic growth according the study, with a 76.01 score. The midsize city also experienced the second highest population growth after Kent, Washington.
Kent, WA recorded the second highest economic growth, with a 68.32 score. Lehigh Acres, FL was third with a 67 score. Other fast-growing U.S cities include Meridian, ID, and Midland, TX.
Here’s the top ten fast-growing cities in America:
- Frisco, TX (scored 76.01)
- Kent, WA ( score 68.32)
- Lehigh Acres, FL (scored 67)
- Meridian, ID (scored 62.71)
- Midland, TX (scored 62.64)
- McKinney, TX (scored 62.42)
- Fort Myers, FL (scored 62.33)
- Bend, OR (scored 60.96)
- Austin, TX (scored 59.88)
- 10 Pleasanton, CA (scored 59.69)
Of course, just because a city has the highest economic growth, doesn’t necessarily mean it’s a good place for a startup business. Wages can increase and small businesses can have a hard time competing for talent. But, this growth could also mean people have more disposable income to spend on your business.
Top 10 Slowest-Growing Cities in America
Meanwhile, Shreveport, LA experienced the lowest economic growth overall, and the highest increase in poverty rate. Gary, Indiana experienced the highest population decrease, at 1.30 percent.
Here’s the top 10 slowest-growing cities in America:
- Waterbury, CT (scored 23.4)
- Racine, WI (scored 23.24)
- Fort Smith, AK (scored 23.21)
- Davenport, IA (scored 22.98)
- Baton Rouge, LA (scored 22.81)
- Montgomery, AL (scored 22.72)
- Decatur, IL (scored 22.54)
- Fayetteville, NC (scored 20.97)
- Jacksonville, NC (scored 19.06)
- Shreveport, LA (scored 17.38)
Check out WalletHub’s full graphic representation of the fastest and slowest-growing U.S. cities below:
Cowboy with Flag Photo via Shutterstock