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Florida, Southern Cities Rank High for U.S. Boomtowns

People often move to boomtowns to enjoy lower taxes, lower cost of living, job growth and the ability to afford a home. A lower cost of living could allow you to live closer to your place of work, which might prove financially unfeasible if you lived in an area with a higher cost of living, like New York, Washington D.C., San Francisco or Los Angeles.

“Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes.” To rank as top “boomtowns,” the site reviewed five years of data on population, housing, GDP and per capita income using the 2017 U.S. Census Bureau data and ranked them on factors such as income increases, economic growth and population change.

These “boomtown” cities are good alternatives for people who want to avoid notoriously expensive cities, such as New York or San Francisco, because they offer things such as a more affordable cost-of-living or a higher paycheck, or both according to GOBankingRates.

Check out these nine growing cities across the southern U.S. with both the economy and salaries on the rise. Three of these are in Florida:

  1. Richmond, Virginia
  • Personal income growth, 2012 to 2017: 15%
  • Population growth, 2012 to 2017: 7.6%
  • GDP increase, 2012 to 2017: 22.4%
  1. Port St. Lucie, Florida
  • Personal income growth, 2012 to 2017: 18%
  • Population growth, 2012 to 2017: 9.2%
  • GDP increase, 2012 to 2017: 21.1%
  1. Durham, North Carolina
  • Personal income growth, 2012 to 2017: 15.8%
  • Population growth, 2012 to 2017: 11.9%
  • GDP increase, 2012 to 2017: 14.8%
  1. Charlottesville, Virginia
  • Personal income growth, 2012 to 2017: 17.9%
  • Population growth, 2012 to 2017: 7.6%
  • GDP increase, 2012 to 2017: 22.4%
  1. Miami, Florida
  • Personal income growth, 2012 to 2017: 17.7%
  • Population growth, 2012 to 2017: 10.2%
  • GDP increase, 2012 to 2017: 29.4%
  1. Raleigh, North Carolina
  • Personal income growth, 2012 to 2017: 15%
  • Population growth, 2012 to 2017: 11%
  • GDP increase, 2012 to 2017: 33%
  1. Fayetteville, Arkansas
  • Personal income growth, 2012 to 2017: 23.4%
  • Population growth, 2012 to 2017: 10.4%
  • GDP increase, 2012 to 2017: 37.6%
  1. Sebastian, Florida
  • Personal income growth, 2012 to 2017: 20.9%
  • Population growth, 2012 to 2017: 9.3%
  • GDP increase, 2012 to 2017: 23.5%
  1. Naples, Florida
  • Personal income growth, 2012 to 2017: 22.8%
  • Population growth, 2012 to 2017: 6.8%
  • GDP increase, 2012 to 2017: 34%

Florida sunshine, a booming economy and rising incomes represent a growth trifecta for many cities in Florida.

When it comes to Florida property insurance, Floridians can turn to Lanier Upshaw for innovative solutions, experienced staff and helpful resources. Contact us here today to learn more.

Source: https://www.cnbc.com/2019/05/03/southern-cities-where-business-is-booming-and-salaries-are-rising.html