Metro Phoenix is doing extremely well when it comes to the Top Boomtowns in America rankings for 2022. Seven Valley cities are ranked in the Top 100 in SmartAsset‘s annual list. Here are the Arizona cities that are among the Boomtowns in America:
No. 17. Peoria
No. 25. Goodyear
No. 30. Surprise
No. 37. Chandler
No. 49. San Tan Valley
No. 59. Gilbert
No. 63. Mesa
READ ALSO: 10 most expensive zip codes in Arizona
Economic uncertainty has been a top concern for most Americans over the past several months, and many experts predict that financial struggles will continue into the new year. However, despite the many challenges Americans have faced nationwide, there are some U.S. cities that have managed to grow in recent years.
In a new study, SmartAsset uncovered the fastest-growing cities in the U.S. We analyzed data for 494 of the largest cities across topics measuring growth of the population, income, GDP, businesses, housing and changes in unemployment. For more information on our data or how we put together our findings, read the Data and Methodology section below.
This is SmartAsset’s 2022 edition on the top boomtowns in America. Check out the previous version here.
• The West and South dominate the top 50. In fact, there isn’t a city outside of those two regions until No. 52 (Jersey City, New Jersey). The top 10 highest-ranking cities in the West and South perform well for population, business and housing growth and rank in the top quintile across the study.
• People are flocking to Enterprise, Nevada. From 2016 to 2021, the population in Enterprise grew by over 75%, helping it rank in the top fourth of our study overall – at No. 117. Three other cities grew by more than 30% during the same time period (New Braunfels, Texas; Meridian, Idaho and Goodyear, Arizona).
• In 22 boomtowns, the housing market grew by more than 24% in a five year span. From 2016 to 2021, the number of housing units grew by only 4.75% nationally. This figure is significantly higher for two of our top-ranking cities: Meridian, Idaho and New Braunfels, Texas. From 2016 to 2021, the number of housing units increased by 39.23% and 4.86% in those two cities, respectively.
Data and Methodology
To find the top boomtowns in the U.S. we analyzed data for 500 of the largest cities, of which 494 had available data. We looked at the most recent data available for each of the seven metrics listed below:
Five-year population change. Data comes from the Census Bureau’s 2016 and 2021 1-year American Community Surveys and is at the city level.
Average yearly GDP growth. This is the average yearly growth in total output for the three-year period from 2017 to 2020. Data comes from the Bureau of Economic Analysis and is at the county level.
Five-year growth in number of businesses. This is the percentage change in the number of establishments from 2015 to 2020. Data comes from the Census Bureau’s County Business Patterns Survey and is at the county level.
Five-year in number of housing units. Data comes from the Census Bureau’s 2016 and 2021 1-year American Community Surveys and is at the city level.
September 2022 unemployment rate. Data comes from the Bureau of Labor Statistics (BLS) and is at the county level.
One-year change in unemployment rate. This is the difference in the unemployment rate from September 2021 to September 2022. Data comes from the BLS and is at the county level.
Five-year change in household income. This is the percentage change in the median household income. Data comes from the Census Bureau’s 2016 and 2021 1-year American Community Surveys and is at the city level.
We ranked each city in every metric, giving an equal weighting to all but two metrics: September 2022 unemployment rate and one-year change in unemployment rate metrics (both of which are half-weighted). We then found each city’s average ranking. The city with the best average ranking places first in our study while the city with the lowest average ranking places last.