SmartAsset‘s newest study, “America’s New Boomtowns,” evaluated 400 U.S. cities to identify the 75 most booming municipal economies in the U.S. and seven Arizona cities were among the Top 50 boomtowns in the country. Cities were ranked based on five-year growth in labor force size, housing inventory, and GDP. 

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Economic growth can change a city quickly. An influx of new residents and expanding business activity creates visible momentum, even as rapid change brings new strains. In recent years, some American cities stand out for attracting people, investment and development at a pace that sets them apart. Boomtown status does not mean growth benefits everyone equally, but it does reflect a city’s expanding economic capacity and the new opportunities that come with it. 

SmartAsset analyzed more than 400 U.S. cities with populations of 65,000 or more to identify places experiencing rapid growth. Each city received a composite score based on five-year changes in three factors: economic output, housing units and labor force size. The 75 highest-scoring cities represent America’s new boomtowns.

The biggest boomtowns in Arizona

Cities with populations of 65,000 or more were scored based on compound annual real GDP growth from 2019 to 2024,ⁱ five-year housing unit growth and five-year labor force growth.

Key Findings

  • Florida is home to the most boomtowns in the country. Florida leads all states with 19 boomtowns, the most in the study. Texas follows closely with 18 boomtowns.
  • Two Texas cities top the list. Georgetown, Texas, ranks No. 1, followed by New Braunfels, Texas, at No. 2. The two Central Texas cities each saw five-year increases of more than 30% in labor force size and housing units, while county-level economic output grew at compound annual rates of 7.7% in Williamson County and 6.8% in Comal County.
  • Lehi, Utah, ranks No. 3. Lehi’s population has nearly doubled since 2010 as major employers, including Adobe, Microsoft and Texas Instruments, have established or expanded facilities in the city. 
  • Only one boomtown in the Northeast. Portland, Maine, ranks No. 55 and is the only city in the Northeast to make the list, with investment tied to biotech and artificial intelligence helping it achieve boomtown status.