The 20 fastest growing cities in America are mostly in Florida and California, according to data released by Forbes. Although neither state takes the top position, both bring four metropolitan statistical areas to the listing. In a separate survey, The Villages in Florida ranks yet again as the nation’s fastest growing city in terms of population growth. This latest BRIC Group article has the details.
The annual Forbes survey looks at the 100 largest metropolitan statistical areas (MSA) in the US and compares several factors to compile the list of the fastest growing. At the top of this year’s list is Austin in Texas, a city that returns to the pole position after being relegated to second place last year by Houston, also in Texas.
Florida and California domination
San Francisco takes second place in the 2016 listing in a top 20 dominated by California and Florida. Fastest growing MSAs in Florida include Orlando – in fourth position in this year’s listing, Cape Coral-Fort Myers, in tenth place, North Port-Sarasota-Bradenton in 19th and Fort Launderdale in the last of the 20 places. The prevalent of MSAs in the Sunshine State and California on this year’s list reflects the improved economy in the US generally and the excellent health of the state economic situation particularly.
Florida specifically has seen its economy make a full recovery and now leads the nation in terms of projected job creation and GDP growth. Latest figures issued by Florida Taxwatch point to a 3.1 per cent increase in the state’s GDP this year, 0.4 per cent higher than the World Bank forecast for the nation as a whole. According to Bloomberg Business, the rise in Orlando’s GDP this year should reach 4.1 per cent, one of the highest increases in any MSA in the US.
In terms of employment, Florida is expected to create 2.2 per cent more jobs this year, a figure that once again goes beyond the national prediction. The state started the year with particularly buoyant job figures. In January, unemployment fell to 5 per cent, the lowest rate for eight years and in the same month, Florida created 32,300 new jobs, the highest number in any US state.
Ticking all the boxes
To compile the listing, Forbes took into account a number of criteria. These included the estimated population growth for both 2015 and this year; the year-on-year job growth during last year; the growth of GDP within the MSAs themselves; and lastly, Forbes collected data on median annual pay for workers with college education.
Given the excellent economic data and predictions coming out of Florida for both last year and this year, it isn’t surprising to find four Florida MSAs within the national top 20.
In a separate survey carried out by the US Census Bureau, another Florida MSA topped the rating for the nation’s fastest growing area. This time it was the MSA known as The Villages, an area situated to the west of Orlando and stretching over the three counties of Lake, Marion and Sumter.
This hugely popular retirement area had the biggest growth in population in the US. In the 12 months to July 2015, The Villages grew from 114,000 to 118,891, an increase of 4.3 per cent in its population and the highest rise in the whole country.
The enclave, known for its leisure opportunities, is no stranger to topping the list of fastest growing number of inhabitants. The Villages’ population grew by 5.2 per cent between 2012 and 2013, and by 5.4 per cent from 2013 to 2014. Unsurprisingly, realtors tip the community as one of the best for Florida property investment.
“These statistics speak for themselves,” says Dies Poppeliers, Managing Director of BRIC Group. “Florida is seeing growth across the board in all its economic data and this is reflected in the property market where demand continues to exceed supply.”
BRIC Group, an investment company specialising in global real estate opportunities, offers US real estate investments including turnkey properties in Florida and Houston, and land plots in Florida. BRIC Group is also developing The Coral resort, in Northeast Brazil, a luxury beachfront resort with land and villa investment opportunities. BRIC Group has been creating wealth for its clients since 1996 and has offices in Brazil, Dubai (consulting office), Hungary, Spain and the US.
Source: Forbes, US Census Bureau