Boise, Cd'A named among top three boomtowns
*Data analyzed by Checkr from sources including the US Census Bureau & Bureau of Economic Analysis
Image courtesy of Checkr
In recent years, the United States has experienced a significant degree of economic uncertainty, with far-reaching implications for businesses, consumers and the cities they call home.
Factors such as housing instability, workforce layoffs and a potential recession contributed to a climate of unpredictability, challenging the stability and confidence in the nation’s economy and the growth of cities across the country.
Additionally, the outbreak of the COVID-19 pandemic brought about unprecedented disruptions, leading to widespread job losses, business closures and financial volatility.
Through all the hardships, certain U.S. cities have grown exponentially while others have struggled to develop and attract residents and jobs. Some cities have grown so fast that they’ve been labeled “boomtowns.”
A boomtown refers to a city that experiences rapid economic growth and development within a relatively short period. These cities and towns often undergo a significant population increase and witness a surge in economic activity due to various factors.
Boomtowns typically attract large numbers of people seeking employment and entrepreneurial prospects, leading to a rapid expansion of infrastructure, housing and services to accommodate the growing population.
Checkr, a private background-checking company, compiled this list to bring to light cities across the country that are best fit for businesses looking to start up or expan, and for individuals seeking a new home with great opportunities for employment. That said, if a business owner is looking to expand, relocate or start a venture, a boomtown might be a good place to learn more about. Additionally, if an individual is looking for a place for higher wages and better employment opportunities, perhaps a boomtown might be for them.
To showcase the boomtowns filled with opportunity, Checkr crunched the numbers using data sourced from the U.S. Census Bureau and the Bureau of Economic Analysis.
Checkr dug into 10 critical factors about 381 U.S. metro areas — the total number of metro areas as identified by the census bureau. Each of the following 10 key factors was weighted appropriately and scaled, then calculated. The weighted sum of the factors led to a final Boomtown Score using the metrics below (lowest score is best).
Key factors:
• Population growth
• GDP growth
• Unemployment rate
• Workforce growth
• Poverty rate
• Housing unit growth
• Real personal income growth
• Change in median age
• Change in the total number of businesses
• Percentage of high-earning residents (making more than $100,000)
Using those key factors, below are the findings.
The full top 10:
- Provo, UT
- Boise, ID
- Coeur d’Alene, ID
- Bend, OR
- St. George, UT
- Destin, FL
- Austin, TX
- Logan, UT
- Ogden, UT
- Reno, NV
First are the biggest boomtowns in America, also known as the fastest-growing, quickest-developing cities in the country.
Alongside Utah, other cities in the top 10 are two high-ranking Idaho destinations — Boise, second overall, and Coeur d’Alene, third overall. A combination of strong economic opportunities, top-ranking quality of life and a lower cost of living has allowed these Idaho cities the opportunity to flourish in attracting new residents.