Why are Only Two of the Fastest Growing Cities in the U.S. in Texas?
Texas is growing and rightfully so. While many Texans aren't happy about some of the changes that seem to be coming with new people, it won't change the fact that they are indeed coming... in droves. In fact Austin, TX is right at the top of the list of our country's fastest growing cities.
But it's not the only Texas city inside the Top 10 according to an October report by the Kenan Institute of Private Enterprise. And if you were to widen your scope, you'll find four Texas cities inside the Top 20 destinations.
So what makes Texas a popular destination? We've really got what everyone is looking for from technology, reasonable home values, and diversity across industries. Here's this study's Top 10 fastest-growing U.S. cities in 2022:
- San Francisco Bay Area
- Austin, Texas: "Austin’s status as a technology hub along with its high concentration of venture capital, warm climate and vibrant cultural offerings lead to frequent comparisons with the Bay Area – and in fact, high-profile Silicon Valley companies, including Amazon, Google, Oracle and Tesla, have recently expanded their operations in Austin. But those leaving the Bay Area may be bringing their former region’s housing issues with them - the median home value in Austin increased from $349,156 in August 2020 to $566,479 in August 2022,3 with average multifamily rents rising 10% year over year.4 And there are signs of hiring rates slowing down as 2022 has progressed, indicating that Austin’s labor boom may have already peaked."
- Seattle, Washington
- Raleigh and Durham, North Carolina
- Dallas: "During the peak months of the COVID-19 pandemic, no metro area’s population grew more than Dallas-Fort Worth. The area’s addition of 97,290 people between June 2020 and July 2021 was not entirely surprising, however, as the area has reported robust and positive population growth each year since 1950.6 The region’s persistent attractiveness to new migrants is likely due – at least in part – to its diversity and strength across industries, with healthcare being a major driver of economic growth. In total, 19 Fortune 500 companies are based in Dallas, including AT&T, CBRE Group, Exxon Mobil, Southwest Airlines and Texas Instruments."
- Salt Lake City
- Charlotte, North Carolina
- New Orleans