As the recession is officially is over business Week magazine has listed five fastest growing cities in the US. The survey by Gadberry Group of Little Rock,AR. Gadberry Group criteria including areas larger than 10,000 occupied households that met requirements for growth rate, household income, length of residence, and other factors.
Here are top five of the fastest growing cities in America:
Fastest Growing Cities by State
Number of households: 18,112
Pct. Chg: +10% since 2008 (+261% since 2000)
Average household income: $52,927 (–6% since 2000)
Why: Buckeye is one of the fastest-growing suburbs in Arizona and has seen a large influx of Asian residents, especially Vietnamese, according to Gadberry. While many new housing units are planned, the price of real estate in Buckeye has dropped nearly 12% since 2008, according to Trulia, and thousands of properties are in the foreclosure process.
Number of households: 21,997
Pct. Chg: +10% since 2008 (+250% since 2000)
Average household income: $90,608 (+16% since 2000)
Why: Lincoln, a suburban development 30 miles from Sacramento, is the fastest-growing suburb of California and the third fastest-growing town in the U.S. New office buildings, shopping centers, housing developments, and custom home properties have gone up in recent years as a part of the local development plan, according to ZipRealty.
Number of households: 13,929
Pct. Chg: +8% since 2008 (+118% since 2000)
Average household income: $113,664 (+67% since 2000)
Why: Gadberry Group noted Braselton, a suburb of Atlanta, as a remarkable high-growth area due to increases not only in population, but also average income and average household net worth ($532,628). Companies operating here such as Sears Logistics, Tractor Supply, Mitsubishi, and Progressive Lighting have helped to generate jobs.
Number of households: 11,521
Pct. Chg: +8% since 2008 (+73% since 2000)
Average household income: $97,355 (+35% since 2000)
Why: Avon has experienced rapid growth since the 1990s due to its convenient location 10 miles from Indianapolis, where health care, social services, and education are the leading industries, according to Simply Hired.
Number of households: 16,402
Pct. Chg: +8% since 2008 (+44% since 2000)
Average household income: $93,655 (+12% since 2000)
Why: Urbandale, within an hour’s drive from Kansas City and Minneapolis, has a lower unemployment rate than the national average. The insurance and finance industries are major employers.
Some of the communities on the list have been hardest by housing crisis including Summerlin South community in the Las Vegas metro area,and Ft. Mill,SC in the Charlotte,NC area.
“If you live by migration, you also die by migration,” says Kenneth Johnson, senior demographer at the University of New Hampshire’s Carsey Institute. “It doesn’t guarantee continued growth.”