The Cities That Grew the Most in 2018
Which Cities Had the Best Growth of Population, Employment, Wages, and Economy?
In 2018, several cities experienced substantial surges in growth. This year’s top five fastest-growing cities list features a surprise, a familiar face, and a couple of southerners, too. The criteria used to compile this list includes population growth, economic growth, employment, and wages. Read on to discover a few places worth calling your next hometown in 2019.
1. Boise, Idaho
Boise was ranked the 11th fastest-growing city in 2017, but this year it worked its way to the very top of the list, despite some of the data coming in lower in 2018 than it was last year. Boise’s prominence is attributed to an expected population growth of 2.34% and a projected job growth of 2.61%. Two areas where the city really excelled in 2018 were its gross metro product growth (+5.12%) and projected wage growth (+7.27%). According to WeKnowBoise.com, the average price per square foot for a home in Boise is $174, which is an increase of 11.54% compared to the same time last year.
2. Seattle, Washington
The Seattle Metropolitan Division includes Bellevue and Everett. Last year, the area came in at number seven in the rankings, but this year, it climbed up to number two. Like Boise, the Seattle area’s data is projected to be lower in 2018 than it was in 2017 with the exception being the region’s gross metro product growth — which is expected to be 5.05% this year, up from 4.65%.
Overall, population growth dropped from 1.97% to 1.76%, job growth dropped slightly from 2.62% to 2.33%, and wage growth dropped from 7.52% to 6.92%. Home price growth dropped quite significantly in Seattle, from 13.61% in 2017 to 6.40% in 2018. In fact, according to The Seattle Times, Seattle’s home prices are falling at the fastest rate in the US.
3. Dallas, Texas
The Dallas Metro Division is also made up of Irving and Plano. In 2017, the area was ranked as the 24th fastest-growing spot in the country. In 2018, however, it is projected to be the third-fastest-growing area in the country.
Dallas’s largest improvement in 2018 was its wage growth, which was up from 4.98% to 7.05%, and population growth, up from 1.79% in 2017 to 1.92% in 2018. All other factors experienced drops, including job growth (2.86%), GMP growth (4.48%), and Dallas home price growth (3.64%, down from 10.84% in 2017). As a result of the drop in housing prices, Dallas Business Journal is naming the Dallas-Fort Worth area one of the “top real estate markets to watch in 2019.”
4. Orlando, Florida
Last year, the Orlando-Kissimmee-Sanford Metropolitan Division ranked second on this list, but this year, it falls to number four. This is true despite the area seeing gains in most of the criteria factors. For instance, population growth was higher in 2018 (2.93%) than it was last year (2.41%). GMP growth was also higher this year by nearly two percent at 6.40%. Wage growth also increased from 4.84% to 7.37%.
Where the area fell short was in its home price growth, which dropped from 10.32% to just 3.08% and job growth, which dropped from 3.47% to 2.12%. Homes in the Orlando-Kissimmee-Sanford area are currently averaging $144 per square foot with home values expected to continue to rise in 2019.
5. Fort Worth, Texas
The second mention from the state of Texas and a new addition, the Fort Worth-Arlington area enters this year’s list as the fifth-fastest-growing area in the country. Like Orlando, real estate in Fort Worth-Arlington metro division saw a lot of increases in 2018. Most notable were the area’s increases in wage growth (7.18%), population growth (1.93%), and gross metro product growth (4.32%). Job growth dropped just a hundredth of a percent whereas housing prices dropped from 10.90% in 2017 to 3.97% in 2018.
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