economic boomtown
Prosperous San Antonio bursts onto new list of top U.S. economic boomtowns
San Antonio'sbooming financial prosperity has earned the city an impressive ranking among the top 25 in a new list of best U.S. cities for economic growth.
The new study, "America's Boomtowns: Top Cities for Economic Growth," from flexible workspace listing provider CoworkingCafe, ranked America's boomtowns based on population growth, GDP, employment rates, and other economic factors. The top cities were divided into three categories: small cities (populations under 250,000); mid-sized cities (populations between 250,000 and 500,00); and large cities (populations over 500,000).
San Antonio earned a score of 42 points in the large city category to claim the No. 23 spot.
Mesa, Arizona, climbed through the ranks to become the No. 1 best economic boomtown in America, earning a score of 66 points, followed closely by Fort Worth (No. 2). Rounding out the top five were Phoenix, Arizona (No. 3); Sacramento, California (No. 4); and a two-way tie between Austin, Texas, and Fresno, California, for No. 5.
According to the report, San Antonio's economic successes can be attributed to a steady increase in housing and an attraction of major businesses and employers. CoworkingCafe says the city's GDP has grown by 28 percent from 2018 to 2022, and trade-exports have grown 13 percent within the same time period.
Population growth is another major factor that determined San Antonio's rank, and the report says the city's population actually shrank by 4 percent from 2018 to 2022, while the housing sector has grown 9 percent since 2018. Crime unfortunately also rose by 23 percent within the five-year period.
Here's how the study defined San Antonio's economic "evolution" from 2018 to 2022:
- 54 percent growth in business applications
- 22 percent growth in median earnings
- 5 percent growth in infrastructure
- 1 percent growth in employment rates
Fort Worth trailed just two points behind Mesa, Arizona, to claim the title as the second-best economic American boomtown. CoworkingCafe says the city's population grew 7 percent to 957,000 residents in 2022, and the housing sector has grown 11 percent since 2018, the second highest jump in housing across all major cities.
"The rise in housing has not only provided more living spaces but also spurred related economic activities, including construction and real estate development, further contributing to the city’s economic dynamism," the report said.
Austin ranked No. 5 with the greatest shifts in business applications, with a 41 percent growth rate from 2018 to 2022. Median earnings rose 32 percent within the five-year span, and infrastructure improved by 12 percent. The Texas Capital's battle to build more housing resulted in an 11 percent growth in housing units since 2018, the report found.
Dallas ranked just outside the top 10 as the No. 12 large city for economic growth. The report's findings show Dallas struggled to improve its housing sector from 2018 to 2022, only growing by 3 percent. The employment rates during the five-year period stagnated, as did the city's growth in educational attainment.
However, Dallas did have a higher growth in GDP than neighboring Fort Worth, at 33 percent, and the city's median earnings saw a 30 percent evolution during the same time period. Dallas matched Fort Worth's growth in trade-exports and infrastructure.
In the category for the best mid-size cities for economic growth, six Texas cities ranked outside the top 10: Laredo (No. 11), Irving (No. 14), Lubbock (No. 24), Arlington (No. 26), Corpus Christi (No. 31), and Plano (No. 35).
The Dallas-Fort Worth suburb of Lewisville landed inside the top 10 in the nationwide category for cities with populations under 250,000, coming in at No. 9. Additional top small cities in the top 25 include Round Rock (No. 15), Abilene (No. 18), Denton (No. 19), Frisco (No. 23), Waco (No. 24), and McKinney (No. 25).
- No. 1 – Mesa, Arizona
- No. 2 – Fort Worth, Texas
- No. 3 – Phoenix, Arizona
- No. 4 – Sacramento, California
- No. 5 – Austin, Texas and Fresno, California (tied)
- No. 6 – Indianapolis, Indiana
- No. 7 – Charlotte, North Carolina
- No. 8 – Philadelphia, Pennsylvania
- No. 9 – Kansas City, Missouri
- No. 10 – Columbus, Ohio