Florida state line and Escambia County sign pictured – Courtesy: Shutterstock – Image by Andriy Blokhin
Florida is home to five of the fastest-growing metro areas in the United States, according to a LendingTree survey released this week.
To determine which of these metro areas topped the list, the study examined changes in GDP and unemployment rates, as well as population growth in the years 2021–2023.
According to the data, the South is home to eight of the ten metro areas with the fastest rates of growth. In actuality, Orlando, the City Beautiful, took second place.
The following were the top ten metro areas with the quickest rates of growth:
Austin, Texas
Orlando, Florida
North Port, Florida
Nashville, Tennessee
Cape Coral, Florida
Colorado Springs, Colorado
Charleston, South Carolina
Lakeland, Florida
Deltona, Florida
Denver, Colorado
After holding the top rank the previous year, analysts said Austin was the largest boomtown once again. However, Florida still held the most top rankings out of all the states.
“Why the surge of success in the Sunshine State? The year-round warm weather, of course, comes to mind, but it’s also a hot spot due to lower taxes (no state-level personal income tax) and more relaxed regulations. Florida is home to many well-respected colleges and universities that provide a pipeline for talent to businesses in the state, and the state actively invests in incentives to attract lucrative industries such as e-commerce, aerospace and biotechnology.”
- LendingTree, “America’s Biggest Boomtowns: 8 of 10 Fastest-Growing Metros in South, Including 5 in Florida”
On the other hand, New Orleans was able to emerge as the metropolis with the lowest ranking on the list.
Indeed, the following areas were identified as the ten boomtowns with the slowest rates of growth:
New Orleans, Louisiana
Cleveland, Ohio
Worcester, Massachusetts
Toledo, Ohio
Kiryas Joel, New York
Memphis, Tennessee
Chicago, Illinois
Rochester, New York
San Jose, California
Baton Rouge, Louisiana
According to the report, this is mostly because of their greater costs, but even other big cities like New York City and Los Angeles managed to rank close to the bottom.
“Whether you’re talking about rent, salaries, taxes or other economic factors, the higher costs of doing business in an area, the greater the challenge for the small businessperson,” said LendingTree analyst Matt Schulz. “Of course, there are other reasons, as well, but it’s difficult to overstate the importance of cost. Starting a business is hard wherever you do it. Doing so in a high-cost area just makes it even tougher.”
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Born and raised in South Florida, Krystal is a recent graduate from the University of Miami with professional writing experience at the collegiate and national news outlet levels. She’s a foodie who loves all things travel, the beach, & visiting new places throughout Florida.