Seattle Ranks as One of the ‘Top Boomtowns’ in the Country Among Large Cities

The state of Washington, however, earned only a 14th place showing in an assessment of the best states for the middle class, new studies show
Updated: Thu, 12/05/2019 - 09:14
 
 
  • The state of Washington, however, earned only a 14th place showing in an assessment of the best states for the middle class, new studies show

A ranking of “boomtowns” in the United States based on factors such as population, economic and business-establishment growth puts Seattle at No. 11, behind primarily smaller cities with populations under 1 million, with the exception of Miami and Denver.

The study by personal-finance platform SmartAsset assessed some 500 cities nationwide using the most recent data available across seven metrics designed to measure employment, economic, business and housing and income growth.

Seattle registered an impressive 11.46% growth in population over the five years ending in 2018; average annual gross domestic product (GDP) growth of 3.41% between 2013-2017; a 6.64% jump in the number of business establishments from 2012 through 2016; and, despite a continuing housing shortage, the city recorded an 11.12% increase in the number of housing units from 2014 through 2018.

“Boomtowns, characterized by prosperity and robust development, are often desirable places to put down roots and take out a mortgage,” the SmartAsset Study states. “Economic growth provides employment opportunities and draws new residents.”

Ranking first in the study was Longmont, Colorado, followed by Denton, Texas, and Mount Pleasant, South Carolina. Miami came in fourth, with Denver trailing at No. 7. Austin, Texas, trailed Seattle in 12th place. 

In a related study by SmartAsset, the state of Washington placed 14th in a ranking of the best states for the middle class. The ranking was based on an assessment of the percentage of households in the middle class; median household income adjusted for the cost of living; median home value; and the homeownership rate.

Ranking first in that study was Utah, followed by Idaho, Iowa and Nebraska. Dead last was Louisiana, with New York ranked second from the bottom.

 

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