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Cary #1 Boomtown of 2016, Raleigh Also Makes List

Boomtowns 2 map

SmartAsset took a look at places experiencing rapid population and economic growth. To find the top ten boomtowns they ranked 572 of the largest U.S. Cities. They measured five different metrics including: 

  • unemployment rate
  • GDP growth rate
  • net migration rate (the difference between the rate of residents moving in and the rate of residents moving out of a city)
  • housing growth rate
  • annual change in the unemployment rate in each city
While it’s smaller than most of its neighbors, Cary is becoming a force to be reckoned with. Its housing growth rate of 9.1% is among the highest rates in our analysis. For years, the presence of strong research institutions has drawn tech companies and entrepreneurs to the region. 

The City of Oaks belongs on this list for a couple of different reasons. At 7%, GDP growth in the Raleigh metro area is among the highest growth rates in the nation. And as of August 2016, Raleigh’s unemployment rate of 4.2% was relatively low compared to the national and statewide unemployment rates.
The full methodology can be found here. 


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