Longmont is the No. 1 “boomtown” in the nation, bolstered by strong population, housing and job growth, according to a study of 500 U.S. cities by SmartAsset.com.
Longmont led the pack of three Colorado cities in the study’s top 10. Greeley and Denver, ranked Nos. 5 and 7 respectively, round out the list.
Longmont ranks in the top 25 percent for all of the metrics considered. Framed by the towering Long’s Peak, the city’s economy is robust, resulting in the ninth-highest yearly gross domestic product (GDP) growth from 2013 through 2017, at more than five percent.
With a flourishing local job market in high tech and healthcare, Longmont’s unemployment rate is a low 2.6 percent and the five-year housing growth rate clocks in at 18 percent.
Just as Colorado has seen surging growth over recent years, so has fifth-ranked Greeley. Greeley’s population grew nearly nine percent from 2014 through 2018, more than double the average population change of cities studied. Greeley tied with Longmont for the lowest unemployment rate of 2.6 percent and annual GDP grew more than five percent, according to study data.
Seventh-ranked Denver has an unemployment rate of 2.7 percent. Population increased almost eight percent and number of housing units increased almost 11 percent from 2014 through 2018.
SmartAsset analyzed metrics including population change, unemployment rate, GDP growth rate, one-year change in unemployment rate, and the five-year growth in establishment, housing and household income. Boomtowns were ranked among 500 of the largest American cities.
In a separate study, Boulder was named a boomtown for its rising wages. Researchers at personal finance website GoBankingRates.com
rank Boulder No. 3 among metros analyzed for key factors including personal income, population and GDP. The city realized a $13,278 five-year rise in wages or 4.3 percent, making it No. 3 among the 347 metros with populations of 500,000 or less.
Here is the SmartAsset top 10:
1. Longmont, CO
2. Denton, TX
3. Mount Pleasant, SC
4. Miami, FL
5. Greeley, CO
6. New Braunfels, TX
7. Denver, CO
8. Charleston, SC
9. North Charleston, SC
10. Round Rock, TX
For the full report, visit smartasset.com/mortgage/top-boomtowns-in-america-2019.
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at [email protected], call 303.441.5620 or visit boulderco.com.