News alert: Dallas is growing. In a new report released on August 6, personal finance website MagnifyMoney ranked America's biggest boomtowns. Dallas snagged a spot at No. 7. In Texas, only first-place Austin ranked higher.
Using data from 2011-2016 (the most recently available), the website ranked the 100 largest metropolitan areas in the U.S., looking for the newest cities of opportunity. "We wanted to find out where Americans are gathering now to take advantage of growing prosperity and improved lifestyles to achieve the American dream," the report notes.
To determine the rankings, MagnifyMoney defined the three key "boom" factors as:
- Business growth — Analyzing the creation of new business, but also understanding how established businesses fare in the wake of the boom.
- Population and housing — Matching the number of people moving to an area to the availability of housing in the market.
- Workforce and earnings — Comparing the number of residents to the availability of jobs in the city.
Dallas scored an overall 58.2 — including 61.4 in population and housing; 48.7 in workforce and earnings; and 64.4 in business growth — to earn the No. 7 place. Confirming they city's boomtown status, Dallas has seen a 9.8 percent population increase, 6.1 percent growth in total housing units, 9.2 percent growth in civilian labor force, and a 19.7 percent drop in unemployment.
To earn the top spot, Austin scored an overall 87.8, including a perfect 100 in population and housing.
In total, Texas cities dominated the boomtown list, claiming four of the top 10 spots. Besides Austin and Dallas, San Antonio (No. 9) and McAllen (No. 10) made the grade. At No. 11, Houston just barely missed getting a top spot.
Where else are people pursuing the American dream? Rounding out the top five cities is Provo, Utah (2); Raleigh, North Carolina (3); Charleston, South Carolina (4); and good ol' Nashville, Tennessee (5).
America's least boom-iest city? That honor goes to Scranton, Pennsylvania. Syracuse, New York; New Haven, Connecticut; Cleveland; and Hartford, Connecticut make up the remaining bottom five.