economic boomtown
Prosperous Fort Worth declared No. 2 best economic boomtown in America
Move over, Austin: Fort Worth's booming financial prosperity has earned the city an impressive ranking of No. 2 in a new list of best U.S. cities for economic growth. It outperformed all major cities in Texas.
The new study, "America's Boomtowns: Top Cities for Economic Growth," from flexible workspace listing provider CoworkingCafe, ranked America's boomtowns based on population growth, GDP, employment rates, and other economic factors. The top cities were divided into three categories: small cities (populations under 250,000); mid-sized cities (populations between 250,000 and 500,00); and large cities (populations over 500,000).
Fort Worth earned a score of 64 points in the large city category to claim the No. 2 spot. Cowtown trailed just two points behind Mesa, Arizona, which was ranked America's No. 1 boomtown. Rounding out the top five are Phoenix, Arizona (No. 3); Sacramento, California (No. 4); and Austin, Texas and Fresno, California in a two-way tie for No. 5.
According to the report, Fort Worth's economic successes can be attributed to population growth, a steady increase in housing, and an attraction of major businesses and employers across all industries, including technology, healthcare, and logistics. CoworkingCafe says the city's population grew 7 percent to 957,000 residents in 2022, and the housing sector has grown 11 percent since 2018, the second highest jump in housing across all major cities.
"The rise in housing has not only provided more living spaces but also spurred related economic activities, including construction and real estate development, further contributing to the city’s economic dynamism," the report said.
Here's how the study defined Fort Worth's economic "evolution" from 2018 to 2022:
- 60 percent growth in business applications
- 40 percent growth in trade-exports
- 33 percent growth in GDP
- 26 percent growth in median earnings
- 10 percent growth in educational attainment
- 6 percent growth in infrastructure
- 2 percent growth in employment rates
Neighboring Dallas ranked just outside the top 10 as the No. 12 large city for economic growth. The report's findings show Dallas struggled to improve its housing sector from 2018 to 2022, only growing by 3 percent. The employment rates during the five-year period stagnated, as did the city's growth in educational attainment.
- No. 1 – Mesa, Arizona
- No. 2 – Fort Worth, Texas
- No. 3 – Phoenix, Arizona
- No. 4 – Sacramento, California
- No. 5 – Austin, Texas and Fresno, California (tied)
- No. 6 – Indianapolis, Indiana
- No. 7 – Charlotte, North Carolina
- No. 8 – Philadelphia, Pennsylvania
- No. 9 – Kansas City, Missouri
- No. 10 – Columbus, Ohio