In the ever-changing cities of our country, some are on the ascent, while others face decline. Yet Arizona, with its unique blend of urban vibrancy and natural beauty, has cities that stand out among the fastest-growing in the nation. According to recent data collected by FinanceBuzz, Gilbert (#2), Chandler (#3), Glendale (#5), and Mesa (#13) are making waves in the growth charts.
Arizona’s Rising Stars
From 2019 to 2022, per capita income in Scottsdale witnessed a remarkable 22% increase, showcasing the financial health of the region. Moreover, the state boasts six cities ranking in the top 30 fastest-growing metropolitan areas, emphasizing the sustained growth across Arizona.
Key Metrics Driving Growth
1. Population Change (2019 to 2022)
Steadily increasing populations in Gilbert, Chandler, Glendale, and Mesa indicate thriving communities, while the national trend leans towards decline.
2. Unemployment Rate Change (2019 to 2022)
The positive economic climate in these Arizona cities is evident in decreasing unemployment rates, fostering job opportunities and economic stability.
3. Per Capita Income Increase (2019 to 2022)
The impressive 22% increase in per capita income in Scottsdale reflects the overall prosperity, surpassing national averages.
4. New Home Construction
The demand for housing is a key driver of growth, with new construction rates indicating the flourishing real estate markets in these cities.
5. New Businesses
A surge in new businesses reflects the attractiveness of these cities to entrepreneurs, contributing to economic vitality.
6. Home Value Increase (2019 to 2022)
Gilbert’s outstanding 77% faster increase in home values underscores the robust real estate market, making it an attractive location for homeowners and investors.
7. Percentage of Homes That Are Vacant
With impressively low vacant housing rates, such as Gilbert’s 2.9%, these cities showcase high demand, a positive sign for sustained growth.
8. Percentage of Residents with Debt in Collections
The low percentage of residents with debt in collections reflects a financially responsible population, further supporting the overall economic health.
The Top 5 Fastest-Growing Cities
- Frisco, Texas: Boasting a booming housing market, with over 2,200 new homes per 100,000 people in 2022.
- Gilbert, Arizona: A real estate gem with a vacant housing rate of just 2.9% and a staggering 77% faster increase in home values.
- Chandler, Arizona: Similar to Gilbert, Chandler has experienced robust improvements in business and jobs, with unemployment falling by 0.6%.
- North Las Vegas, Nevada: Witnessing a population growth of more than 11% and a per capita income increase 49% faster than average.
- Glendale, Arizona: Rounds up the top five with the most significant increase in home values nationwide, rising 82% faster than peer cities.
These cities not only defy the national trend but set a shining example of prosperity and growth. As Arizona continues to carve its path as an economic powerhouse, the success of these cities stands as a testament to the thriving spirit of the desert. #ArizonaGrowth #CityRising #UrbanProsperity
Sources: Az Big Media ; Finance Buzz