BOULDER – While wages have remained stagnant or increased only modestly for many Americans, Boulder is rising to the top. 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, says personal finance website GOBankingRates.
When ranked for key factors including personal income, population and gross domestic product (GDP), Boulder overall ranks No. 4 among other ‘boomtowns’ nationwide. In addition to the personal income growth, the report shows Boulder’s population increased 7.2 percent and GDP rose 22.3 percent during that period.
Santa Rosa, CA, had the largest personal income growth at 28.6 percent, followed by Reno, NV, and Boulder, CO, at 26.5 and 24.3 percent, respectively.
Santa Fe experienced the largest population increase – 14,682 new residents or 21.5 percent – and the second-highest increase in the percentage of housing units, which resulted in 4,406 new homes.
Fayetteville, AR, netted the largest GDP increase among the top 10, rising 37.6 percent over the five-year period.
The largest housing increase was seen in Bismarck, ND, growing 14.9 percent.
Listed above are the top 10 cities considered Boomtowns by GOBankingRates. All figures are from 2012 through 2017.
GOBankingRates based boomtown status on increasing income and economic growth based on five-year changes, from 2012 to 2017, in the areas of population, number of housing units, per capita personal income and five-year per capita personal income growth. Data is from the U.S. Census Bureau’s 2017 American Community and the Bureau of Economic Analysis. For a city to be considered among the final list of cities, the change in population, housing units and per capita personal incomes must be positive, and current per capita personal incomes must be higher than the current national level of $51,640. In order to focus on “boomtowns,” a 500,000 population maximum restriction was used on the cities.
For the full report, visit.gobankingrates.com/making-money/economy/boomtowns-growing-income-population.
By Tom Kalinski. Tom is the owner and founder 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 firstname.lastname@example.org, call 303.441.5620 or visit boulderco.com.