Yahoo Finance Real Estate: 4 Fast-Growing Cities With Exponential Job Growth Opportunities
The new economic powerhouses and fastest-growing cities are not the ones they used to be. So long New York and San Francisco. Houston, Dallas, Miami and Nashville are on track to becoming the next hot spots in the U.S., according to Barron’s.
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“You used to have two coastal power zones where you could live your best life, never really touching down in the red states,” Niall Ferguson, a Stanford historian, told Barron’s. “We now have much more of a multipolar America rather than a bipolar America. That reflects taxes, quality of life, cost of living, the ability to build, and incredibly striking differentials in quality of governance. If you talk to people who have done the great relocation, they’ll tell you how much better things are done in Miami or Palm Beach or Austin or Dallas.”
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And this has had many detrimental consequences for some states. For instance, as Bloomberg reported, the finance industry’s exodus from New York and California has caused both states $1 trillion of assets — triggered by the loss of thousands of high-paying jobs, straining city and state finances by sapping tax revenue.
In terms of the four faster-growing power cities — Houston with its energy economy, Dallas and its diversified base, Nashville with healthcare and tech and Miami as a burgeoning financial center and gateway to Latin America — they have a lot in common, according to Barron’s.
Nashville
Factors contributing to Nashville’s rapid growth and status as an economic powerhouse include local start-ups, companies relocating headquarters out of California and tech giants establishing major satellite operations beyond Silicon Valley, according to The Tennessean.
New facilities from Amazon, Meta and Oracle are being built in the region, all of which will create thousands of new job opportunities, it added.
Houston
This is the fifth-largest metropolitan area in the U.S. and home to 26 Fortune 500 companies, according to Barron’s and the Greater Houston Partnership.
Thanks to ExxonMobil, Phillips 66 and ConocoPhillips being based in Houston, as much as 40% of the city’s economy is tied directly or indirectly to oil and gas, Business Insider reported. Houston is also home to NASA.
Dallas
Dallas had the biggest jump in population of any U.S. metro area last year, according to Barron’s. Local airports serve 148 U.S. and 55 international cities.
“It’s on fire right now,” Eurasia Group founder and president Ian Bremmer told Barron’s.
Bremmer said that Dallas has inexpensive energy, massive entrepreneurship and a very permissive regulatory environment.
Miami
The city serves as headquarters of Latin America operations for more than 1,100 multinational companies, according to Barron’s.
The city’s population increased by 1.7% from 2021 to 2022, the fourth-fastest rate among the 50 largest U.S. cities, Insider noted.
Even Jeff Bezos moved there last month after 29 years in Seattle, according to an Instagram post last month noting that he wanted to live closer to his parents. “Also, Blue Origin’s operations are increasingly shifting to Cape Canaveral,” he wrote in the post.
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This article originally appeared on GOBankingRates.com: Real Estate: 4 Fast-Growing Cities With Exponential Job Growth Opportunities
