Texas tops the list of states with the fastest-growing cities, boasting locales showing the most growth overall, highest income growth, and highest regional GDP growth, according to a recent WalletHub analysis.
Despite previous reports indicating that Texas ranks as the most expensive state to obtain a mortgage, several of the state’s cities are booming.
In its analysis of 516 U.S. cities, WalletHub identified the areas that have expanded most rapidly in socio-economic terms between 2008 and 2013. The social media company looked at cities of varying sizes across 10 key metrics, ranging from population growth rate to unemployment rate decrease.
Mission, Texas, takes the No. 1 spot as the fastest-growing city in 2014. Irving and Edinburg are among the Texas cities rounding out the top five. Nearly half of the cities in the top 50 are located in the Lone Star State.
The state also dominated in the study’s subcategories — “large cities with most growth,” “mid-size cities with most growth” and “small cities with most growth” — with Austin, Irving and Mission taking the No. 1 spots in each list, respectively.
Pharr and Mission took the top-two spots in the “highest income growth” category, while Midland and Odessa took the top two for highest regional GDP growth.
While high mortgage costs may stop some from migrating to Texas, the state shows promise for businesses looking to tap a growing market.
Access the WalletHub analysis here.
Written by Emily Study