Local economies are the life of every city in the U.S. They have an effect on nearly every facet of society, such as school systems, population growth, and business opportunities. Local economies, just like our national economy, are always in motion. As cities seek to grow and prosper, they generally experience good times, and periods that are challenging. Some cities experience an economic boom, while others decline, or remain stagnant. There are many reasons why some cities grow and others falter – consider Bismarck, North Dakota, a sleepy city that grew drastically due to global economic factors that required a new method of oil production. In the same way that business owners must manage the challenges of a shifting economy, cities are also looking to come out on top, and these five cities have made positive moves to grow their economies.
This Tennessee hotspot isn’t fueled by country music alone, as Nashville has grown and matured as a city, it has also diversified. With a wide range of healthcare services and financial companies, it has piqued the interest of job seekers who have relocated to the area. All across the country, there has been a trend of migration into cities from the suburbs, and Nashville is no exception. Businesses large and small have contributed to Nashville’s growth, and in 2013, its economy officially topped the $100 billion mark.
Known the world over as Motown and the Motor City, Detroit is also called Hockeytown in honor of the passionate followers of the Detroit Red Wings hockey team, valued at $600 million. This sports-loving town is also home to the Detroit Tigers Baseball Team, valued at more than $1 billion; and the Detroit Lions Football team, valued at $1.5 billion. All three teams invested heavily in stadiums and arenas in the city’s downtown; construction is underway on a $444 million hockey arena and 45-block entertainment complex. Stroh’s beer, which stopped brewing in the city in the 80s, now brews a Bohemian-style Pilsner in Corktown. Visionary, and future-focused, Detroit’s civic and community leaders united on the need for public transportation to create a vibrant, livable city. The M-1 Rail Woodward Avenue Streetcar Project is set to open in 2017.
In one of the top spots on Forbes Fastest Growing Cities list, Dallas is becoming known as a hub for global finance. A 2015 report from The Texas Development Council indicated that the state’s finance industry grew 15 percent in the past 10 years, and that had a positive impact on jobs in the Dallas-Fort Worth area where financial sector jobs increased 4.7 percent. Though the oil industry has faced some tough challenges in the last year, housing prices are rising. They are up nine percent since 2015 due to demand.
Rich in culture and just plain old rich – Austin has been listed as Forbes fastest growing American city. From 2011-2016, Austin economy grew at rate of 6.1 percent. Not surprisingly, Austin’s population, many of them young professionals, has skyrocketed with 2.9 percent annual growth. As the capital city of a state with tremendous business opportunities, Austin shows no signs of slowing down.
Often referred to as the “New York City of the West,” San Francisco has become a massive hub of commerce in Northern California. A high cost of living has not deterred job seekers from moving to the Bay Area; the city has shown job growth rate of 4.6 percent. Besides job growth, a sprawling tech industry, and a strong finance industry, who can resist the year-round temperatures hovering pleasantly near 70 degrees?
No matter where a business is located, most are helped along their journey with financing. At Crestmark, we’ve helped businesses achieve their potential by offering flexible lending solutions. We look forward to answering your questions, so give us a call today at 888.999.8050!