In an effort to slow the double digit increase in taxes, there is a new…
SmartAsset uncovered the fastest-growing cities in the U.S. To identify the top boomtowns in America in 2021, they looked at the most recently available data for 500 of the largest cities across the following seven metrics: population change, unemployment rate, change in unemployment rate, GDP growth rate, business growth, housing growth and change in household income. What 3 cities in Colorado made the cut?
What are the top three Boomtowns in Colorado?
The U.S. recently hit a large milestone on the road to recovery from the economic fallout of COVID-19. In the second quarter of 2021, real gross domestic product (GDP) exceeded its pre-pandemic level, according to Bureau of Economic Analysis data. This rebound comes exactly a year after real GDP hit its lowest point during the COVID-19 crisis when it was down by more than 12%. National signs of growth are apparent at local levels. While some cities are still struggling with high unemployment rates and depressed economic growth, many are growing again. Here are the top-ranking Colorado cities:
- Longmont, CO
- Denver, CO
- Fort Collins, CO
Why are these three Colorado cities included?
The analysis ranked 7 traits and weighted them. The biggest drivers were the unemployment rate, the GDP of a city, the 5 year population growth rate, etc… Each of the cities above have been desirable places to relocate to for both employers and employees over the last 5 years. Furthermore, Covid turbocharged these trends as mountain west states exploded with growth as the migration from larger more dense cities hit overdrive.
Will these trends continue?
Over the next 18 months, we will see more normalization from the virus which will slow down the migration from large urban cities to smaller tier 2 cities. This will be a national trend as real estate migrates closer to pre pandemic trends.
Colorado remains a desirable place to relocate to with net in migration hitting over drive from Covid. Although these trends will continue, the pace of relocations to Colorado and throughout the country will normalize in 2022 especially as the back to office trends continue. The past is not necessarily an indicator of future success.
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Written by Glen Weinberg, Owner Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
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