Austin, Texas, Named America’s No. 1 Boomtown; South Claims 8 of Top 10
Where are Americans moving, building and starting businesses right now? To find out, we ranked the country’s largest metros using three categories: people and housing, work and earnings, and business and economy.
One metro pulled ahead of the rest: Austin, Texas. Here’s a look at which other metros dominate.
- Austin, Texas, is our No. 1 boomtown. It posted the highest housing unit growth (3.4%) and the largest increase in new business applications (11.3%). It also ranked third for the share of residents who moved there from another county, state or country (17.5%) and fifth for population growth (3.1%).
- Raleigh, N.C., and Seattle rank second and third overall. Raleigh ranked No. 1 in our work and earnings category, which combines three metrics. The metro posted the fifth-highest workforce increase (4.4%) and the 10th-highest increase in median earnings (6.5%). Seattle, meanwhile, ranked No. 1 for business and economy, with the second-highest GDP growth (5.1%) and the third-largest increase in new business applications (9.6%).
- Southern metros dominate the top 10. Eight of the 10 highest-ranking metros are in the South: Austin; Raleigh; Charlotte, N.C.; Tampa, Fla.; Jacksonville, Fla.; Orlando, Fla.; Houston; and Nashville, Tenn. Seattle and Phoenix are the only top-10 metros outside the South.
- The Midwest anchors the bottom of the ranking. Five of the 10 lowest-ranked metros are in the Midwest: Detroit, Milwaukee, St. Louis, Chicago and Cincinnati. Memphis, Tenn., ranks last overall despite being the only Southern metro in the bottom 10. It finished last in business and economy, with the weakest GDP growth (0.7%) and the largest decline in new business applications (15.1%). Detroit and Buffalo, N.Y., round out the bottom three.
This is a refreshed version of previous research using the same data sources: the U.S. Census Bureau American Community Survey (ACS), U.S. Bureau of Labor Statistics (BLS) Local Area Unemployment Statistics, U.S. Bureau of Economic Analysis (BEA) and U.S. Census Bureau Business Formation Statistics. The research is based on three core categories, each scored independently. The final score for each metro is calculated as the average of the three separate scores.
This year’s analysis includes the 50 largest metros rather than the 100 we’ve used in previous reports, and it compares 2023 with 2024 data. These changes were made to maintain consistency across federal data sources following updates to metropolitan area definitions and data availability.
Austin, Texas, takes the top spot
No metro outpaced Austin this year. It led the nation in housing unit growth at 3.4% and posted the biggest jump in new business applications, up 11.3%. The metro also placed third for the share of residents who relocated from another county, state or country (17.5%), and it came in fifth for overall population growth (3.1%).
That marks the third consecutive year that Austin held the No. 1 spot in our LendingTree analysis.
Matt Schulz, LendingTree chief consumer finance analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life,” says this tracks with his personal observations.
“As someone from Austin, none of this surprises me,” he says. “The city has been attracting people from all over the country for years. When you have that many new people moving in, there’s going to be demand for just about everything. That creates a lot of opportunities for entrepreneurs.”
Raleigh, N.C., claimed the No. 2 overall spot, powered by the strongest work-and-earnings performance in the country. The metro logged the fifth-highest workforce growth (4.4%) and the 10th-highest gain in median earnings (6.5%).
In the work and earnings category, Tampa, Fla., and Phoenix also topped the list.
Seattle took third overall and topped the business-and-economy category, fueled by the second-highest GDP growth in the nation (5.1%) and the third-largest increase in new business applications (9.6%).
After Seattle, Austin and San Jose, Calif., ranked second and third in this category.
The South claims most of the top 10
The South’s dominance is hard to miss: Eight of the 10 highest-ranked metros are there, including Austin, Raleigh and Charlotte, N.C. — along with Tampa, Jacksonville and Orlando in Florida — plus Houston and Nashville, Tenn. In fact, the only two top-10 metros outside the South are Seattle and Phoenix.
Also worth noting, four Texas metros rank among the nation’s top 15: Austin (No. 1), Houston (No. 9), Dallas (No. 11) and San Antonio (No. 13).
Schulz says there are several reasons why Southern metros, in particular, are booming.
“A lot of people and businesses have been heading South over the past several years, and that’s created a lot of momentum,” he says. “In many places, you can still find a lower cost of living, a growing population and a business climate that’s attractive to employers. Those are all things that make it easier to start and grow a business.”
Of course, this rapid growth and popularity can bring new challenges, as “entrepreneurs also have to deal with rising rents, heavier competition and the challenge of standing out in a more crowded market,” Schulz says. “But if you can carve out a niche and build a loyal customer base, these fast-growing Southern metros can be great places to put down roots.”
Midwest metros make up most of the bottom 10
The bottom of the ranking paints a negative portrait for another region of the country. Five Midwestern metros — Detroit, Milwaukee, St. Louis, Chicago and Cincinnati — anchor the lowest 10 spots in the ranking.
Memphis, Tenn., is the exception and the outlier: Despite being the only Southern metro to land in the bottom 10, it finished dead last overall. Its business-and-economy score was the weakest in the country, dragged down by the slowest GDP growth (0.7%) and the steepest drop in new business applications (15.1%).
Detroit and Buffalo, N.Y., fill out the bottom three.
The nation’s three largest metros generally don’t perform well. New York, the largest U.S. metro, ranks 22nd overall, while Chicago sits 42nd and Los Angeles is 43rd.
Schulz says that while this slower rate of growth may create challenges for businesses in these metros, it isn’t a death sentence.
“It’s definitely harder to build a business in a market that’s not growing very much, but that doesn’t mean it’s impossible,” he says. “In fact, slower-growing cities often have less competition and customers who value local businesses. The key is understanding what your community needs instead of trying to copy what’s working somewhere else. A business that becomes part of the fabric of its community can succeed almost anywhere.”
Full rankings: The biggest/smallest boomtowns
| Rank | Metro | People and housing | Work and earnings | Business and economy | Final score |
|---|---|---|---|---|---|
| 1 | Austin, TX | 85.3 | 74.0 | 77.8 | 79.0 |
| 2 | Raleigh, NC | 77.8 | 78.1 | 57.1 | 71.0 |
| 3 | Seattle, WA | 45.2 | 63.1 | 87.6 | 65.3 |
| 4 | Charlotte, NC | 62.7 | 73.0 | 49.2 | 61.6 |
| 5 | Tampa, FL | 51.9 | 77.1 | 51.9 | 60.3 |
| 6 | Phoenix, AZ | 47.7 | 74.6 | 57.3 | 59.9 |
| 7 | Jacksonville, FL | 67.2 | 66.3 | 43.6 | 59.0 |
| 8 | Orlando, FL | 76.0 | 59.7 | 40.9 | 58.9 |
| 9 | Houston, TX | 63.1 | 60.6 | 51.0 | 58.2 |
| 9 | Nashville, TN | 62.5 | 61.5 | 50.6 | 58.2 |
| 11 | Dallas, TX | 62.1 | 66.4 | 42.4 | 57.0 |
| 12 | San Jose, CA | 35.4 | 48.8 | 76.5 | 53.6 |
| 13 | San Antonio, TX | 46.4 | 58.4 | 52.2 | 52.3 |
| 14 | Las Vegas, NV | 42.8 | 66.2 | 37.6 | 48.9 |
| 15 | Columbus, OH | 41.3 | 52.0 | 51.5 | 48.3 |
| 16 | Miami, FL | 50.2 | 57.3 | 36.5 | 48.0 |
| 16 | Richmond, VA | 49.0 | 52.3 | 42.7 | 48.0 |
| 18 | Atlanta, GA | 47.8 | 71.8 | 23.9 | 47.8 |
| 18 | Louisville, KY | 37.0 | 73.7 | 32.6 | 47.8 |
| 20 | Salt Lake City, UT | 47.9 | 50.8 | 37.9 | 45.5 |
| 21 | Indianapolis, IN | 38.0 | 43.5 | 50.2 | 43.9 |
| 22 | New York, NY | 28.5 | 66.7 | 33.8 | 43.0 |
| 23 | San Francisco, CA | 30.4 | 50.2 | 47.6 | 42.7 |
| 24 | Denver, CO | 52.3 | 50.2 | 25.2 | 42.6 |
| 24 | Portland, OR | 31.7 | 40.4 | 55.6 | 42.6 |
| 26 | Oklahoma City, OK | 38.2 | 68.1 | 18.4 | 41.6 |
| 27 | Washington, DC | 43.2 | 46.4 | 33.8 | 41.1 |
| 28 | Sacramento, CA | 33.2 | 41.6 | 47.9 | 40.9 |
| 29 | Boston, MA | 35.3 | 43.4 | 42.3 | 40.3 |
| 30 | Kansas City, MO | 33.9 | 51.3 | 27.8 | 37.7 |
| 31 | Minneapolis, MN | 32.8 | 35.9 | 41.5 | 36.7 |
| 32 | Riverside, CA | 22.4 | 60.3 | 27.1 | 36.6 |
| 33 | Cleveland, OH | 8.5 | 71.2 | 29.7 | 36.5 |
| 34 | Birmingham, AL | 16.0 | 64.0 | 29.2 | 36.4 |
| 35 | Virginia Beach, VA | 44.4 | 41.4 | 20.6 | 35.5 |
| 36 | Fresno, CA | 14.6 | 51.0 | 38.4 | 34.7 |
| 37 | Grand Rapids, MI | 28.3 | 39.3 | 34.6 | 34.1 |
| 38 | Philadelphia, PA | 20.7 | 48.6 | 32.3 | 33.9 |
| 39 | Baltimore, MD | 23.5 | 36.8 | 40.2 | 33.5 |
| 40 | Pittsburgh, PA | 10.3 | 59.8 | 27.5 | 32.5 |
| 41 | Cincinnati, OH | 28.2 | 33.3 | 34.0 | 31.8 |
| 42 | Chicago, IL | 19.3 | 39.0 | 32.7 | 30.3 |
| 43 | Los Angeles, CA | 13.6 | 49.0 | 27.6 | 30.1 |
| 44 | St. Louis, MO | 15.9 | 48.0 | 24.8 | 29.6 |
| 45 | San Diego, CA | 20.0 | 35.4 | 29.6 | 28.3 |
| 46 | Providence, RI | 21.7 | 26.8 | 35.7 | 28.1 |
| 47 | Milwaukee, WI | 21.8 | 40.3 | 19.7 | 27.3 |
| 48 | Buffalo, NY | 5.4 | 57.6 | 8.6 | 23.9 |
| 49 | Detroit, MI | 20.3 | 33.0 | 9.1 | 20.8 |
| 50 | Memphis, TN | 10.3 | 49.9 | 0.0 | 20.1 |
Full rankings: Top/bottom metros in the people and housing category
| Rank | Metro | Population change | % who moved from another county, state or country | Housing units change | Population change score | % who moved from another county, state or country score | Housing units change score | Category score |
|---|---|---|---|---|---|---|---|---|
| 1 | Austin, TX | 3.1% | 17.5% | 3.4% | 69.0 | 87.0 | 100.0 | 85.3 |
| 2 | Raleigh, NC | 3.5% | 14.5% | 3.1% | 78.6 | 64.1 | 90.6 | 77.8 |
| 3 | Orlando, FL | 4.3% | 15.8% | 2.0% | 97.6 | 74.0 | 56.3 | 76.0 |
| 4 | Jacksonville, FL | 2.8% | 15.8% | 2.3% | 61.9 | 74.0 | 65.6 | 67.2 |
| 5 | Houston, TX | 3.8% | 11.5% | 2.2% | 85.7 | 41.2 | 62.5 | 63.1 |
| 6 | Charlotte, NC | 2.8% | 13.6% | 2.4% | 61.9 | 57.3 | 68.8 | 62.7 |
| 7 | Nashville, TN | 2.3% | 15.1% | 2.4% | 50.0 | 68.7 | 68.8 | 62.5 |
| 8 | Dallas, TX | 3.0% | 14.4% | 2.0% | 66.7 | 63.4 | 56.3 | 62.1 |
| 9 | Denver, CO | 1.5% | 18.5% | 1.2% | 31.0 | 94.7 | 31.3 | 52.3 |
| 10 | Tampa, FL | 2.4% | 14.3% | 1.5% | 52.4 | 62.6 | 40.6 | 51.9 |
| 11 | Miami, FL | 4.4% | 11.1% | 0.6% | 100.0 | 38.2 | 12.5 | 50.2 |
| 12 | Richmond, VA | 1.3% | 17.0% | 1.4% | 26.2 | 83.2 | 37.5 | 49.0 |
| 13 | Salt Lake City, UT | 2.6% | 10.5% | 1.9% | 57.1 | 33.6 | 53.1 | 47.9 |
| 14 | Atlanta, GA | 1.6% | 15.6% | 1.4% | 33.3 | 72.5 | 37.5 | 47.8 |
| 15 | Phoenix, AZ | 2.3% | 10.1% | 2.2% | 50.0 | 30.5 | 62.5 | 47.7 |
| 16 | San Antonio, TX | 2.2% | 13.2% | 1.4% | 47.6 | 54.2 | 37.5 | 46.4 |
| 17 | Seattle, WA | 2.5% | 13.0% | 1.1% | 54.8 | 52.7 | 28.1 | 45.2 |
| 18 | Virginia Beach, VA | 0.8% | 19.2% | 0.8% | 14.3 | 100.0 | 18.8 | 44.4 |
| 19 | Washington, DC | 2.1% | 15.1% | 0.7% | 45.2 | 68.7 | 15.6 | 43.2 |
| 20 | Las Vegas, NV | 2.7% | 10.6% | 1.3% | 59.5 | 34.4 | 34.4 | 42.8 |
| 21 | Columbus, OH | 2.1% | 12.3% | 1.2% | 45.2 | 47.3 | 31.3 | 41.3 |
| 22 | Oklahoma City, OK | 1.3% | 14.8% | 0.9% | 26.2 | 66.4 | 21.9 | 38.2 |
| 23 | Indianapolis, IN | 1.6% | 13.0% | 1.1% | 33.3 | 52.7 | 28.1 | 38.0 |
| 24 | Louisville, KY | 2.3% | 10.8% | 1.0% | 50.0 | 35.9 | 25.0 | 37.0 |
| 25 | San Jose, CA | 2.6% | 11.3% | 0.5% | 57.1 | 39.7 | 9.4 | 35.4 |
| 26 | Boston, MA | 2.2% | 12.5% | 0.5% | 47.6 | 48.9 | 9.4 | 35.3 |
| 27 | Kansas City, MO | 1.6% | 12.2% | 0.9% | 33.3 | 46.6 | 21.9 | 33.9 |
| 28 | Sacramento, CA | 1.8% | 11.7% | 0.8% | 38.1 | 42.7 | 18.8 | 33.2 |
| 29 | Minneapolis, MN | 1.2% | 12.6% | 1.0% | 23.8 | 49.6 | 25.0 | 32.8 |
| 30 | Portland, OR | 1.1% | 12.9% | 0.9% | 21.4 | 51.9 | 21.9 | 31.7 |
| 31 | San Francisco, CA | 1.8% | 11.4% | 0.6% | 38.1 | 40.5 | 12.5 | 30.4 |
| 32 | New York, NY | 2.3% | 9.1% | 0.6% | 50.0 | 22.9 | 12.5 | 28.5 |
| 33 | Grand Rapids, MI | 1.4% | 11.0% | 0.8% | 28.6 | 37.4 | 18.8 | 28.3 |
| 34 | Cincinnati, OH | 1.4% | 12.2% | 0.5% | 28.6 | 46.6 | 9.4 | 28.2 |
| 35 | Baltimore, MD | 0.9% | 11.5% | 0.6% | 16.7 | 41.2 | 12.5 | 23.5 |
| 36 | Riverside, CA | 1.2% | 8.5% | 1.0% | 23.8 | 18.3 | 25.0 | 22.4 |
| 37 | Milwaukee, WI | 0.9% | 8.8% | 1.1% | 16.7 | 20.6 | 28.1 | 21.8 |
| 38 | Providence, RI | 1.4% | 10.9% | 0.2% | 28.6 | 36.6 | 0.0 | 21.7 |
| 39 | Philadelphia, PA | 1.3% | 10.4% | 0.3% | 26.2 | 32.8 | 3.1 | 20.7 |
| 40 | Detroit, MI | 1.3% | 8.6% | 0.7% | 26.2 | 19.1 | 15.6 | 20.3 |
| 41 | San Diego, CA | 0.9% | 9.3% | 0.8% | 16.7 | 24.4 | 18.8 | 20.0 |
| 42 | Chicago, IL | 1.6% | 8.9% | 0.3% | 33.3 | 21.4 | 3.1 | 19.3 |
| 43 | Birmingham, AL | 0.7% | 10.0% | 0.4% | 11.9 | 29.8 | 6.3 | 16.0 |
| 44 | St. Louis, MO | 0.5% | 10.2% | 0.5% | 7.1 | 31.3 | 9.4 | 15.9 |
| 45 | Fresno, CA | 0.8% | 7.1% | 0.9% | 14.3 | 7.6 | 21.9 | 14.6 |
| 46 | Los Angeles, CA | 1.0% | 6.1% | 0.9% | 19.0 | 0.0 | 21.9 | 13.6 |
| 47 | Pittsburgh, PA | 0.3% | 8.6% | 0.5% | 2.4 | 19.1 | 9.4 | 10.3 |
| 47 | Memphis, TN | 0.2% | 8.9% | 0.5% | 0.0 | 21.4 | 9.4 | 10.3 |
| 49 | Cleveland, OH | 0.6% | 8.2% | 0.2% | 9.5 | 16.0 | 0.0 | 8.5 |
| 50 | Buffalo, NY | 0.4% | 7.6% | 0.2% | 4.8 | 11.5 | 0.0 | 5.4 |
Full rankings: Top/bottom metros in the work and earnings category
| Rank | Metro | Change in workforce | Change in unemployment rate | Change in median earnings | Change in workforce score | Change in unemployment rate score | Change in median earnings score | Category score |
|---|---|---|---|---|---|---|---|---|
| 1 | Raleigh, NC | 4.4% | 6.7% | 6.5% | 80.3 | 82.9 | 71.0 | 78.1 |
| 2 | Tampa, FL | 4.4% | 13.3% | 7.8% | 80.3 | 66.0 | 84.9 | 77.1 |
| 3 | Phoenix, AZ | 3.7% | 0.0% | 5.0% | 68.9 | 100.0 | 54.8 | 74.6 |
| 4 | Austin, TX | 3.4% | 2.9% | 6.0% | 63.9 | 92.6 | 65.6 | 74.0 |
| 5 | Louisville, KY | 3.9% | 13.2% | 7.6% | 72.1 | 66.2 | 82.8 | 73.7 |
| 6 | Charlotte, NC | 4.0% | 8.8% | 6.2% | 73.8 | 77.5 | 67.7 | 73.0 |
| 7 | Atlanta, GA | 2.2% | 6.2% | 8.0% | 44.3 | 84.1 | 87.1 | 71.8 |
| 8 | Cleveland, OH | 1.2% | 2.7% | 8.5% | 27.9 | 93.1 | 92.5 | 71.2 |
| 9 | Oklahoma City, OK | 1.8% | 3.4% | 6.9% | 37.7 | 91.3 | 75.3 | 68.1 |
| 10 | New York, NY | 2.3% | 2.3% | 5.5% | 45.9 | 94.1 | 60.2 | 66.7 |
| 11 | Dallas, TX | 2.8% | 2.6% | 4.7% | 54.1 | 93.4 | 51.6 | 66.4 |
| 12 | Jacksonville, FL | 5.6% | 9.7% | 2.1% | 100.0 | 75.2 | 23.7 | 66.3 |
| 13 | Las Vegas, NV | 5.1% | 5.7% | 1.9% | 91.8 | 85.4 | 21.5 | 66.2 |
| 14 | Birmingham, AL | 2.4% | 21.7% | 9.2% | 47.5 | 44.5 | 100.0 | 64.0 |
| 15 | Seattle, WA | 2.5% | 4.9% | 4.8% | 49.2 | 87.5 | 52.7 | 63.1 |
| 16 | Nashville, TN | 3.2% | 3.7% | 3.0% | 60.7 | 90.5 | 33.3 | 61.5 |
| 17 | Houston, TX | 3.6% | 4.8% | 2.4% | 67.2 | 87.7 | 26.9 | 60.6 |
| 18 | Riverside, CA | 0.7% | 10.6% | 8.1% | 19.7 | 72.9 | 88.2 | 60.3 |
| 19 | Pittsburgh, PA | 0.5% | 2.7% | 6.4% | 16.4 | 93.1 | 69.9 | 59.8 |
| 20 | Orlando, FL | 5.3% | 13.8% | 1.7% | 95.1 | 64.7 | 19.4 | 59.7 |
| 21 | San Antonio, TX | 2.8% | 2.7% | 2.5% | 54.1 | 93.1 | 28.0 | 58.4 |
| 22 | Buffalo, NY | 1.1% | 8.3% | 6.2% | 26.2 | 78.8 | 67.7 | 57.6 |
| 23 | Miami, FL | 5.4% | 16.0% | 1.4% | 96.7 | 59.1 | 16.1 | 57.3 |
| 24 | Richmond, VA | 1.4% | 7.1% | 4.0% | 31.1 | 81.8 | 44.1 | 52.3 |
| 25 | Columbus, OH | 2.1% | 24.2% | 6.9% | 42.6 | 38.1 | 75.3 | 52.0 |
| 26 | Kansas City, MO | 2.1% | 20.0% | 5.7% | 42.6 | 48.8 | 62.4 | 51.3 |
| 27 | Fresno, CA | 3.8% | 6.8% | -0.1% | 70.5 | 82.6 | 0.0 | 51.0 |
| 28 | Salt Lake City, UT | 3.2% | 17.9% | 3.4% | 60.7 | 54.2 | 37.6 | 50.8 |
| 29 | San Francisco, CA | 2.3% | 16.7% | 4.3% | 45.9 | 57.3 | 47.3 | 50.2 |
| 29 | Denver, CO | 1.8% | 28.1% | 7.8% | 37.7 | 28.1 | 84.9 | 50.2 |
| 31 | Memphis, TN | 1.2% | 5.3% | 3.2% | 27.9 | 86.4 | 35.5 | 49.9 |
| 32 | Los Angeles, CA | 1.8% | 12.8% | 3.8% | 37.7 | 67.3 | 41.9 | 49.0 |
| 33 | San Jose, CA | 2.5% | 16.7% | 3.6% | 49.2 | 57.3 | 39.8 | 48.8 |
| 34 | Philadelphia, PA | 2.2% | 5.3% | 1.3% | 44.3 | 86.4 | 15.1 | 48.6 |
| 35 | St. Louis, MO | -0.2% | 12.1% | 6.4% | 4.9 | 69.1 | 69.9 | 48.0 |
| 36 | Washington, DC | 2.0% | 19.2% | 4.3% | 41.0 | 50.9 | 47.3 | 46.4 |
| 37 | Indianapolis, IN | 1.3% | 19.4% | 4.6% | 29.5 | 50.4 | 50.5 | 43.5 |
| 38 | Boston, MA | 2.6% | 15.6% | 1.7% | 50.8 | 60.1 | 19.4 | 43.4 |
| 39 | Sacramento, CA | 1.3% | 11.9% | 2.3% | 29.5 | 69.6 | 25.8 | 41.6 |
| 40 | Virginia Beach, VA | -0.5% | 6.9% | 3.8% | 0.0 | 82.4 | 41.9 | 41.4 |
| 41 | Portland, OR | 1.3% | 17.1% | 3.2% | 29.5 | 56.3 | 35.5 | 40.4 |
| 42 | Milwaukee, WI | 1.1% | 10.0% | 1.8% | 26.2 | 74.4 | 20.4 | 40.3 |
| 43 | Grand Rapids, MI | 0.9% | 17.6% | 3.6% | 23.0 | 55.0 | 39.8 | 39.3 |
| 44 | Chicago, IL | 1.7% | 15.9% | 1.9% | 36.1 | 59.3 | 21.5 | 39.0 |
| 45 | Baltimore, MD | 2.5% | 39.1% | 5.6% | 49.2 | 0.0 | 61.3 | 36.8 |
| 46 | Minneapolis, MN | 0.8% | 15.4% | 2.3% | 21.3 | 60.6 | 25.8 | 35.9 |
| 47 | San Diego, CA | 0.5% | 16.2% | 2.8% | 16.4 | 58.6 | 31.2 | 35.4 |
| 48 | Cincinnati, OH | 1.4% | 23.5% | 2.6% | 31.1 | 39.9 | 29.0 | 33.3 |
| 49 | Detroit, MI | 0.9% | 25.0% | 3.6% | 23.0 | 36.1 | 39.8 | 33.0 |
| 50 | Providence, RI | 2.9% | 29.4% | -0.1% | 55.7 | 24.8 | 0.0 | 26.8 |
Full rankings: Top/bottom metros in the business and economy category
| Rank | Metro | Change in annual GDP | Change in EINs granted | Change in annual GDP score | Change in EINs granted score | Category score |
|---|---|---|---|---|---|---|
| 1 | Seattle, WA | 5.1% | 9.6% | 81.5 | 93.6 | 87.6 |
| 2 | Austin, TX | 3.7% | 11.3% | 55.6 | 100.0 | 77.8 |
| 3 | San Jose, CA | 6.1% | -1.1% | 100.0 | 53.0 | 76.5 |
| 4 | Phoenix, AZ | 4.8% | -4.9% | 75.9 | 38.6 | 57.3 |
| 5 | Raleigh, NC | 3.8% | -0.1% | 57.4 | 56.8 | 57.1 |
| 6 | Portland, OR | 1.4% | 10.8% | 13.0 | 98.1 | 55.6 |
| 7 | San Antonio, TX | 4.1% | -4.2% | 63.0 | 41.3 | 52.2 |
| 8 | Tampa, FL | 3.3% | -0.4% | 48.1 | 55.7 | 51.9 |
| 9 | Columbus, OH | 2.6% | 2.8% | 35.2 | 67.8 | 51.5 |
| 10 | Houston, TX | 4.1% | -4.8% | 63.0 | 39.0 | 51.0 |
| 11 | Nashville, TN | 3.7% | -3.1% | 55.6 | 45.5 | 50.6 |
| 12 | Indianapolis, IN | 3.5% | -2.3% | 51.9 | 48.5 | 50.2 |
| 13 | Charlotte, NC | 3.6% | -3.3% | 53.7 | 44.7 | 49.2 |
| 14 | Sacramento, CA | 3.6% | -4.0% | 53.7 | 42.0 | 47.9 |
| 15 | San Francisco, CA | 3.4% | -3.2% | 50.0 | 45.1 | 47.6 |
| 16 | Jacksonville, FL | 3.5% | -5.8% | 51.9 | 35.2 | 43.6 |
| 17 | Richmond, VA | 2.1% | 0.6% | 25.9 | 59.5 | 42.7 |
| 18 | Dallas, TX | 2.7% | -2.5% | 37.0 | 47.7 | 42.4 |
| 19 | Boston, MA | 2.3% | -0.6% | 29.6 | 54.9 | 42.3 |
| 20 | Minneapolis, MN | 2.5% | -2.0% | 33.3 | 49.6 | 41.5 |
| 21 | Orlando, FL | 3.5% | -7.2% | 51.9 | 29.9 | 40.9 |
| 22 | Baltimore, MD | 3.3% | -6.6% | 48.1 | 32.2 | 40.2 |
| 23 | Fresno, CA | 4.7% | -14.4% | 74.1 | 2.7 | 38.4 |
| 24 | Salt Lake City, UT | 2.6% | -4.4% | 35.2 | 40.5 | 37.9 |
| 25 | Las Vegas, NV | 3.1% | -7.0% | 44.4 | 30.7 | 37.6 |
| 26 | Miami, FL | 2.7% | -5.6% | 37.0 | 36.0 | 36.5 |
| 27 | Providence, RI | 2.2% | -3.6% | 27.8 | 43.6 | 35.7 |
| 28 | Grand Rapids, MI | 1.9% | -2.7% | 22.2 | 47.0 | 34.6 |
| 29 | Cincinnati, OH | 1.4% | -0.6% | 13.0 | 54.9 | 34.0 |
| 30 | New York, NY | 2.4% | -5.6% | 31.5 | 36.0 | 33.8 |
| 30 | Washington, DC | 2.2% | -4.6% | 27.8 | 39.8 | 33.8 |
| 32 | Chicago, IL | 1.4% | -1.3% | 13.0 | 52.3 | 32.7 |
| 33 | Louisville, KY | 1.7% | -2.8% | 18.5 | 46.6 | 32.6 |
| 34 | Philadelphia, PA | 1.9% | -3.9% | 22.2 | 42.4 | 32.3 |
| 35 | Cleveland, OH | 2.0% | -5.8% | 24.1 | 35.2 | 29.7 |
| 36 | San Diego, CA | 2.1% | -6.3% | 25.9 | 33.3 | 29.6 |
| 37 | Birmingham, AL | 1.6% | -4.1% | 16.7 | 41.7 | 29.2 |
| 38 | Kansas City, MO | 1.2% | -2.9% | 9.3 | 46.2 | 27.8 |
| 39 | Los Angeles, CA | 2.1% | -7.4% | 25.9 | 29.2 | 27.6 |
| 40 | Pittsburgh, PA | 1.5% | -4.5% | 14.8 | 40.2 | 27.5 |
| 41 | Riverside, CA | 3.4% | -14.0% | 50.0 | 4.2 | 27.1 |
| 42 | Denver, CO | 1.8% | -7.2% | 20.4 | 29.9 | 25.2 |
| 43 | St. Louis, MO | 1.8% | -7.4% | 20.4 | 29.2 | 24.8 |
| 44 | Atlanta, GA | 2.5% | -11.3% | 33.3 | 14.4 | 23.9 |
| 45 | Virginia Beach, VA | 2.1% | -11.1% | 25.9 | 15.2 | 20.6 |
| 46 | Milwaukee, WI | 1.5% | -8.6% | 14.8 | 24.6 | 19.7 |
| 47 | Oklahoma City, OK | 0.9% | -6.4% | 3.7 | 33.0 | 18.4 |
| 48 | Detroit, MI | 1.0% | -11.8% | 5.6 | 12.5 | 9.1 |
| 49 | Buffalo, NY | 1.3% | -13.5% | 11.1 | 6.1 | 8.6 |
| 50 | Memphis, TN | 0.7% | -15.1% | 0.0 | 0.0 | 0.0 |
Tips for entrepreneurs looking to launch or expand
If you’re thinking about starting or growing a business, these rankings can help you identify metros with strong economic momentum — but don’t stop there. Consider the following before making a move:
- Look beyond population growth. Fast-growing metros like Austin, Raleigh and Seattle are attracting people and businesses, but they may also come with higher commercial rents, tighter labor markets and more competition. It’s important to balance growth potential against your operating costs.
- Follow the business climate. Strong gains in new business applications and GDP can signal expanding local economies and greater customer demand. Research industry trends in your target market before committing.
- Plan your financing early. Whether you’re launching a startup or expanding an existing business, securing funding before you need it can give you more flexibility. Compare financing options, including SBA loans, business lines of credit and working capital loans, to find the right fit for your goals.
- Estimate your borrowing costs. Before taking on debt, calculate how a loan payment will fit into your budget and cash flow. Using a loan payment calculator and guides can help you compare financing options.
- Think long term. Today’s boomtowns may offer strong opportunities, but sustainable success also depends on factors like your customer base, workforce availability, local regulations and quality of life. Evaluate the full business environment before deciding where to invest.
Methodology
LendingTree analysts ranked and scored the 50 largest metros across eight unique metrics. The eight metrics were grouped into three categories, which were scored according to their equally weighted component metric scores. These three category scores were then averaged (equal weight) for the final score for each metro.
The categories and component metrics are:
People and housing
- The population growth between 2023 and 2024. (U.S. Census Bureau 2023 and 2024 American Community Survey — ACS — one-year estimates.)
- The combined percentage of the population that moved from another county, state or country in 2023 and 2024. Some metros span multiple counties and states. (U.S. Census Bureau 2023 and 2024 ACS one-year estimates.)
- The change in the number of housing units between 2023 and 2024. (U.S. Census Bureau 2023 and 2024 ACS one-year estimates.)
Work and earnings
- The change in the number of people in the labor force between 2023 and 2024. (U.S. Census Bureau 2023 and 2024 ACS one-year estimates.)
- The change in the unemployment rate between annual averages for 2023 and 2024. (U.S. Bureau of Labor Statistics — BLS — Local Area Unemployment Statistics — LAUS.)
- The change in median earnings between 2023 and 2024. (U.S. Census Bureau 2023 and 2024 ACS one-year estimates.)
Business and economy
- The change in real GDP between 2023 and 2024. (U.S. Bureau of Economic Analysis — BEA. The county-level GDP was aggregated to metropolitan statistical areas using the BLS county-to-MSA crosswalk.)
- The change in employer identification number (EIN) applications between 2023 and 2024. (U.S. Census Bureau Business Formation Statistics Annual County Data. This is aggregated to metropolitan statistical areas using the BLS county-to-MSA crosswalk.)
Each metric was scored according to its distance from the lowest and highest values, with the highest value earning a score of 100 and the lowest a score of zero. These were then averaged at the category level, and that value was also scored according to its distance from the lowest and highest values, with the highest earning a score of 100 and the lowest a score of zero.
These categorical scores were then averaged for the final scores. The highest possible score was 100, and the lowest possible score was zero.
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