Cities Best Positioned for Economic Advancement in the New Decade
With the new decade upon us, LendEDU has analyzed trends in America's largest cities to see which are best positioned for economic booms in the next 10 years.
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By LendEDU
1. San Diego
The San Diego skyline.
- Percentage of 18-24 Year-Old Population With At Least an Associate’s Degree: 47.10% (Rank: 151)
- Net Business Openings: 1,424 (Rank: 84)
- Net Population Change: 248,105 (Rank: 23)
- Percent Change in Income: 5.70% (Rank: 46)
- Number of Residential Building Permits: 9,834 (Rank: 29)
- Percent Change in Employment to Population Ratio: 1.60% (Rank: 39)
- Percent Change in Unemployment Rate: -2.40% (Rank: 95)
2. Reno, Nevada
A sign at the entrance to Reno.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 49.30% (Rank: 111)
- Net Business Openings: 226 (Rank: 84)
- Net Population Change: 44,325 (Rank: 75)
- Percent Change in Income: 6.30% (Rank: 24)
- Number of Residential Building Permits: 4,450 (Rank: 58)
- Percent Change in Employment to Population Ratio: 1.70% (Rank: 25)
- Percent Change in Unemployment Rate: -3.40% (Rank: 32)
3. Los Angeles
Downtown Los Angeles at sunset.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 49.70% (Rank: 102)
- Net Business Openings: 6,325 (Rank: 1)
- Net Population Change: 462,540 (Rank: 8)
- Percent Change in Income: 5.40% (Rank: 65)
- Number of Residential Building Permits: 29,524 (Rank: 7)
- Percent Change in Employment to Population Ratio: 1.20% (Rank: 85)
- Percent Change in Unemployment Rate: -2.10% (Rank: 144)
4. San Francisco
San Francisco and the Bay Bridge.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 46.70% (Rank: 159)
- Net Business Openings: 1,931 (Rank: 15)
- Net Population Change: 393,897 (Rank: 13)
- Percent Change in Income: 7.30% (Rank: 7)
- Number of Residential Building Permits: 17,421 (Rank: 18)
- Percent Change in Employment to Population Ratio: 1.40% (Rank: 54)
- Percent Change in Unemployment Rate: -2.00% (Rank: 156)
5. Miami
The Miami skyline.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 46.30% (Rank: 169)
- Net Business Openings: 3,730 (Rank: 4)
- Net Population Change: 632,488 (Rank: 5)
- Percent Change in Income: 5.20% (Rank: 82)
- Number of Residential Building Permits: 19,553 (Rank: 13)
- Percent Change in Employment to Population Ratio: 1.20% (Rank: 72)
- Percent Change in Unemployment Rate: -2.50% (Rank: 86)
6. San Jose, California
San Jose as seen from the freeway.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 45.80% (Rank: 178)
- Net Business Openings: 627 (Rank: 38)
- Net Population Change: 162,170 (Rank: 28)
- Percent Change in Income: 7.60% (Rank: 4)
- Number of Residential Building Permits: 8,744 (Rank: 36)
- Percent Change in Employment to Population Ratio: 1.50% (Rank: 41)
- Percent Change in Unemployment Rate: -1.90% (Rank: 172)
7. Stockton, California
The Stockton waterfront.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 44.90% (Rank: 198)
- Net Business Openings: 189 (Rank: 95)
- Net Population Change: 67,354 (Rank: 55)
- Percent Change in Income: 6.10% (Rank: 28)
- Number of Residential Building Permits: 3,280 (Rank: 75)
- Percent Change in Employment to Population Ratio: 1.50% (Rank: 41)
- Percent Change in Unemployment Rate: -3.90% (Rank: 22)
8. Charleston, South Carolina
The Charleston French Quarter.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 46.50% (Rank: 163)
- Net Business Openings: 669 (Rank: 36)
- Net Population Change: 123,004 (Rank: 35)
- Percent Change in Income: 4.50% (Rank: 182)
- Number of Residential Building Permits: 7,002 (Rank: 41)
- Percent Change in Employment to Population Ratio: 1.40% (Rank: 54)
- Percent Change in Unemployment Rate: -3.40% (Rank: 32)
9. Fresno, California
The downtown Fresno skyline.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 49.50% (Rank: 109)
- Net Business Openings: 158 (Rank: 106)
- Net Population Change: 63,904 (Rank: 57)
- Percent Change in Income: 4.70% (Rank: 144)
- Number of Residential Building Permits: 2,929 (Rank: 87)
- Percent Change in Employment to Population Ratio: 1.50% (Rank: 41)
- Percent Change in Unemployment Rate: -4.40% (Rank: 11)
10. Orlando, Florida
Cinderella's Castle at Walt Disney World near Orlando.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 50.70% (Rank: 88)
- Net Business Openings: 2,060 (Rank: 12)
- Net Population Change: 438,560 (Rank: 10)
- Percent Change in Income: 4.20% (Rank: 243)
- Number of Residential Building Permits: 28,882 (Rank: 8)
- Percent Change in Employment to Population Ratio: 1.00% (Rank: 108)
- Percent Change in Unemployment Rate: -2.50% (Rank: 89)
11. Portland, Oregon
The landmark Portland sign.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 45.10% (Rank: 194)
- Net Business Openings: 1,490 (Rank: 20)
- Net Population Change: 252,814 (Rank: 22)
- Percent Change in Income: 5.50% (Rank: 59)
- Number of Residential Building Permits: 14,180 (Rank: 23)
- Percent Change in Employment to Population Ratio: 1.50% (Rank: 41)
- Percent Change in Unemployment Rate: -1.70% (Rank: 209)
12. Atlanta
The downtown Atlanta skyline.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 42.40% (Rank: 259)
- Net Business Openings: 3,029 (Rank: 6)
- Net Population Change: 663,201 (Rank: 4)
- Percent Change in Income: 4.40% (Rank: 204)
- Number of Residential Building Permits: 39,441 (Rank: 4)
- Percent Change in Employment to Population Ratio: 1.50% (Rank: 41)
- Percent Change in Unemployment Rate: -2.80% (Rank: 63)
13. Provo, Utah
Provo, Utah, and the nearby snowcapped mountains.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 59.30% (Rank: 35)
- Net Business Openings: 382 (Rank: 53)
- Net Population Change: 106,883 (Rank: 38)
- Percent Change in Income: 5.20% (Rank: 82)
- Number of Residential Building Permits: 6,841 (Rank: 42)
- Percent Change in Employment to Population Ratio: 1.00% (Rank: 107)
- Percent Change in Unemployment Rate: -1.60% (Rank: 234)
14. Sacramento, California
The California Capitol in Sacramento.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 49.60% (Rank: 106)
- Net Business Openings: 1,149 (Rank: 27)
- Net Population Change: 196,059 (Rank: 26)
- Percent Change in Income: 4.20% (Rank: 243)
- Number of Residential Building Permits: 7,873 (Rank: 37)
- Percent Change in Employment to Population Ratio: 1.10% (Rank: 92)
- Percent Change in Unemployment Rate: -2.80% (Rank: 63)
15. Riverside, California
Downtown Riverside in the evening.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 44.10% (Rank: 220)
- Net Business Openings: 1,388 (Rank: 22)
- Net Population Change: 397,395 (Rank: 12)
- Percent Change in Income: 4.30% (Rank: 223)
- Number of Residential Building Permits: 14,809 (Rank: 21)
- Percent Change in Employment to Population Ratio: 1.50% (Rank: 41)
- Percent Change in Unemployment Rate: -2.90% (Rank: 62)
16. Austin, Texas
The Austin skyline at sunrise.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 50.00% (Rank: 98)
- Net Business Openings: 1,881 (Rank: 17)
- Net Population Change: 451,995 (Rank: 9)
- Percent Change in Income: 5.80% (Rank: 42)
- Number of Residential Building Permits: 30,035 (Rank: 6)
- Percent Change in Employment to Population Ratio: 1.10% (Rank: 90)
- Percent Change in Unemployment Rate: -0.80% (Rank: 355)
17. Savannah, Georgia
The iconic Forsyth Park Fountain in Savannah.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 45.10% (Rank: 194)
- Net Business Openings: 144 (Rank: 111)
- Net Population Change: 41,896 (Rank: 79)
- Percent Change in Income: 5.30% (Rank: 72)
- Number of Residential Building Permits: 3,158 (Rank: 79)
- Percent Change in Employment to Population Ratio: 1.80% (Rank: 20)
- Percent Change in Unemployment Rate: -2.80% (Rank: 63)
18. Raleigh, North Carolina
The downtown skyline in Raleigh.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 45.70% (Rank: 181)
- Net Business Openings: 922 (Rank: 30)
- Net Population Change: 232,052 (Rank: 24)
- Percent Change in Income: 5.40% (Rank: 65)
- Number of Residential Building Permits: 15,950 (Rank: 19)
- Percent Change in Employment to Population Ratio: 1.20% (Rank: 89)
- Percent Change in Unemployment Rate: -1.70% (Rank: 219)
19. Chicago
The landmark Chicago Theatre in Chicago.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 43.40% (Rank: 237)
- Net Business Openings: 2,760 (Rank: 8)
- Net Population Change: 37,177 (Rank: 86)
- Percent Change in Income: 5.30% (Rank: 72)
- Number of Residential Building Permits: 17,681 (Rank: 16)
- Percent Change in Employment to Population Ratio: 0.90% (Rank: 127)
- Percent Change in Unemployment Rate: -2.40% (Rank: 95)
20. Seattle
Seattle at sunset.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 41.50% (Rank: 276)
- Net Business Openings: 1,713 (Rank: 18)
- Net Population Change: 499,558 (Rank: 7)
- Percent Change in Income: 6.70% (Rank: 14)
- Number of Residential Building Permits: 28,186 (Rank: 9)
- Percent Change in Employment to Population Ratio: 1.20% (Rank: 72)
- Percent Change in Unemployment Rate: -1.50% (Rank: 247)
21. Charlotte, North Carolina
Downtown Charlotte.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 44.20% (Rank: 216)
- Net Business Openings: 1,674 (Rank: 19)
- Net Population Change: 352,216 (Rank: 17)
- Percent Change in Income: 4.30% (Rank: 223)
- Number of Residential Building Permits: 26,209 (Rank: 10)
- Percent Change in Employment to Population Ratio: 1.40% (Rank: 54)
- Percent Change in Unemployment Rate: -2.30% (Rank: 109)
22. Santa Rosa, California
A vineyard outside Santa Rosa, California.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 51.10% (Rank: 86)
- Net Business Openings: 112 (Rank: 129)
- Net Population Change: 16,074 (Rank: 166)
- Percent Change in Income: 7.20% (Rank: 9)
- Number of Residential Building Permits: 3,279 (Rank: 76)
- Percent Change in Employment to Population Ratio: 1.20% (Rank: 72)
- Percent Change in Unemployment Rate: -2.20% (Rank: 121)
23. St. George, Utah
A woman gets a view of St. George from atop the Sugarloaf rock formation.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 53.20% (Rank: 65)
- Net Business Openings: 190 (Rank: 94)
- Net Population Change: 33,585 (Rank: 97)
- Percent Change in Income: 5.50% (Rank: 59)
- Number of Residential Building Permits: 2,889 (Rank: 88)
- Percent Change in Employment to Population Ratio: 1.10% (Rank: 92)
- Percent Change in Unemployment Rate: -2.00% (Rank: 167)
24. Cape Coral, Florida
View of Cape Coral from the beach.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 40.30% (Rank: 302)
- Net Business Openings: 574 (Rank: 39)
- Net Population Change: 135,856 (Rank: 31)
- Percent Change in Income: 4.90% (Rank: 114)
- Number of Residential Building Permits: 9,721 (Rank: 30)
- Percent Change in Employment to Population Ratio: 1.40% (Rank: 54)
- Percent Change in Unemployment Rate: -2.40% (Rank: 95)
25. Boston
The Boston skyline over Boston Common.
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: 43.10% (Rank: 244)
- Net Business Openings: 2,301 (Rank: 10)
- Net Population Change: 322,792 (Rank: 18)
- Percent Change in Income: 5.20% (Rank: 82)
- Number of Residential Building Permits: 14,183 (Rank: 22)
- Percent Change in Employment to Population Ratio: 0.90% (Rank: 141)
- Percent Change in Unemployment Rate: –2.00% (Rank: 156)
Complete Rankings —————--
Methodology
The data utilized to develop this report came from two data sources: the U.S. Census Bureau and the Bureau of Labor Statistics. Every data point other than unemployment rate statistics came from the former, while that one came from the latter.
In total, 380 of the largest metropolitan areas in the United States had data for each data point and were analyzed for the report’s rankings. For two data points, the percent change in the employment-to-population ratio and the percent change in unemployment rate, multiple years had to be individually pulled to complete the final calculation that was used in this report. Almost all of the data that came from the U.S. Census Bureau was pulled from the American Community Survey.
The following data points were used to evaluate each city:
- Percentage of 18-24 Year Old Population With At Least an Associate’s Degree: The percentage of a city’s 18 to 24 year-old population that holds at least an Associate’s Degree (Source: U.S. Census Bureau; seen in table as “% of Pop. 18-24 Yrs. W/ Min, of Assoc. Degree”).
- Net Business Openings: The net amount of businesses that have opened in each city from 2015 to 2016. Closed businesses were subtracted from opened businesses during that time (Source: U.S. Census Bureau; seen in table as “Net Business Openings (’15-’16)”).
- Net Population Change: The net population change in each city from 2010 to 2018. People leaving each city and mortality statistics were subtracted from people moving into each city and birth statistics during that time (Source: U.S. Census Bureau; seen in table as “Net Population Change (’10-’18)”).
- Percent Change in Income: The percent change in average income in each city from 2017 to 2018 (Source: U.S. Census Bureau; seen in table as “% Change in Income (’17-’18)”).
- Number of Residential Building Permits: The number of residential building permits in each city in 2018 (Source: U.S. Census Bureau; seen in table as “# of Res. Building Permits in 2018”).
- Percent Change in Employment to Population Ratio: The percent change in the employment to population ratio in each city from 2015 to 2017 (Source: U.S. Census Bureau; seen in table as “% Change in Employment to Pop. Ratio (’15-’17)”).
- Percent Change in Unemployment Rate: The percent change in the unemployment rate in each city form 2015 to 2019 (Source: Bureau of Labor Statistics; seen in table as “% Change in Unemployment Rate (’15-’19)”).
To complete the rankings, each individual city was ranked among its peers for each individual data point. After that was completed, each city’s respective rankings for each of the six data points were averaged together to formulate an overall ranking for each city.
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