While the United States economy is not growing well this year, there are places in the country that are well above and well below the national average. Throughout the entire year of 2014, forecasters estimate that financial growth will only be 2 percent. That estimate has recently dropped from an estimate stating a financial growth of some 2.7 percent, according to Yahoo! News on Monday.
In spite of the dreary outlook by forecasters in the field, there are approximately 20 metropolitan areas throughout the nation that are expected to do well. These metropolitan areas are now expected to see growth of more than 4 percent. Additionally, that growth is expected well beyond 2014. In fact, it is expected to continue throughout the decade, until 2020. Jobs are expected to accompany the metropolises financial growth as well.
The good news is expected in the south and west portions of the country. Of 21 metropolitan areas cited as expecting a lead the pack in growth, six of the 21 are in Texas. Four are in Florida. The United States Conference of Mayors (USCM) supports the claim as well, according to the Street publication. The good news from the recent annual meeting of the mayors in Dallas was that by 2016, nearly three-quarters of all metros throughout the nation will have unemployment rates below the six percent mark.
As for Texas and Florida, they have positives that are not found elsewhere in the country. For example, Taxes and Florida both have low tax rates. While Texas has benefited from the United States energy and fracking boom, Florida has found great investments in the tourism industry.
City-by-city, here are the lists of the fastest-growing cities and metropolitan areas for finance in the United States. Texas and Florida each has two of its cities listed in the top 10. The slowest-growing cities and metropolitan areas for finance in the United States follow the fastest-growing list.
The 10 Cities with the Fastest-Growing Economies in the US
- Midland, Texas
- Greeley, Colorado
- St. George, Utah
- Provo-Orem, Utah
- Naples-Marco Island, Florida
- Austin-Round Rock-San Marcos, Texas
- Raleigh-Cary, North Carolina
- Laredo, Texas
- Palm Coast, Florida
- Fayetteville-Springdale-Rogers, Arkansas-Missouri
The 10 Cities with the Slowest-Growing Economies in the US
- Binghampton, New York
- Utica-Rome, New York
- Pine Bluff, Arkansas
- Johnstown, Pennsylvania
- Atlantic City-Hammonton, New Jersey
- Danville, Virginia
- Beaumont-Port Arthur, Texas
- Kingston, New York
- Elmira, New York
- Buffalo-Niagara Falls, New York
As one can see, New York gets hit hard, economically. It has several of its metropolises listed in the 10 slowest-growing economies in the country, including the top 2. Nearby, New Jersey made the list as well.