I came across this article in the Real Estate Digest (complements of Chicago Title) and found it to be very informative. Here what the article says...Why are certain metropolitan areas able to double and even triple the national population growth rate? After examining the Top 10 Growing Markets in the U.S., NuWire, a market research firm, discovered that each market owed its growth to a different and unique combination of economic factors, but there were similarities common to all.
Job growth was a key factor underlying the population growth of the Top 10 Growing Markets. Retiree and pre-retiree populations made up a significant portion of the growth in most of the markets, while young adults and children were also a substantial part of the growth in some of the markets.
Real estate in the Southwest is booming, with growth in almost every age group. A temperate climate, recreational and entertainment opportunities and an affordable cost of living and housing were advantages common to many of the Top 10 Growing Markets. Some areas experienced more growth in suburbs than in urban centers.
The Top 10 Growing Markets were selected based on the U.S. Census Bureau's population growth statistics for Metropolitian Statistical Areas with populations of at least one million people. The market ranked in order of percentage growth during the period from 2000 to 2006.
The Top 10 Growing Markets were:
- Las Vegas, Nevada
- Phoenix, Arizona
- Riverside, California
- Alanta, Georgia
- Orlando, Florida
- Austin, Texas
- Charlotte, North Carolina
- Houston, Texas
- Dallas, Texas
- Sacramento, California
My take on this article was that the Seattle area might not have the climate but we do have the job growth. Our local population growth might not have been in the top 10 but our real estate market sure didn't get hit like of the above mentioned area's. Maybe population growth at that rate isn't really a good thing for real estate? What is your take?
