Some U.S. cities are already very well developed, the financial situation is to brag about, the unemployment rates are low, the crime rates as well, the citizens are productive, theatres and museums are visited regularly, and so on…
However, there are cities that are yet to come to that stage of development and have lots of work to do in order to establish themselves as well-organized cities.
From population growth, to the rates of crime and unemployment and several other factors, and based on Forbes’ report from this year, we have listed several U.S. cities with the most developing potential:
1. Houston, Texas
Houston is making changes towards creating a better future for its residents. According to the predictions, there will be 62,900 job positions opened by the end of the year which will significantly decrease the unemployment rate. Things will probably not improve to that extent, but even some improvement is great compared to the situation from the previous couple of years.
Exports are also supposed to grow, but it is doubtful if this is going to happen, considering that compared to last year exports via Houston-Galveston Custom District slipped 13.1%. However, this city has improved when it comes to economy, crime and unemployment rates more than most U.S. cities, and things will only continue to change for the better. The population has been steadily growing and the unemployment rate is currently below 5 percent.
2. New Orleans, Louisiana
New Orleans has recently been ranked by Forbes magazine as one of the fastest growing cities in the U.S. since 2007. This is a great comeback for this city, considering that it has lost around 500 thousand residents due to Hurricane Katrina in 2005.
In the last five years, this city has grown population-wise by 28%, which makes around 80% of the population this city used to have before the hurricane. New Orleans is growing economically and, as the president and CEO of the economic development group Greater New Orleans, Inc, Michael Hecht explains “Insuring that our schools continue to improve, addressing the crime issue, these are going to be fundamental to ensuring that we grow not only at the top and bottom end of the demographic spectrum, but also in the middle”.
According to predictions, this city will also see an improvement when it comes to job opportunities and salaries, which will also lead to population growth, as people will come here to find work.
3. Charlotte, North Carolina
Charlotte has recently seen a population growth of almost 2 percent, and there are now around 40,368 new residents that came here because of all the improvements this city has made. New job positions are being opened and the financial situation in Charlotte is continuing to improve.
According to John Connaughton, Babson Capital Professor of Financial Economics at UNC North Carolina Charlotte, many of the workers at the big banks started opening their own companies and employing more people, which has been significantly decreasing the unemployment rate. And with the growth of employment opportunities and the change in the city’s financial situation, crime rates have also been dropping recently. This city has a lot more to do in order to become fully developed, but it is certainly on the right path.
4. Austin, Texas
Forbes magazine has predicted an economic growth rate for Austin which, if everything goes according to plan, will be 6.1 percent by 2016. The population is also supposed to grow by 2.8 percent which will be doable if the economic situation improves and new jobs open and attract new residents to this city.
According to the most recent data released by Census, Austin is possibly the fastest growing city in the U.S. with a current population of 1 million. With the overall quality of life improving for its citizens, we can boldly say that Austin is one of the U.S. cities with the greatest potential for developing.