US - Business is booming in these 9 southern cities


In several cities around the US, in contrast to the national trend for stagnating worker wages, incomes are on the rise, CNBC reports.

Personal finance website GOBankingRates analysed 347 US cities with populations of less than 500,000, to find areas experiencing population growth, economic prosperity and rising incomes. The site reportedly examined five-year data on population, housing, GDP and per capita income from the U.S. Census Bureau’s 2017 American Community and the Bureau of Economic Analysis to locate its ‘boomtowns’ or cities meeting all the qualifying criteria.

The American South was a stand out region. Nine of the top 30 spots were located there, including Naples, Florida, which came in at number 1.

GOBankingRates assessed these areas as good alternatives for people looking to avoid more expensive cities like New York or San Francisco because the southern cities “...offer incentives, such as a more affordable cost-of-living or a higher paycheck - or both,” GOBankingRates said.

The 9 southern cities enjoying both an economic boom and rising salaries are:

9. Richmond, Virginia
Personal income growth from 2012 to 2017 was 15 per cent
Population growth from 2012 to 2017 was 7.6 per cent

The GDP increase from 2012 to 2017 was 22.4 per cent

8. Port St. Lucie, Florida
Personal income growth from 2012 to 2017 was 18 per cent
Population growth from 2012 to 2017 was 9.2 per cent

The GDP increase from 2012 to 2017 was 21.1 per cent

7. Durham, North Carolina
Personal income growth from 2012 to 2017 was 15.8 per cent
Population growth from 2012 to 2017 was 11.9 per cent

The GDP increase from 2012 to 2017 was 14.8 per cent

6. Charlottesville, Virginia
Personal income growth from 2012 to 2017 was 17.9 per cent
Population growth from 2012 to 2017 was 7.6 per cent

The GDP increase from 2012 to 2017 was 22.4 per cent

5. Miami, Florida
Personal income growth from 2012 to 2017 was 17.7 per cent
Population growth from 2012 to 2017 was 10.2 per cent

The GDP increase from 2012 to 2017 was 29.4 per cent

4. Raleigh, North Carolina
Personal income growth from 2012 to 2017 was 15 per cent
Population growth from 2012 to 2017 was 11 per cent

The GDP increase from 2012 to 2017 was 33 per cent

3. Fayetteville, Arkansas
Personal income growth from 2012 to 2017 was 23.4 per cent
Population growth from 2012 to 2017 was 10.4 per cent

The GDP increase from 2012 to 2017 was 37.6 per cent

2. Sebastian, Florida
Personal income growth from 2012 to 2017 was 20.9 per cent
Population growth from 2012 to 2017 was 9.3 per cent

The GDP increase from 2012 to 2017 was 23.5 per cent

1. Naples, Florida
Personal income growth from 2012 to 2017 was 22.8 per cent
Population growth from 2012 to 2017 was 6.8 per cent

The GDP increase from 2012 to 2017 was 34 per cent

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