The United States has the largest GDP in the world in nominal terms, and urban areas are a major contributor to the country’s economic might. In fact, metropolitan areas account for roughly 90% of U.S. economic output.
A report from the Kenan Institute, at the University of North Carolina’s Business School, reveals the fastest growing cities in the U.S. in terms of GDP growth year-over-year. Here’s a look at the top 10:
| Rank | City | State | GDP Growth (2022) |
|---|---|---|---|
| #1 | San Francisco/Bay Area | California | 4.8% |
| #2 | Austin | Texas | 4.3% |
| #3 | Seattle | Washington | 3.5% |
| #4 | Raleigh/Durham | North Carolina | 3.4% |
| #5 | Dallas | Texas | 3.1% |
| #6 | Denver | Colorado | 3.0% |
| #7 | Salt Lake City | Utah | 2.8% |
| #8 | Charlotte | North Carolina | 2.5% |
| #9 | New Orleans | Louisiana | 2.4% |
| #10 | Orlando | Florida | 2.4% |
San Francisco, Seattle, and Dallas appear on both the overall GDP size and growth lists. Dallas’ economy is driven in large part by a growing healthcare industry. The city also continues to attract talent being home to large companies AT&T, CBRE Group, and Texas Instruments.
North Carolina is home to two of the fastest growing metropolitan areas, Raleigh-Durham and Charlotte. These cities may be ones to watch as they are becoming hubs of tech, research, and manufacturing. In fact, North Carolina was recently ranked as the most attractive U.S. state to do business in and both cities are among the fastest growing in terms of population.
The economic center of gravity within the U.S. could be shifting away from the traditional centers of power towards booming cities in the South and West of the United States. The Kenan Institute found that the recovery of hospitality and leisure sectors has helped destinations in these regions like New Orleans and Orlando. Additionally, the shift towards high-tech industry jobs, remote work, and cheaper housing have made these cities very attractive.
Source: www.visualcapitalist.com
