Put your hands together for Cary—the growing Triangle suburb just ranked first on SmartAsset’s list of the Top 10 Boomtowns of 2016. This lead position is a big bump from Cary’s seventh place debut on the 2014 list and no-show last year. Raleigh also claimed a place on the annual index report coming in last, but not least, in 10th position. This appointment marks the first time the Capital City has gained “boomtown” recognition by the personal finance tech company.
SmartAsset considered five main factors in the compilation of this year’s report: net migration, house growth rate, unemployment rate, annual change in unemployment rate, and GDP growth rate. Cary’s leading “boomtown” scores included:
- Net Migration Rate: 1.7%
- Housing Growth Rate: 9.1%
- Unemployment Rate: 4.2%
- 2015-2016 Change in Unemployment: -0.7%
- GDP Growth: 7.0%
Raleigh’s results were identical to Cary’s in all categories except for a low Housing Growth Rate score of 1.4%.
According to SmartAsset’s research report:
While it’s smaller than most of its neighbors, Cary is becoming a force to be reckoned with. Its housing growth rate of 9.1% is among the highest rates in our analysis. For years, the presence of strong research institutions has drawn tech companies and entrepreneurs to the region.
The City of Oaks belongs on this list for a couple of different reasons. At 7%, GDP growth in the Raleigh metro is among the highest growth rates in the nation. And as of August 2016, Raleigh’s unemployment rate of 4.2% was relatively low compared to the national and statewide unemployment rates.
“We’ve seen steady growth and development in Cary and much of Western Wake County over the past year,” said David Jones, Coldwell Banker Howard Perry and Walston President and COO. “There was a focus on downtown revitalization projects, park additions, plans for greenway expansions, and significant growth in new construction that gained Cary attention among businesses and homebuyers alike.”
Would you like to get further information about the Town of Cary? We’re happy to help you discover all that the popular Raleigh suburb has to offer. You can also visit our website to see all of the available homes in Cary and the surrounding areas. Start your Western Wake house hunt today!
Image credit: SmartAsset