For a city to grow into an economic powerhouse, it needs several conducive ingredients to achieve the goal. Many metropolis around the world are unable to achieve this because of exorbitant real estate prices, or over-saturation of the same industry competing for a limited space in the same business that may stymied the process of further growth.
Houston, Texas is just the right city that has been able to achieve the critical mass of economic factors and perpetuate itself into growth. Ranked as the fastest growing city in America by Forbes Magazine for the year 2015, the city has all the rightful ingredients such as sustainable median pay for college graduates, industries and commercial activities that would attract more talents feeding into it like a virtual cycle and the perfect place for investors to pour in their monies for business opportunities.
Known outside the United States as the “space city”, thanks to its long association with aerospace industry, the real economic driving force is the energy industry that has attracted many outside the state to settle in the city after gaining employment. According to Forbes, the oil boom has created about 667,800 new jobs since 2005. The average median pay is around $71,900 per annum for those working in the metro area, making it among the most attractive in America. The Forbes reports further pointed out that in 2015 , the metro area is expected to create 63,000 new jobs. The high proportion of workforce with purchasing power would fuel demand for more services and commercial activities plus housing needs. The mass and chain reaction are there for growth momentum.
For the past 4 years, the population has grown by half a million in the suburbs with about 425,000 new houses being constructed to feed the booming population gravitating into the city’s job market. Of this population in the greater Houston area, half are émigré from outside the city and half are from domicile birth.
The growth rate of 4.5% is the highest in any American city in spite of the oil price bust. This is due to the cushioning factor of its exports. Forbes reported that exports are the main driving force besides oil.
Houston is truly the “star” that has the critical mass to shine as a brighter star in the “Lone Star State” of Texas. Other shining “star” cities in Texas that made it on the list are Austin, in second place behind Houston and Dallas at the third place.
Check out Forbes’ 20 fastest-growing cities in the 2015 report:
4. Raleigh, N.C.
7. San Francisco
8. Fort Worth
10. San Antonio
12. Salt Lake City
14. Cambridge, Mass.
15. Oklahoma City
16. San Diego
17. San Jose, Calif.
18. Las Vegas
19. West Palm Beach, Fla.