Study: Booming Miami Among Top 10 U.S. Cities for Growth

Published on January 06, 2020

Miami Shutterstock 01

(Miami, FL January 6, 2020) - Miami closed out 2019 with welcome news, as financial advisory website SmartAsset released a study placing the Magic City fourth among 500 U.S. cities studied for growth. The study measured seven key metrics over a five-year period, including number of jobs created, GDP growth rate, population change and business growth rate. When the analysis was complete, Miami ranked in the top 15% for six of the seven metrics, placing it firmly among America's top "boomtowns", as reported by CNBC.

“Miami continues to exhibit signs of tremendous growth,” said Miami Mayor Francis Suarez. “From our tax base growing by over 10% to new construction swelling by over $3 billion, this study validates our efforts to nurture our continued growth in ways that promote exciting long-term economic opportunities for our residents and elevate our status as a world-class city.”

Using data from 2014 and 2018, SmartAsset's analysis determined that Miami's population grew by 9.43% in that time period, while housing units grew by 10.11% and household income grew by 31% over the same five-year stretch. Data for the study came from the U.S. Census Bureau’s 2014 and 2018 one-year American Community Surveys, the Bureau of Labor Statistics, the U.S. Bureau of Economic Analysis and the U.S. Census Bureau’s County Business Patterns Survey.

"As a City government, we work hard to set the conditions and provide the public services that will allow our community to thrive and grow," said City Manager Emilio T. Gonzalez. "This study is a welcome affirmation that we're accomplishing that goal and helping build a vibrant global city."

For further study analysis from SmartAsset, please click here.