According to a new study, Frisco was among the top 10 fastest-growing cities in the U.S., while Sugar Land, College Station, McKinney, Round Rock, and Midland ranked in the top 20.
“Frisco tops the other cities in terms of population growth, working-age population growth, and job growth,” said Jill Gonzalez, an analyst with Wallet Hub. “This is why the city is second in terms of sociodemographic growth.”
The WalletHub study found that Frisco scored the highest in job growth at 6.74% and in the increase of the working-age population at 7.03%. Frisco is adjacent to Plano and about 30 minutes from Dallas proper.
“The fact that six of the 49 Texas cities included in the report rank in the top 20, and a total of 30 of these 49 cities rank in the top half, indicate that Texas is among the states that are developing at a fast pace, both from an economical and a sociodemographic standpoint,” Gonzalez told Dallas Express.
All six Texas cities experienced a 6.59% growth in population.
“When a city is growing fast, its economy should also grow significantly,” Gonzalez said in an interview. “Basically, a city’s growth has a positive impact on the economy because it comes with growth in the labor market, in the number of businesses, and in the income of households.”
McKinney’s rise is fueled chiefly by its 5% population growth, 5.42% working-age population growth, and 5.6% job growth, according to the study.
McKinney is 30 minutes away from Dallas.
“People who live in one of the fastest-growing cities benefit from having a better quality of life,” Gonzalez said. “This translates into more and better jobs to choose from and higher incomes.”
Adjacent to Houston, Sugar Land’s population and working-age population have grown by 6.57% and 5.83%, respectively, during the past seven years, which are some of the highest percentages nationwide.
“The city offers its growing number of residents plenty of job opportunities and places to live,” Gonzalez said. “The job growth rate here was 6.54%, one of the largest nationwide, and the building permit activity growth was almost 117%.”
College Station is home to Texas A&M University, which could be why the city experienced a 6.24% increase in start-ups. It also has the largest household income increase at 8.67%.
While College Station is nearly two hours away from Austin by car, Round Rock is only a 22-minute drive from the Capitol city.
“Round Rock is growing fast due to the 4% growth in the working-age population and the 4.11% job growth,” Gonzalez said. “Round Rock also registered a 3.81% increase in the number of businesses and a 5% growth in the number of technology companies.”
Finally, the study found that Midland’s growth is primarily due to its 4.4% job growth, 10.28% growth in regional GDP per capita, and 6.88% increase in start-ups.
Midland is part of the Permian Basin area.
“The main indications that a city is growing fast are the level of population growth, the level of job growth, and consequently the growth in GDP,” Gonzalez added.