According to a new study by Oxford Economics, even with a large portion of the United States’ economy heavily clustered within the 10 largest cities, nearly two thirds of total output comes from medium to small sized cities and metro areas.
It appears the main catalyst for this is that retirees and young families are fleeing the larger cities in an attempt to escape the higher cost of living. This is resulting in the promotion and support of population-driven industries such as construction, healthcare and real estate. In addition, a lot of the cities that are seeing growth have been able to lock in on a specific industry such as renewable energy or recreation vehicle manufacturing to help grow the local economy. Currently, small town rock stars are scattered across the country in TX, UT, ID, and IN to name a few.
Now, although growth among smaller cities seems to be on the rise, a number of Midwestern markets are feeling the sting of automation and de-industrialization. For those markets that are more reliant on a weaker industry base such as agriculture or textiles, it is projected that they may become under performers in the coming years. For more information, please visit oxfordeconomics.com.
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