Fast Growing U.S. Boomtowns
Some cities are on a boom, with a steady growth increase that is attracting people from worldwide, including investors and businesses. As many municipalities can’t keep up with demand, there is a great need for commercial and residential infrastructures to help support this rapid growth.
The fastest growing U.S. boomtowns include:
- Williston, North Dakota – This small town has experienced an exceptional oil boom, believed to hold in excess of 24 billion barrels. Additionally, the town has seen an increase over the last year of 9.3-percent, which has doubled in the last three years. Experts predict it will double yet again within the next three years, which has led to an increase in developer and investors building commercial and residential areas, as a housing shortage is plaguing this once sleepy area.
- Dickinson, North Dakota – Dickinson has seen residential rent rates double over the last years, with two-bedroom apartments in excess of $1,600 a month. Investors are flocking to this one small town and single-family home construction permits have quadrupled within the last year.
- Andrews, Texas – While this area has been rich in oil production for more than 80 years, with oil prices increasing, this area has seen a growth rate of 20-percent over the last three years.
- Midland, Texas – This area is known for oil executive and white-collar jobs. With a high growth rate and low unemployment rate, this city with a population of 150,000 saw a 4.6-percent growth rate last year.
- Vernal, Utah – As the 11th largest oil production state, Utah is taking advantage of high-energy prices. As Vernal has boosted production, people are flocking to the area for steady work with good benefits. Vernal also boasts one of the largest U.S. natural gas deposits, making it a very popular location for blue-collar work.
- Elk City, Oklahoma – Living up to its reputation as the “Natural Gas Capital of the World,” this town sits amid a massive natural gas reserve. As most of the oil workers live within an 80-mile radius, developers are currently working on 85 new homes, 104 apartments and an additional 40 new homes.
- Elko, Nevada – As gold prices are at an all-time high, Elko is taking advantage of their gold rich mines. They are also currently building a $1 billion molybdenum mine.
- Odessa, Texas – Located 20 miles from Midland, this area has seen 2,500 new businesses and more than 500 new homes over the past three years.
- Casper, Wyoming – This area is rich in oil, coal, gas and uranium. They are also expected to have 2,500 new oil wells within the next few years.
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