Study: McAllen is booming

McALLEN — The city is listed as one of the top-10 boomtowns in America in a recent study conducted by personal finance site MagnifyMoney.

McAllen’s population is growing, there are plenty of jobs and businesses are prospering, the study released earlier this month found.  

“We wanted to find out where Americans are gathering now to take advantage of growing prosperity and improved lifestyles to achieve the American dream,” the study stated.

And in order to do so, researchers looked at five-year trends for population and housing growth, workforce and earnings, and business growth. They specifically looked at changes happening between 2011 and 2016, the latest year for which data was available.

The most essential component to a boomtown is this: Are people coming, and is the metro growing to keep up?,” the study’s authors said. “To figure that out, we used the Census Bureau’s American Community Survey to measure changes in total population and the number of housing units.”

When all was said and done, McAllen landed in the number ten spot, wedged between Houston, No. 11, and San Antonio, No. 9.

Researchers found people are “flocking to and prospering” in Texas. It’s metros took up one-third of the top 15 spots, with Austin leading the pack at No. 1.

“Austin jumps way out ahead of all the metros we reviewed, showing the greatest five-year growth in population and housing, earning a perfect Population & Housing score of 100,” the study stated.

In McAllen, the population grew by 9 percent over the five-year period, while housing units increased by 6.2 percent.

In order to study the metro’s workforce and earnings, researchers looked at the civilian labor force, the unemployment rate and median earnings for workers.

In McAllen, the labor force grew by 8 percent, while the unemployment rate dropped by nearly 11 percentage points. Meanwhile, the median earnings for workers increased by more than 18 percent.

And as far as business is concerned, the number of establishments grew by 6.5 percent, while the number of paid employees grew by nearly 15 percent.

Nlopez@themonitor.com

1. Austin, Texas

Population and housing score: 100

Workforce and earnings score: 70.3

Business growth score: 93

2. Provo, Utah

Population and housing score: 79.9

Workforce and earnings score: 52.2

Business growth score: 95.1

3. Raleigh, North Carolina

Population and housing score: 84.1

Workforce and earnings score: 48.3

Business growth score: 70.8

4. Charleston, South Carolina

Population and housing score: 66.9

Workforce and earnings score: 60.6

Business growth score: 71.7

5. Nashville, Tennessee

Population and housing score: 54.5

Workforce and earnings score: 54.6

Business growth score: 72.9

6. Denver, Colorado

Population and housing score: 52.2

Workforce and earnings score: 58.3

Business growth score: 65.3

7. Dallas, Texas

Population and housing score: 61.4

Workforce and earnings score: 48.7

Business growth score: 64.4

8. Boise, Idaho

Population and housing score: 53.2

Workforce and earnings score: 47.8

Business growth score: 67

9. San Antonio, Texas

Population and housing score: 57.2

Workforce and earnings score: 45.4

Business growth score: 64.5

10. McAllen, Texas

Population and housing score: 60.3

Workforce and earnings score: 62.2

Business growth score: 44.3

McAllen is the largest city in Hidalgo County, Texas, United States, and the twenty-second most populous city in Texas.

Source: CNBC