Three Charleston-area cities named among top 10 U.S. boomtowns

Three cities in the Charleston metro area climbed their way to the top 10 in a list of boomtowns across the country according to a SmartAsset study. Mt. Pleasant, ranked third, with Charleston itself taking eighth and North Charleston ranking ninth.

This analysis and report was used to determine which cities are contributing more heavily than others to the countries recent economic strength and record-low unemployment rates.

The Charleston-area locales stood out among the 500 analyzed cities nationwide thanks to their low unemployment rates and high growth rates in local businesses and housing. But, there were far more factors taken into account when it came to the rankings — seven, in fact.

“Boomtowns, characterized by prosperity and robust development, are often desirable places to put down roots and take out a mortgage,” reads the SmartAsset report. “Economic growth provides employment opportunities and draws new residents. Some places, however, are growing faster than others.”

The metrics looked at to determine this overall boom were population change, unemployment rate, change in unemployment rate, GDP growth rate, business growth, housing growth, and change in household income.

Mount Pleasant ranks within the top 25 percent of the study for all metrics, putting it at No. 3, just below Longmont, Colo. and Denton, Texas, ranked first and second respectively. The town is 20th overall and second-highest in the top 10 for its five-year population growth of 14.85 percent.

Charleston proper sits comfortably in the top fifth of the study for all metrics but one — five-year change in household income. The city has a top-50 rate for housing growth, as well as top-40 rate for establishment growth from 2012 through 2016, and its unemployment rate is the fifth-lowest in the top 10.

Coming just behind Charleston is its northern neighbor. At ninth overall, North Charleston ranks in the top 25 percent of the study for all but one of the metrics as well. The city ranks 35th for its five-year establishment growth rate, about 12 percent from 2012 through 2016.

South Carolina wasn’t the only state dominating the top 10 list. Texas and Colorado each had three cities represented at the top as well. This left the last spot on the list, the No. 4 spot, to Miami, Fla., right below Mount Pleasant.

On the opposite end of that spectrum, no Midwestern or Northeastern cities graced even the top 50. These cities at the high-end of the study were held exclusively by Southern and Western states, according to Census regional divisions. Boston, Mass. was the first Northeastern city to make an appearance, coming in at No. 55, and the Midwest doesn’t show up until 80th place, with Carmel, Indiana.

The Numbers