Five of the Fastest Growing Cities in New York in 2016

It is true that five of the United States’ eleven fastest growing cities are in Texas, and the southern states seem to be doing best when it comes to growth. However, this doesn’t mean that the old northern powerhouse states should be completely discounted. They are still investing in themselves and continuing to see growth. New York State is a great example of this, and as you will see in the list, even well-established cities, like New York City itself, are doing really well when it comes to growth. New York City remains the most populous city in the United States with a population of almost 9 million.

The criteria included in deciding which are the fastest growing cities of the year in New York state were set by analysts at Wallethub and included: population growth, economic growth, job growth, unemployment rate decrease, increase in venture capital investment, poverty rate decrease, household income growth, increase in number of businesses, growth in house prices, increase in the ratio of full time to part time jobs and growth in regional GDP per capita. It is important to not just take into account population growth as it might not be sustainable. It is much better to look at the overall picture and make a judgement based on the ability of these cities to keep the people who have initially moved there. 100 is the maximum score.

5. Syracuse – 36.64

Syracuse is located in the center of the state in the county of Onondaga. It is an economic and educational hub which has helped to feed its growth over the past few years. It is a particularly popular place for businesses to hold their conventions. It is located at the intersection of the Interstates 81 and 90 and its airport is the largest in the region which all helps to boost growth prospects. In 2010 it was named by Forbes as the fourth best place in the US to raise a family.

The economy has faced problems in recent decades has industry went into decline but a boost in services and education have renewed the town. The top employers are primarily educational or from the services. Syracuse University is growing rapidly and provides lots of jobs. Most people work for small employers and have stable jobs. There are several active business districts in the city, including the Downtown area, Eastwood, Little Italy, University Hill and Westcott. Tom Cruise was born in Syracuse.

4. Albany – 37.49

Albany is the state capital of New York and is located in Albany County. Lots of big companies choose to have their headquarters in Albany, including American Express, Merrill Lynch, J P Morgan, Goldman Sachs, Key Bank and General Electric. It is little wonder therefore why it continues to prosper. It was the first European settlement in the state, with Dutch colonists building Fort Nassau in 1614. Recently, the city has experienced further growth thanks to the high tech industry and is furthering research into nanotechnology.

The economy is largely dependent on government, education, health and technology although the siting of key businesses in the city also means that there is a good deal of business growth and various supporting sectors. More than 25% of the population work in government related roles. It generally copes well compared to other cities when it comes to recessions. Indeed, Albany has the lowest unemployment rate of any city in New York and has managed to weather almost every economic recession. The city is part of the renowned ‘Tech Valley’ which has been coined to promote the region as the ‘Silicon Valley’ of the east.

3. Cheektowaga – 38.85

Cheektowaga is located in Erie County and is usually regarded as a suburb of Buffalo, even though it is an incorporated city in its own right and has been since 1839. Its name comes from the Seneca people, who first settled the area. Chictawauga means ‘land of the crabapples’ in the Seneca language. It has good road links, which have helped to feed the growth.

2. New York City – 38.89

As the most populous city in the entire United States, New York continues to grow. It seems unstoppable. The city lives at an incredibly fast pace and its economy is diverse with commerce, finance, media, art, fashion, research, technology, entertainment and education all playing a part. The United Nations is located in New York and it is an important financial center. The port of New York and New Jersey, located in the city, is also a major economic pull for the economy and continues to grow. The city attracts lots of foreign money, with one in ten private sector jobs coming from a foreign company. The opportunities are huge and so it is no wonder why people flock here to make their fortune.

1. New Rochelle – 42.87

Located in Westchester County in the southeastern part of the state, New Rochelle is the fastest growing city in the state and one of the best places to bring up children, according to the magazine Business Week. The city authorities are investing heavily in the place and the planning board approved $149 million in development in 2014, to three major parts of the city. These include restaurants, hotels, entertainment and commercial ventures, theaters and a mixed use waterfront area which is expected to give the place an even greater boost. New Rochelle is commonly referred to as the Home Town because it has a significant amount of family residential development within it.

There are of course tower blocks, commercial centers, medical centers and two college campuses, but it is mostly residential. It is a very expensive place to lives and was named by Forbes as within the 500 most expensive zip codes in the United States. An average house price was $752,000 in 2006. It is even more now. The city is home to a wide variety of different industries including film studios, drinks companies and electronics companies. Manufacturing went into decline in the 1990s and industrial land has mostly converted to commercial. New Rochelle is home to Blimpies, the East River Savings Bank and Sidney Frank Importing.