Colorado is a fast-growing state, especially when it comes to its largest cities. According to WalletHub’s new report, Denver is one of the fastest growing cities in the country this year. Denver cracked the top ten this year, coming in at number four in the entire country. This ranking confirms what we all know about Denver: people across the country, and indeed all over the world, are falling in love with Denver.
The Washington, D.C. based website compared over 500 cities dividing them into three categories: large cities (with a population more than 300,000 people), mid-sized cities (with 100,000 to 300,000 residents) and small cities (with a population fewer than 100,000 people).
How Does WalletHub Determine the Fastest-Growing Cities?
WalletHub has its own formula for determining a city’s growth rate. There are too many factors at play for any one news outlet to determine a city’s growth. In fact, the way that each outlet defines growth changes its methods of measuring that rate.
The metrics used to assign ranks for WalletHub’s can be divided into two main categories:
– Sociodemographics, that includes population growth, as well as college-educated population growth and working-age population growth.
– Jobs and economy, that includes unemployment and poverty rate decrease, household income growth, job growth, growth in regional GDP per capita, increase in the ratio of part-time and full-time jobs, increase in a number of startups and businesses, median house price growth, foreclosure rate decrease and increase in venture capital investment.
Denver has ranked fourth among large cities, followed by another Colorado city, Aurora, that has come in fifth. Other cities in the top ten include Seattle, Bend, and Miami. A lot of the list contains important tech cities and their surrounding areas. After all, many people move to these cities to get closer to the important jobs that exist in these cities. Hopefully, the tech sector will help these cities support their employee populations.