Cary is No. 1 on a financial technology company’s list of U.S. boomtowns, and Raleigh is in the top 10.
The New York City-based company SmartAsset named Cary and Raleigh to its list of places experiencing rapid population and economic growth.
SmartAsset looked at data generated by the federal government from 572 of the largest U.S. cities to find the nation’s fastest-growing communities, according to SmartAsset’s Amanda Dixon, who compiled the list. The company analyzed economic metrics including each city’s unemployment rate, population growth and housing growth rate.
In addition to Cary and Raleigh, cities in Texas, Colorado, Utah, Oregon and Florida also made the list.
Never miss a local story.
SmartAsset chose Cary as the top performer, in part, because it had 9.1 percent growth in the number of housing units between 2014 and 2015 — one of the highest rates in SmartAsset’s analysis, Dixon said.
“While it’s smaller than most of its neighbors, Cary is becoming a force to be reckoned with,” Dixon said.
Cary and Raleigh are part of the same metropolitan statistical area, which also includes Johnston and Franklin counties as well as Wake. Durham and Chapel Hill are part of a separate statistical area that also includes Chatham and Person counties.
The Raleigh-Cary metropolitan area has more than 1.2 million residents, SmartAsset said.
Because Raleigh and Cary are lumped together in some federal data, they shared much of the same data when it came to growth and gross domestic product in SmartAsset’s analysis. However, Raleigh’s housing growth rate of 1.4 percent was much lower than Cary’s 9.1 percent, and that set the two towns apart.
Last year, no North Carolina city made the company’s list, when five of the top 10 were in Texas.
Chris Cioffi: 919-829-4802, @ReporterCioffi