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While most economists agree that the U.S. economy is improving, not every city is gaining in strength and viability. In a newly WalletHub analysis dubbed “2016’s Fastest Growing Cities,” it appears that the metro areas responding best to the current economic environment can be found (clap, clap, clap, clap) deep in the heart of Texas.
In a data crunch of 515 cities weighing 14 metrics including job and population growth, WalletHub ranked five Texas cities in its top 10, with Frisco and League City in the first and second spots. Other cities in the top were Lehigh Acres, Fla.; Kent, Wash.; Surprise, Ariz.; Meridian, Idaho; Midland, Texas; McKinney, Texas; Concord, N.C.; and Bryan, Texas. Coming in last among the 515 cities was Jacksonville, N.C., just ahead of Detroit.
Texas cities also held top ranking among the highest household income increase (College Station, at 9.07 percent), highest job growth (Frisco, at 5.32 percent), the highest growth in GDP per capita (Midland, at 11.81 percent) and the greatest poverty rate decrease (McKinney, at 9.63 percent).
Alas, the robust Texas economy was not enough to prevent national construction spending from dropping to its lowest point in eight months. The U.S. Census Bureau of the Department of Commerce announced that construction spending during August was estimated at a seasonally adjusted annual rate of $1,142.2 billion, which is 0.7 percent below the revised July estimate of $1,150.6 billion and 0.3 percent (±1.8%) below the August 2015 estimate of $1,145.2 billion. However, construction spending amounted to $755.0 billion during the first eight months of this year, which is 4.9 percent above the $720 billion for the same period in 2015.
Spending on private construction in August was at a seasonally adjusted annual rate of $871.6 billion, 0.3 percent below the revised July estimate of $874.6 billion. Residential construction was at a seasonally adjusted annual rate of $449.2 billion, which is 0.3 percent below the revised July estimate of $450.4 billion, while nonresidential construction was at a seasonally adjusted annual rate of $422.4 billion, 0.4 percent below the revised July estimate of $424.2 billion.