McAllen is the 10th biggest boomtown in the United States, according to the latest ranking by Magnify Money.
“This is an incredible testament to the opportunity available here in McAllen,” said City of McAllen Mayor Jim Darling. “This represents the dynamic partnership that exists between the business community and local government to do the type of things that attract people and industry to our city.”
In calculating rankings, consideration was given to how much each U.S. metro has changed between 2011 and 2016 in three different categories. Business growth, population and housing, and workforce and earnings score independently before combination for a final score.
The number of employees and revenues in McAllen during the time period rose 14.7 percent and 19.1 percent, respectively. The population for McAllen’s metro area had a growth rate of 9.4 percent and housing availability rose at 6.2 percent.
Both McAllen’s growing workforce and rising wages and employment opportunities are key factors to McAllen’s ranking on the list. McAllen’s civilian labor workforce grew by 8.7 percent and its unemployment rate shows a decrease of 10.9 percent. Median earnings for workers saw a rise of 18.4 percent.
The Biggest Boomtowns in America shows Texas metros taking up one-third of the top 15 spots, Other cities making the list are Houston and Dallas as well as San Antonio. Austin came in as the top boomtown in the United States.