The city of Cape Coral is the No. 1 “Boomtown” in the U.S., according to an annual study done by SmartAsset.
Cape Coral’s top ranking was one among eight Florida cities that reached the top 10 in the study – Largo at No. 2; Palm Coast, No. 3; St. Petersburg, No. 5; Spring Hill, No. 6; Riverview, No. 7; Town ‘N. County, No. 8; and Tampa, No. 10.
SmartAsset collected data on 581 of the largest cities in the country. The company compared the cities across the following five factors:
- Net migration rate. This is the number of people who have immigrated to a particular city minus the number of people who have emigrated from that city between July 1, 2015 and July 1, 2016, as a percentage of the city’s total population. The net migration rate looks at all population growth that isn’t related to births or deaths. Data comes from the 2016 1-Year American Community Survey.
- Housing growth rate. This is the percent change in the number of housing units between 2015 and 2016. Data comes from the 2016 1-Year American Community Survey.
- Unemployment rate. This is the number of jobless individuals who were actively looking for work in August 2017, as a percentage of the total labor force. Data comes from the Bureau of Labor Statistics.
- Annual change in the unemployment rate. This is based on preliminary labor force data from the period ranging from August 2016 to August 2017. Data comes from the Bureau of Labor Statistics.
- GDP growth rate. This is the yearly growth in total output for the period ranging from 2011 to 2016. Data comes from the U.S. Bureau of Economic Analysis.
SmartAsset took each metric and calculated a score based on the number of standard deviations above or below the mean each city rated. Then added up scores, giving half-weight to the unemployment rate and the annual change in the unemployment rate, and full weight to the other three factors.
They then reranked each city based on the standard deviations.. The city with the highest total scored a 100 and the city with the lowest total scored a 0.