In May, Frisco was named the country’s second fastest-growing large city in terms of population. Now, the Dallas suburb ranks as the fastest-growing city in the U.S. based on population and 14 other economic measures.
Personal finance website WalletHub just released its list of the fastest-growing cities in the U.S., with Frisco sitting at No. 1. It’s among four Texas cities in WalletHub’s top 10; the others are Midland (No. 5), McKinney (No. 6), and Austin (No. 9).
The City of Frisco’s economic development arm says residents and businesses are drawn to the suburb because of its top-notch schools, “pristine” parks, and retail, sports, and entertainment destinations.
The July 2016 population of Frisco was around 164,000, up more than 6 percent from the previous year. By 2035, the headcount is projected to be 375,000.
That growth is being spurred, in large part, by development along what’s known as the $5 Billion Mile. In Frisco, four mixed-use developments with a collective price tag exceeding $5 billion are planned or under way along a one-mile stretch between the Dallas North Tollway from Warren Parkway to Lebanon Road.
Notably, many of the highest-ranking cities on the WalletHub list, including Frisco, are suburbs, not urban centers.
“We’ve seen millennials flock to cities over the last decade, generating a lot of optimism about the future of urban areas, but as the oldest ones have school-aged children, we are also seeing a retreat to the suburbs,” Melanie Bowers, assistant professor of political science and public policy and administration at Rutgers University-Camden, tells WalletHub. “It is very hard for prime, working-aged people to stay in cities that don’t have good schools.”
To determine where the most rapid local economic growth occurred over a seven-year period, WalletHub analysts compared 515 U.S. cities across 15 key metrics. The data ranges from population growth to college-educated population growth to unemployment rate decrease.
Across the board, DFW boasts more fast-growing cities on the list than the Austin, Houston and San Antonio metro areas do. Here are the other major metro cities in Texas that show up in the top 200:
14. Round Rock
31. League City
82. Grand Prairie
83. Fort Worth
110. San Antonio
Other highlights include:
- Austin ranks first for overall growth among large cities.
- Frisco ranks first for overall growth among midsize cities.
- Frisco ties for first in job growth.
- Frisco ranks second for population growth.
- McKinney ranks fourth for population growth.
- Pearland ranks fifth for population growth.