Cape Coral named top ‘boomtown’ in U.S.
The Cape is booming — more so than any other city in the U.S., according to a newly released study.
An influx of new residents, new home construction and shrinking unemployment are among the factors that have the city on top, according to data collected by SmartAsset, a personal finance website.
Seven of the site’s top 10 boomtowns are in Florida, including Largo, at No. 2, and Palm Coast, at No. 3.
SmartAsset also measured city-by-city GDP growth from the U.S. Bureau of Economic Analysis. Cape Coral’s 5.2 percent GDP far outstripped any of the other top 10 cities, as did its 2.9 percent net migration rate — a measure of how many people came to the city versus how many left.
But Cape Coral’s status atop the heap could be short-lived. None of the top 10 boomtowns from last year’s SmartAsset survey made this year’s list.