CNN Money has listed its Top 10 Booming Cities and Los Angeles is #3 on the list. This is good to read since Southern California was one of the hardest hit as far as foreclosures and mortgage reform. According to them, the diversity of available industries in the Los Angeles area is a contributing factor to a steadying economy above many others. Interestingly, Texas has 5 of the 10 cities on the list — find out why. See the full Top 10 list below.
Percentage gain: 0.9%
People have always flocked to California’s largest city, but the influx of new residents slowed between 2000 and 2010.
Then, between July 2011 and July 2012, the population exploded at more than three times the rate of the previous decade.
Besides entertainment (of course) the area offers jobs in aerospace, clothing manufacturing, technology and international shipping. The economic diversity these industries provide has helped shield Los Angeles from a being hit too hard by a downturn in any dominant sector.
Colleges and universities, including University of California, Los Angeles, the University of Southern California and Loyola Marymount, make a big contribution to the local economy as well. They attract a steady stream of students, many of whom decide to stay in the area after graduation.
- New York
- Los Angeles
- San Antonio
- San Diego
- Fort Worth