Sarasota-Bradenton and Cape Coral-Fort Myers Featured in National Growth Report

Boomtown is in the eye of the beholder.

That’s a key takeaway from a new report from online financial marketplace LendingTree. Its boomtown report ranked and scored the 100 largest metros across eight unique metrics grouped into three categories: people and housing; work and earnings; and business and economy.

Florida, particularly three metro areas on the west coast, is statistically booming compared to other regions in the U.S. However, this growth has accentuated issues related to affordable housing and the cost of living in many areas.

On the other hand, as LendingTree points out, the boomtown status offers significant business opportunities, reflecting potential customer growth and a larger hiring pool.

“An influx of business growth may mean greater competition, which could help lower some costs of running your business,” says LendingTree Chief Consumer Finance Analyst Matt Schulz. “It could also mean greater opportunity to partner with other companies concerning marketing, training, or other aspects of business. It could mean more networking opportunities. The list goes on and on.”

Analyzing data from 2021-2023, the report scores metros by averaging each category, with Austin achieving the top score of 72.1, closely followed by Orlando at 72. Florida secured five spots in the top 10, including North Port-Sarasota-Bradenton at No. 3, Cape Coral-Fort Myers at No. 5, and Lakeland at No. 8. Deltona-Daytona Beach-Ormond Beach MSA rounded out the list at No. 9. In contrast, New Orleans, Cleveland, and Worcester, Massachusetts, ranked lowest.

The Sarasota-Manatee region, with North Port in southern Sarasota County, displays remarkable growth among the leading boomtowns, marked by:

• An 11.8% gain in GDP, ranked fifth nationally
• A 6.5% increase in housing units, with the 11th-highest growth rate
• A 5.9% increase in population, seventh-highest nationally, surpassing Austin’s growth.

Key Information

• Source: LendingTree’s Boomtown Report
• Top-ranked metro: Austin (Score: 72.1)
• Florida metro areas in top 10: 5 (Orlando, North Port-Sarasota-Bradenton, Cape Coral-Fort Myers, Lakeland, Deltona-Daytona Beach-Ormond Beach)
• Key growth metrics: 11.8% GDP gain, 6.5% increase in housing units, and 5.9% increase in population for the Sarasota-Manatee region.
• Challenges: Exacerbated affordable housing and cost of living issues in booming areas.