Sarasota-Bradenton and Cape Coral-Fort Myers Featured in National Growth City 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 of the state, is booming statistically compared to other regions. This surge, while celebrated by economic leaders, has also amplified affordable housing and cost of living challenges in many areas.

On the flip side, as LendingTree highlights, boomtown status offers myriad opportunities for businesses, such as expanding customer bases and a larger hiring pool.

“An influx of business growth may mean greater competition, which could help lower some costs of running your business,” states LendingTree Chief Consumer Finance Analyst Matt Schulz. “It could also mean greater opportunity to partner with other companies in areas like marketing or training. The networking opportunities are plentiful.”

The report analyzed data from 2021-2023, leading to an overall score across different categories. Austin secured the top position with a score of 72.1, just ahead of Orlando at 72. Notably, North Port-Sarasota-Bradenton ranked No. 3, Cape Coral-Fort Myers No. 5, and Lakeland No. 8, resulting in Florida having five out of the top 10 rankings. New Orleans, Cleveland, and Worcester, Massachusetts, found themselves at the bottom of the list for slowest growth.

Among the state’s thriving metro areas, the Sarasota-Manatee region has shown remarkable growth, including:

• An 11.8% GDP increase, the fifth-highest nationally
• A 6.5% rise in housing units, ranking 11th nationally
• A 5.9% population growth, placing seventh nationally and surpassing Austin’s gains

Key Information

• Report Source: LendingTree
• Ranking Criteria: People and housing, Work and earnings, Business and economy
• Top Ranked Metro: Austin (Score: 72.1)
• Other Top Florida Metros: Orlando (2nd), North Port-Sarasota-Bradenton (3rd), Cape Coral-Fort Myers (5th), Lakeland (8th), Deltona-Daytona Beach-Ormond Beach (9th)
• Concerns: Rising cost of living and housing affordability
• Notable Growth Metrics for Sarasota-Manatee Region:
  • 11.8% GDP increase (5th nationally)
  • 6.5% increase in housing units (11th nationally)
  • 5.9% population growth (7th nationally)