Top 10 Cities With Potential Growth
In challenging times finding cities with potential for growth tops the list for many. Where are those cities and how are they becoming prosperous?
According to Kiplinger’s Personal Finance, a Washington, D.C-based publisher of business forecasts and personal finance advice, the top 10 innovative cities that have potential for growth over the next decade are spread out all over the country.
1. Austin, Texas.
2. Seattle, Washington
3. Washington, D.C.
4. Boulder, Colorado
5. Salt Lake City, Utah
6. Rochester, Minn.
7. Des Moines, Iowa
8. Burlington, Vermont
9. West Hartford, Connecticut
10. Topeka, Kansas
Kiplinger’s worked with Kevin Stolarick, research director at the Martin Prosperity Institute, a think tank that studies economic prosperity. A formula and a methodology that included several economic indicators were used to select the top 10 cities that have current and likely future growth in high-quality jobs and income. Kiplinger’s also visited the cities with potential growth interviewing business and community leaders, and residents.The number of “creative class” workers (those who are educators, writers, and scientists) in the area was considered as well as things like public transportation systems, and overall affordability.
When the above cities were notified of their new honorable titles some like Burlington, Vermont seized the opportunity to get the word out to the press. The Mayor’s office released this statement about being named one of the 10 Best Cities for the Next Decade.
“It’s no coincidence that economic vitality and livability go hand in hand,” says Kiplinger’s senior editor, Robert Frick. “Creativity in music, arts and culture, plus neighborhoods and recreational facilities that rank high for ‘coolness,’ attract like-minded professionals who go on to cultivate a region’s business scene. All of these factors make our 2010 Best Cities more than just great places to live. They’re also great places to start a business or find a job.”
Cities with potential growth have a few key things in common. They have smart people and great ideas. However, a third key element is vital, and it’s one we find that is becoming increasingly more popular. They collaborate. Business communities to governments to universities to residents–when they’re in collaboration, “the economic vitality is impressive”, reports Kiplinger’s. As these cities soar in vitality they become more livable. The arts, culture, and music come alive, making the cities with potential growth more desirable.
So what specifically makes these cities with potential growth winners in Kiplinger’s research? Let’s explore the first five.
1. Austin, Texas has outstanding programs to help build a network for business brainpower and encourage entrepreneurship. Plus there are available venture-capital funds and about 20 business associations.
“Mix all these elements in what many call a classless society, where hippie communalism coexists with no-nonsense capitalism, and you’ve got a breeding ground for start-ups,” reports Kiplinger’s.
2. Seattle, Washington. They’re not crying the blues over rain. Kiplinger’s dubs this city, “Brain City”. Why? A well-educated workforce and a world-class research university as well as über innovators Microsoft, Amazon and Boeing, are just a few reasons. The city is filled with “garage-tinkering” entrepreneurs who are ready and will to take risks to turn their ideas into successful products, services, and businesses.
3. Washington, D.C. Leave politics aside for a minute and just grasp that this city is “chock-full of job prospects, entertainment venues, and great neighborhoods, and it is booming,” reports Kiplinger’s.
4. Boulder, Colorado. Kiplinger’s call this city an “intellectual hot spot”. It’s here that environmental and scientific ideas burst into brilliant businesses. The driving forces: 6,600 small businesses/corporations, the University of Colorado, and the federal research laboratories.
5. Salt Lake City, Utah. It’s inexpensive to live and do business in this city. “Utah has relatively low wages, taxes and operating costs,” reports Kiplinger’s.
Finding a great home in an innovative city can be a winning combination that evokes your own creativity and prosperity formula.
To see all the rest of the cities and why they ranked in the top 10, visit Kiplinger.
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