America's cities have earned a reputation for drawing young workers and retirees, eager for short commutes and cosmopolitan life, but the suburbs may be ready for their prime time. Millennials are starting to settle down and form families, which are prompting more of them to consider suburban life. At the same time, the high cost of living in some major cities means suburbia offers a more compelling argument for some workers and businesses. Examining county-level data can help identify trends about growth and economic diversification, said Matthew Mowell, senior economist at Oxford Economics, which started forecasting county-level economic growth earlier this year. Over the next five years, suburban counties are likely to have a greater share of millennials, which means the suburbs are likely to grow faster than the cores of metropolitan areas. Paying heed to such trends can help real estate investors and businesses make decisions about where to put their money. Six out of the nine counties forecast to have the strongest economic growth over the next five years are suburban. Two are considered core counties, or urban, while one is exurban. The nine counties Oxford Economics forecasts will show the strongest economic growth through 2022.
#1- Denton County (Dallas) – 4.1% Economic Growth
Denton County is forecast to experience the strongest economic growth over the next five years, at 4.1 percent. Home to parts of Dallas and Fort Worth, the county is experiencing population and economic growth, although on a smaller base than some of country's other top-growing regions. Major employers in the county include University of North Texas and Walmart (WMT), as well as Peterbilt Motors (PCAR), which is located in the city of Denton.
#2 – Collin County (Dallas) – 4.0% Economic Growth
Collin County, Texas, in the Dallas-Forth Worth area, is projected to enjoy 4 percent compound annual growth rate over the next five years. The county's economic base is expanding beyond traditional suburban industries like retail and into technology and professional services, Mowell said.
#3 – Montgomery County, TX (Houston) – 3.4%
#4 – Wills County, Il (Chicago exurbs) 3.2%
#5 – San Francisco County, CA – 3.2%
#6 – Ft Bend County, TX (Houston) – 3.1%
#7 – Washington County, Oregon (Portland) – 3.1%
#8 – Adams County, CO (Denver) – 2.9%
#9 – Santa Clara County, CA – 2.9%
- CBS News, August 10, 2017