The Fastest Growing U.S. Boomtowns

As some areas of the U.S. are growing so fast, municipalities simply can’t keep up with demand, investors are looking to flock to these popular towns, helping fulfill a need for necessary residential and commercial infrastructures to support rapid growth.

What are the fastest growing U.S. boomtowns?

• Williston, North Dakota – This once small town has hit oil – literally. Believed to hold in excess of 24 billion barrels of oil, this town has seen a growth increase of 9.3-percent in the last year. Doubling in the last three years, statistics predict it will once again double in the next three years. Investors and developers are flying into this once sleepy town with big residential and commercial plans, hoping to take care of the dramatic housing shortage that is plaguing this area.
• Dickinson, North Dakota – Similar to the oil boom that hit the aforementioned Williston, Dickinson has seen residential rents double in the last three years, with meager two-bedroom apartments renting for more than $1,600 a month. Investors are flocking to this area too, as single-family home permits have quadrupled over the last year. Locals report that with mild winters, construction has been around the clock for the past two years.
• Andrews, Texas – See an oil theme? While oil has been rich in this area for more than 80 years, with the increase in oil prices, Andrews is seeing oil fields produce 20-percent more than three years ago.
• Midland, Texas – Home to big oil executives and oil-production white-collar jobs, the unemployment rate in this area is low and the growth high. With a population of more than 150,000, Midland has seen a growth rate of 4.6-percent over the last year.
• Vernal, Utah – Unknown to many, Utah is the 11^th largest oil production state. With energy prices at an all time high, Vernal has seen a boost in production and people flock to the area for good paying jobs with benefits. Additionally, Vernal also has one of the largest deposits of U.S. natural gas, making it a dual attraction for many people.
• Elk City, Oklahoma – Known as the “Natural Gas Capital of the World,” this town is located in the middle of the Anadarko Basin, known as a massive natural gas reserve. Many of the city’s energy workers live within an 80-mile radius; 85 new homes are expected to reach completion within the next 18 months, as well as 104 apartments and an additional 40 new homes.
• Elko, Nevada – With gold prices setting new highs everyday, Elko is known for mining gold. Additionally, a new $1 billion molybdenum mine is under construction.
• Odessa, Texas – Located a mere 20 miles from Midland, Odessa has experienced its own oil boom. In fact, 2,500 new businesses have opened here in the past three years and developers have built more than 500 new homes.
• Casper, Wyoming – Uranium mining is big once again and this town is also expected to see 2,500 new oil wells within the next several years. This town is rich in oil, coal, gas and uranium, giving it multi-level appeal for workers and developers.

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