Opportunity is not found simply within the big city. Which is why NerdWallet and Entrepreneur Media examined 463 U.S. small cities with populations from 50,000 to 100,000 to discover other places where business is flourishing.
Based on the study, a few of the fastest-growing industries have taken root in smaller metropolitan areas with strong economies near major business hubs. In lots of cases, these rising areas have targeted on the expansion of new technologies. For example, while Newport Beach, California, has historically been a middle for monetary services, it is seen a lift in advanced sciences and technology, led by corporations like Clean Energy. Such fields have surged along the Orange County coast in recent times.
1. Alpharetta, Georgia
Situated about 26 miles north of Atlanta, this city of nearly 60,000 ranks because the top small city for businesses due to its ability to attract corporations both giant and small. While multinationals similar to Hewlett-Packard in addition to the tech solutions arm for pharmaceutical big McKesson have satellite offices in Alpharetta, the Alpharetta Chamber of Commerce supports a robust native business surroundings, too. The town’s 15 businesses per 100 people is 65% greater than the typical of all of the cities analyzed.
2. Redmond, Washington
Being the home to Microsoft has been an enormous boon for potential entrepreneurs on this Seattle-space city. Based on analysis by Enrico Moretti, every job within the high-tech sector creates a further 5 jobs regionally outside of technology. With this type of anchor in Redmond’s business community, entrepreneurs are doubtless salivating on the opportunities — businesses in Redmond earned about $7.4 million on ordinary, based on the info analyzed, the very best within the Small Cities’ top 10.
3. Wilmington, Delaware
Delaware’s largest city also has one of many strongest native business communities within the country. Wilmington’s 8,500 corporations make around $6.8 million every, on ordinary. Of the town’s businesses, 42% have paid staff, the very best proportion within the Small Cities’ top 10, pointing to a robust core of existing businesses that rent and foster growth locally. Not bad for the second smallest state within the country. The Delaware State Chamber of Commerce supports businesses in Wilmington and the remainder of the First State.
4. Troy, Michigan
This suburban Detroit city has done a superb job in recent times diversifying its economy and relying less on traditional automotive. Troy-based mostly Automation Alley, a business accelerator and affiliation of tech corporations, has helped support the expansion of corporations in industries like defense and infrastructure. Entrepreneurs are also attracted by Troy’s native economy, where the median annual income of $72,333 is complemented by a median monthly housing cost of $1,366, which means a resident should only allocate around 22% of income to housing, the second lowest proportion within the Small Cities’ top 10.
5. Minnetonka, Minnesota
Fourteen miles southwest of Minneapolis, Minnetonka advantages from its location close to the state’s economic hub, however it also has built a robust, native economy of its own, supported by the TwinWest Chamber of Commerce. The town is anchored by manufacturer Carlson Industries, the 83rd largest personal company within the country based on Forbes, but in addition boasts nearly 16 businesses per 100 residents, the second highest mark the Small Cities’ top 10.
6. Waukesha, Wisconsin
The primary of two Wisconsin cities within the top 10, this city of 70,775 is a magnet for gifted engineers, scientists and other high-skilled workers. Waukesha is home to Generac, a pacesetter in power generation equipment, in addition to GE Healthcare, which engineers a few of the world’s most cutting-edge technologies. With such outstanding corporations, it is not exhausting to attract new entrepreneurs to Waukesha, though the City of Waukesha Chamber of Commerce is a driving force to bringing small businesses to this suburban Milwaukee city.
7. Newport Beach, California
This Orange County city of 86,001 not only has the most important population within the top 10, but in addition has the very best concentration of companies, at around 21 businesses per 100 residents. While monetary services corporations like PIMCO and Pacific Life have dominated the native economy over the past few decades, Newport Beach has built its own little technology cluster in recent times, as well. Investment app Acorns and e-signature company CudaSign were both began in Newport Beach.
8. Bethesda, Maryland
This suburb of Washington, D.C. offers a median annual income of $111,281 — among the many highest within the entire country. Bethesda’s unemployment rate of 2.7% (the most recent data obtainable on the time of the analysis), was among the many lowest within the findings’ top 10. Bethesda’s thriving native economy, with simply greater than 15 businesses per 100 people, is well above the study’s ordinary.
9. Greenville, South Carolina
A robust, established business community and a healthy native economy make Greenville one of many nation’s best places to begin a business. Multinational corporations have a robust native presence, similar to Michelin and GE’s Power and Water division, however smaller businesses thrive in Greenville as well. Greater than 37% of companies here have paid staff (a forty five% jump above the typical of all small cities analyzed on this study, 25.82%). There are also simply greater than 15 businesses per 100 residents, the second most within the Small Cities’ top 10. Entrepreneurs are interested in Greenville’s location, right between the region’s economic powerhouses, Atlanta and Charlotte, in addition to its low price of living. Its median monthly housing cost of $808 is the second lowest within the top 10.
10. La Crosse, Wisconsin
While La Crosse was built on manufacturing, this phase of the native economy has fallen sharply in recent decades, following a national trend. This city, nevertheless, has replaced lost jobs with those in high-skill, information-intensive, industries, similar to health care. The La Crosse Space Chamber of Commerce has helped to bring La Crosse’s economy into the 21st century economy. Today, 44% of companies have paid staff, the very best mark of all Small Cities analyzed for this study.