Area Development Unveils 2024 Leading Metro Locations Report
New Rankings Highlight Reshuffling of Economic Power Among U.S. Cities
Area Development, the leading publication for corporate site selectors and economic development professionals, has released its annual 2024 Leading Metro Locations Report, offering a comprehensive look at the cities driving America’s economic future. Produced in collaboration with Chmura Economics & Analytics, this year’s report highlights key factors shaping metropolitan success, including workforce availability, economic strength, and affordability.
“The 2024 rankings showcase a dynamic reshuffling of economic power in the U.S., with smaller metro areas making significant gains and emerging as unexpected leaders,” said Patrick Clapp, Senior Economist at Chmura Economics & Analytics. “These findings reflect the adaptability of American cities in a rapidly evolving economic landscape.”
Top Performers and Emerging Hotspots
Taking the No. 1 spot overall is Brownsville-Harlingen, TX, propelled by SpaceX’s transformative investments in nearby Boca Chica. The region has become a hub for high-tech manufacturing, driven by over $3 billion in infrastructure investment and a booming STEM job market.
Other standout metros include:
- Salt Lake City, UT: Recognized for its balanced economic growth across tech, healthcare, and finance sectors.
- Olympia-Lacey-Tumwater, WA: A rising star in STEM industries and advanced manufacturing.
- Miami-Miami Beach-Kendall, FL: A leader in fintech and climate innovation despite challenges with housing affordability.
Key Trends in 2024 Rankings
The 2024 report identifies five key trends reshaping U.S. metropolitan areas:
- Broad Success of Smaller Metros: Cities like Gainesville, GA, and Tallahassee, FL, are outpacing larger metros due to focused workforce development programs and lower costs of living.
- STEM and Tech Industry Growth: Metros like Olympia, WA, are leveraging advancements in research and development to become economic powerhouses.
- Housing Affordability: Affordable housing is a major factor in economic performance, with cities like Brownsville, TX, outperforming high-cost areas like San Francisco, CA.
- Infrastructure and Trade: Regions with robust logistics networks, such as El Centro, CA, are seeing increased economic activity and investment.
- The Rise of Climate Innovation: Cities like Miami are prioritizing climate resilience technologies, underscoring a new era of economic opportunity.
A New Economic Map for Businesses
For corporate site selectors and businesses seeking to expand, the report offers critical insights into the evolving U.S. economic landscape. While traditional hubs like San Francisco and Los Angeles remain significant, the future lies in metros that combine workforce strength, economic stability, and affordability.
“This year’s rankings make one thing clear: the cities of tomorrow are those investing strategically in their people, industries, and infrastructure today,” said Andrew Greiner, Editor of Area Development.
Access the Full Report
The 2024 Leading Metro Locations Report is available now on Area Development’s website. To learn more about how these rankings can inform your site selection or economic development strategies, visit www.areadevelopment.com/leading-locations-2024.
About Area Development
Area Development is published quarterly and maintains several highly visited websites, including www.areadevelopment.com. The publication has also produced more than 50 Best Practices Consultants Forums for economic developers since 2006.
Area Development is a leading publication covering corporate site selection and economic development. Through in-depth reports, rankings, and analysis, Area Development provides invaluable insights to businesses, site selectors, and economic development professionals nationwide.
