Huntsville Ranked Top 5 Among Country’s Most Prosperous Metros for 2023

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Huntsville Ranked Top 5 Among Country’s Most Prosperous Metros for 2023

February 1, 2023/in Community Development, Economy, Featured, Lead, News, People, Resource, Success, Workforce Development/by Noah Logan

The Rocket City appears to be starting off 2023 on the same note that it ended on in 2022. The city, which was already singled out as one of the best places to live, is also predicted to be in the top five of the country’s most prosperous cities in 2023.

This prediction comes from a study completed by MyElisting.com which ranked all of the country’s metros with a population of at least 200,000 people. The 227 qualifying areas were each ranked based on 6 different metrics determined as the most important in indicating a prosperous city by the website. Those metrics were:

• The 5-year percent change in population growth
• The 5-year percent change in median household income;
• The 5-year percent change in the value of owner-occupied homes;
• The unemployment rate in 2022;
• The percentage of the population with a bachelor’s degree or higher in 2021; and
• Population rate below the poverty line in 2021.

Each city was ranked in each of the above metrics, and then given a final ranking based on the combined average of ranking position for each individual metric.

In the website’s rankings, Huntsville is slotted in as the fourth most prosperous city and is the only Alabama city to make the top 25. Mobile, with its population decline and 18% poverty rate, did make an appearance in the website’s rankings for 25 least prosperous cities for 2023.

According to the analysis, Huntsville had experienced a 9% population growth over the last five years, the median household income had increased 25% along with value of owner-occupied homes going up 20% over the same time period.

The analysis also reported Huntsville having an incredibly low unemployment rate of only 2% in 2022 while 43% of its residents have at least one college degree. The city’s poverty rate was 10% in 2021.

The other metros joining Huntsville in the top five include the Provo-Orem metro area in Utah, Boise City in Idaho, Fayetteville in Arkansas and the Austin, Texas metro at number five.

Data for the study was sourced from the U.S. Census ACS 1 and 5-year estimates, and the Bureau of Labor Statistics metro unemployment rates. The complete study can be viewed online by following the link here.