Housing crisis in the country could not affect suburban growth. Urban cities have also been growing in term of population for the last ten years but suburbs still have a higher growth rate than that. Recession in economy even further boosted the population growth in suburbs, as people flocked out of the expensive cities to nearby suburban colonies that offered affordable housing.
According to a research carried out by Bloomberg BusinessWeek and Gadberry Group of Little Rock, Ark, the list of fastest growing areas of the country includes suburban places. Only the areas with 10,000 or more occupied households were considered in the study. All rented and owned (situated in the city and adjacent areas) households were taken into account. 50 fastest growing areas were identified, one in every state. The factors deciding these fastest growing areas per state are household income, increase in number of household in the area, and net worth of each household.
The research found that Buckeye, Arizona; Lincoln, California; and Spring Hill, Tenn were the fastest growing cities showing an annual growth rate of 10 percent in 2009. These areas experienced phenomenal economic development during the past decade due to establishment of commercial districts, industrial parks, and chambers of commerce. However, they were not completely aloof to the downturn in the economy. Buckeye saw a steep drop of more than 10 percent in home value in the past two years. Spring Hill too suffered a lot worse when 1700 workers lost their jobs as General Motor closed its plant in November 2009.
