Its not even the end of the year yet, but the rankings for cities topping the national growth list are already etched in stone, just one week before the end of the calendar year. WHY?……because the study showed a huge landslide for Florida, Texas, and Tennessee. Cape Coral was just named as the the #1 city for growth…….read more.
Categories used to determine rankings:
1] Large influx of new residents during the past year, or population growth.
2] Economic Growth.
3] Housing growth.
4] Unemployment decline.
Cape Coral lead them in all categories for every single month during 2017. New residences accounted for almost a 3% population growth. Over the last 4 years, the Cape’s gross domestic product improved by over 5%. Housing growth rate topped 7% in new single family permits. Our local unemployment rate dropped to just under 4%.
The largest factor was the “new resident category” added to Cape Coral. Another factor examined but not used on the “Smart Asset” rankings was the drop in violent crimes by over 18% from the previous year.
This is great news for all of us that call Cape Coral home. We have new business permits being pulled along the Pine Island Road corridor. We have new manufacturing ventures looking hard at relocating south to Cape Coral thru business incentives by our local government. 2018 will see a major face lift for the downtown corridor along SE 47th Terrace, which is our main entertainment district. Some of our major roadways are being re-paved, and sidewalks are being added in the NW & NE sections of the city. While duplex construction led the city in 2017 for new housing construction, it looks like the single family market construction will be the leader in 2018.
What are the negatives to all of this….more traffic congestion, especially during our busy snowbird season from October thru April of each year. Crowded restaurants as well, with longer waiting lines. Some school overcrowding. City leaders and new counsel members are looking into these issues at this time.
Overall its a good thing, when you consider the city is only about 45% build out with much of the NW and NE with tons of residential lots left for development. From a real estate perspective, its all good and will have a positive impact on home values and a continuation of the American dream of home ownership.