Press release from Gadberry Group
Southwest dominates U.S. growth:
Location Intelligence Firm Announces the ‘10 from 2010’
Gadberry Group names the ten most notable high-growth areas in the nation from 2010
LITTLE ROCK, AR – January 5, 2011 – Gadberry Grouptoday announced its list of the ten most notable high-growth areas in the U.S. last year – Gadberry Group’s 10 from 2010.
- • Katy, Texas (Houston suburb)
• Haslet, Texas (Fort Worth suburb)
• Keller, Texas (Fort Worth suburb)
• Queen Creek, Arizona (Phoenix suburb)
• Lehigh Acres, Florida (Fort Myers suburb)
• Frisco, Texas (Dallas suburb)
• Casa Grande, Arizona (Phoenix suburb)
• South Jordan, Utah (Salt Lake City suburb)
• Lincoln, California (Sacramento suburb)
• Cary, North Carolina (Raleigh suburb)
“Compiling the 2010 list was especially interesting as we anticipate the release of the 2010 Census household counts, which we are confident will confirm our household counts,” said Gadberry Group principal Larry Martin. Headquartered in Little Rock, Gadberry Group provides location intelligence services and data for the world’s top retail brands.
The ten selected places in this year’s list had average household growth of 150% from 2000 to 2010, compared to last year’s list average of 170% from 2000 to 2009. Martin noted that, in spite of the economic challenges of the past few years, there continue to be pockets of growth in the most resilient areas of the country.
Texas appears to once again be bucking national economic trends by capturing four of this year’s slots. The Lone Star State claimed four spots on the 2009 list, as well. Industry research indicates that 1.8% job growth over the last year is likely a contributing factor.
According to Martin, most researchers agree that Census data has been the standard for understanding the distribution and demographic makeup of the U.S. population. But with the changes in how the Census data is collected under the new ACS (American Community Survey), retailers and others that rely on Census data and products which utilize Census data will have to make adjustments.
“Smaller samples and the resulting increased sampling error, along with less small-area data and less frequent collection of that data for less populated areas, means big changes in the data landscape, ” Martin said.
Gadberry Group uses its own proprietary products and a statistical ranking system that evaluates over 17,000 Census Places. The firm’s selection criteria and ranking methodology include variables such as percent change, absolute change and emerging Census blocks (those growing from less than 10 households in Census 2000 to over 100 in 2010). The analysis considers total growth from 2000 to 2010, as well as change from 2009 to 2010. Gadberry also weights the analysis using key demographic variables such as ethnicity, household income, net worth, economic stability, length of residence and age.
“This year the number-one spot went to Katy, Texas, where household growth seems unaffected by the economic conditions that challenge many parts of the nation,” Martin said. “Katy topped the list with an 8.71% increase in households from 2009 to 2010.”
Many of this year’s finalists repeatedly make the top 25, including: Helotes, TX; McKinney, TX; Summerlin, NV and Wentzville, MO.
By the Numbers – 10 from 2010
Katy was one of the top 25 candidates in 2008, took the number-five position on the 9 from 2009 list, and occupies the number-one position on the 2010 list. This suburb of Houston added 17,641 households since 2000, increasing 8.7% from 2009 to 2010. Overall, Katy was the fourth fastest growing area of the ten since 2000, with a 267.0% growth rate. The Cinco Ranch development continues to contribute new households to Katy’s growth.
Katy’s average household income grew over 21% since 2000 to end the decade at $85,810. Average household net worth for 2010 was $250,498, while average length of residence was 4.7 years. Katy continues to be very diverse ethnically. Asians increased over 3,000% to 1,935 households, representing 8% of the total current households. The two largest Asian groups are Chinese with 2.89% of all households and Indian with 2.59%.
The oil industry draws some of the area’s largest employers, including companies such as Exxon, BP & Conoco. The rebound in oil prices has undoubtedly helped the growth of this community and Texas as a whole.
This north Dallas/Fort Worth area continues to dominate the nation’s fastest growing places. Although the city’s website lists the population at a modest 1,500 people, don’t let that number fool you. The area around the city of Haslet is booming. Located north of Fort Worth, the Haslet area added 9,152 households since 2000, and increased 6.8% from 2009 to 2010. Overall, Haslet was the fastest growing area of the ten since 2000 with a 735% growth rate.
Haslet’s average household income ended the decade at $87,140. Based on Gadberry’s household net worth data, over 300 millionaires call the Haslet area home. Average household net worth for all households in 2010 was $222,833. Average length of residence was 3.9 years, the shortest average length of residence of the ten. Haslet has the second-lowest average age of the ten at 31.9 years. Only 275 households have lived in the area 15 years or longer. Notably, the Hispanic community grew almost twentyfold to 1,376 households.
Located just east of Haslet, the Keller area added 25,028 households since 2000, and increased 6.4% from 2009 to 2010, taking third place in household growth. Overall, Keller grew at 226.0% for the decade. Keller ranked third on this year’s list for the most new households during 2010 with 2,171.
Keller’s average household income was third highest of the ten at $100,607, with over 3,200 households having an average income greater than $200K. The Keller area ended the decade with 3,339 households with net worth of one million dollars or greater. Average household net worth for 2010 was $304,888, while average length of residence was 5.3 years. Haslet has the fourth lowest median age of the ten at 32.9 years. The Asian community grew 635% over the decade, with Vietnamese representing the largest Asian minority at 389 households.
Queen Creek, Arizona
Queen Creek took the number-one position on the 8 from 2008 list, and is fourth this year. “This East Valley oasis has been a high-profile growth area for years,” Martin said, “so, despite the economic downturn, it’s not surprising to see it in the top 10 again this year.”
Like many other places in the southwest, the Queen Creek area continues to experience tremendous growth, expanding from 4,011 households in 2000 to 32,429 in 2010, or an increase of 708%. The area added 1,788 net new households in 2010.
Over 1,700 households with net worth in excess of a million dollars call this East Valley community home. With the second-lowest average length of residence – 4 years – the majority of the households have lived at their current residence for less than six years. Despite the Phoenix area’s reputation for attracting retirees, the average age for the area was 32.3 years, the third lowest of the ten.
Leigh Acres, Florida
Located just east of Fort Myers, the Leigh Acres area added 16,274 households since 2000, and increased 5.4% from 2009 to 2010, taking fifth place overall. The area added 1,497 new households during 2010.
Leigh Acres’ average household income and net worth were the lowest of the ten at $49,652 and $103,021, respectively. Those households with average income of $200K or more actually declined from 102 to 11 households. The $50-60K average income household represented the largest segment at 17%.
The largest Acxiom PersonicX® lifestage group was “Leisure Buffs” at 13% of all households. The Leisure Buffs households have a mean age of 70-83, are fiscally conservative and tend to have high equity-to-home-values.
Average length of residence was fourth highest of the ten at 5.8 years, with over 4,000 households having lived in the area 15 years or longer. Leigh Acres has the third-highest median age of the ten at 37.3 years. In addition, the Hispanic community grew the fastest of any ethnic group at 584% for the decade.
The north Dallas suburb of Frisco took the number-one position on the 7 from 2007 list, and returns to take the number-six position on this year’s list with a 5% growth in households since 2009. The area added the second most households at 2,323 for a total of 48,374. The City of Frisco’s Master Plan says that when the City fully develops into its 69 square miles, it may be home to a population of as many as 350,000 people.
Average household income for the area grew to $94,802 for the decade, while average net worth was $308,928. Over 20% of all households had an average household income of $100K or greater. The average length of residence was only 4.8 years. Having lived in Frisco for the past 18 years, Frisco Mayor Maher Maso represents a small minority of long time residents. Only 4% of households have lived in the area over 15 years. The majority of all households in the area have been there for 5 years or less.
At 32.8 years, the average age was identical to Keller’s. Among the ethnic groups who live in Frisco, Asian households grew more than all others but those from India make up the largest ethnic group at over 1,000 households.
Casa Grande, Arizona
Casa Grande is seventh on this year’s list with 4.33% growth in households since 2009. The area added 765 households for a total of 18,415 for the area. The area ranked third highest of the ten with average household income growing 31.19% over the decade to $56,122. Average net worth ended the decade at $175,964, which was second lowest of the ten.
Households in Casa Grande were the least mobile, with the highest average length of residence of the group of 6.8 years and the second highest average age at 38.9 years. Like Leigh Acres, The largest PersonicX® lifestage group was “Leisure Buffs” at 1,721 households. These seniors are less travel prone and tend to own one luxury car.
South Jordan, Utah
A Salt Lake City suburb, South Jordan ranked eighth on this year’s list of fast growing predominant places. The area’s households grew at 4.08% since 2009 for a total of 14,186, nearly doubling in size since 2000. The Daybreak Community development continued to drive growth. This 31.22% growth was the second fastest of the ten cities.
Average income for the area was the highest on the 2010 list at $107,908. Over 1,100 households had average income of $200K or greater. In addition, average net worth for the area was the second highest at $407,697.
These households tended to be much younger than the other nine cities. The area had the lowest median age at 27.9 years. Although ethnic diversity has increased in this area, 92% of all households are white. The largest PersonicX® lifestage cluster was “Raising Grandkids” at 743 households. These 75+ year old households are notable for their presence of children.
Lincoln, a suburb of Sacramento, took the number-four position on the 9 from 2009 list and places ninth on this year’s list. The area added 879 households in 2010 for a year-over-year growth of 4%. For the decade, total households grew at 263.86% . Research indicates that new office buildings, shopping centers, housing developments and custom home properties have sprung up in recent years as a part of the local development plan.
The area placed first for average household income growth at 43.17%, ending the decade at $95,899. In addition, Lincoln had the highest net worth at $498,009, and represented the most financially stable area with an economic stability indicator average of 8 on a scale of 1-30. The area had 3,390 households with net worth of $1 million dollars or greater.
Lincoln’s average length of residence was the same as Keller, Texas, at 5.3 years. The households for this area are older than any of the other nine, with an average median age of 44.8 years. This represents a ten year shift from the median age of 34.5 years in 2000.
Lincoln’s Asian households increased more than any other group, growing from 113 in 2000 to 864 in 2010. Among the 16 different Asian groups represented in Lincoln, Indian households were the largest group at 22%.
Cary, North Carolina
Rounding out this year’s list is Cary, North Carolina, a suburb of Raleigh, where households grew at 3.25% in 2010 to end the decade at 90,600. In 2010, Cary placed first in net new households with an increase of 2,850. The area had the second-highest average household income at $101,804 and the third-highest net worth at $376,996. A whopping 27.5% of all households make $100K or more per year, and 10% of all households have a net worth of $1 million or more.
The average length of residence was second highest at 6.6 years. Asian households grew 250% over the decade, with India and China representing 78% of Asian households. The largest PersonicX® lifestage cluster was “Established Elite” at 5.8% of all households. These households are notable for their absence of children and enormous disposable income. The Cary area boasts almost 9,000 millionaires.
About The Gadberry Group
The Gadberry Group provides location-based services and information data products for clients who demand the most current, accurate, and precise household and population data for their site location analysis. MicroBuild®, Gadberry’s patent-pending product, is unique because only MicroBuild uses consumer data at the rooftop level to deliver quarterly household and population counts beginning at the Census block level. For more information about Gadberry Group, visit www.gadberry.net .
Dagley Insurance & Financial Services headquartered in Katy, Texas operates in 5 of the 10 High Growth areas on the list. Contact them today for all of your insurance and financial services needs.