The City of Concord is one of the nation’s top “boomtowns” according to a new study released by SmartAsset. Concord tied New Braunfels, TX for the No. 14 spot with a score of 89.83 and is the highest ranked city in North Carolina.
The study by SmartAsset looked at data from the 500 largest cities in the U.S. to identify the nation’s fastest growing cities or “boomtowns.” The study scored cities based on seven metrics: population change, unemployment rate, change in unemployment rate, GDP growth rate, business growth, housing growth and change in household income.
Concord’s ranking by SmartAsset follows news of the city breaking into North Carolina’s Top 10 most populous cities for the first time following the release of the latest U.S. census data. It also comes on the heels of the largest economic development announcement in Cabarrus County history; a new beverage manufacturing hub will open at The Grounds at Concord, representing a $1 billion investment in the local economy and the creation of more than 600 jobs with wages above the county average. Work is also underway on the Novi Projects; three new residential and mixed-use properties representing an estimated $70 million in private investment in Downtown Concord.
With unprecedented growth and economic development taking place across the city, members of City Council and city leadership are working to responsibly plan for further growth and increased demands for services. The city recently broke ground on a new Electric Systems Operations Center and commissioned the first in-house built electric substation and delivery since 1997. The new Substation P and Delivery 6 will relieve capacity constraints, and accommodate commercial and residential growth along the Hwy 49 corridor from US 601 to Cabarrus Arena.
The city is accomplishing this work while maintaining the same low tax rate of 48 cents per $100 valuation that has been in place since 2013. The city continues to prioritize enhancements to its public parks and greenways, transportation, and expansion of affordable and workforce housing options to meet demand and keep pace with the city’s growth.
Additionally, last month Concord was recognized as one of the safest cities in North Carolina by SafeWise.