Smartasset recognizes Indio among top 20 in its annual survey of Boomtowns
INDIO – This community, the largest in the Coachella Valley and known as the City of Festivals, has made national headlines as one of America’s top 20 Boomtowns.
The city ranked No. 18 in smartasset’s 2021 guide to Boomtowns in America. The online financial information provider ranked cities based on a number of factors, including business growth, housing growth, and change in household income.
Indio was the only California city included in the top 30 cities, and scored an 89.4 out of a possible index of 100 points.
“This is an appropriate distinction,” said Mayor Elaine Holmes. “You only need to visit City Hall to witness the incredible number of permits pulled for new business. We are grateful to see that the last year, which was hard for so many, appears to have such positive momentum for Indio.”
The U.S. recently hit a large milestone on the road to recovery from the economic fallout of COVID-19, according to smartasset. In the second quarter of 2021, real gross domestic product (GDP) exceeded its pre-pandemic level, according to Bureau of Economic Analysis data. This rebound comes exactly a year after real GDP hit its lowest point during the COVID-19 crisis when it was down by more than 12%. National signs of growth are apparent at local levels. While some cities are still struggling with high unemployment rates and depressed economic growth, many are growing again. Indio is one of them.
“Indio is certainly progressing forward, and being nationally recognized for what we do every day, which is help make this a better place for people to live, do business, and have fun as well, is very gratifying,” added City Manager Bryan Montgomery.
According to smartasset, the country’s 500 largest cities were ranked in each of seven metrics that also included five-year population change, average yearly GDP growth, and five-year housing growth. The City of Indio currently has approximately 4,300 new housing units planned or under construction. 405 new single-family home permits were issued so far in 2021 with total valuation of $65.92 million.
In this study, SmartAsset uncovered the fastest-growing cities in the U.S. To identify the top boomtowns in America in 2021, it looked at the most recently available data for 500 of the largest cities across the following seven metrics: population change, unemployment rate, change in unemployment rate, GDP growth rate, business growth, housing growth and change in household income.
View the report in its entirety by clicking here.
- Bryan Montgomery: Bryan Montgomery
- City of Indio: Shutterstock