Savannah Morning News  - April 25, 2007


 

Savannah makes Inc. magazine's top 10 'boomtowns' list

By Mary Carr Mayle

 

usiness is booming in Savannah.

So says Inc. magazine, which puts Savannah at No. 10 in midsize cities on its "Boomtowns 2007" list of the hottest business towns. The new listing puts the city up considerably from a ranking of 49th in 2006.

To compile the list for Inc., Michael Shires, a professor of public policy at Pepperdine University, examined job-growth data supplied by the Bureau of Labor Statistics on 393 U.S. metropolitan areas. The ranking puts the focus on job growth, which Inc. said it believes is the best measure of economic vitality.

"Savannah's job growth has been huge, going from 2.9 percent in 2004-2005 to 3.4 percent," said Joel Kotkin, economic development analyst and Inc. contributing editor. "Strong growth suggests that an economy is expanding - which means plenty of opportunity."

Savannah's business climate is particularly well balanced, he said - strong in manufacturing, professional business services, information technology and wholesale trade.

"When you have growth in these kinds of industries, you're in pretty good shape for the future," Kotkin said.

Rick Winger, president of the Savannah Economic Development Authority, said the ranking is an indication of Savannah's diversified business growth.

"We're thrilled for Savannah to be recognized this way by such a high-quality national business publication," he said.

Five Florida cities joined Savannah on the top 20 midsize list, defined as areas with nonfarm employment ranges of 150,000 to 450,000. The Cape Coral-Fort Myers, Fla., area was No. 1, while Savannah's sister port city, Charleston, S.C., made the list at 15.

Savannah ranked 42nd on the overall list of 393, up from 74th last year. The Hinesville-Fort Stewart community was close behind at 47th, up from 69th the year before. St. George, Utah, topped the overall list as the fastest growing business town.

Las Vegas was No. 1 on the list of large cities - those with a current nonfarm employment base of at least 450,000 jobs. Jacksonville was 12th in the large cities Top 20.

"The Southeastern coastal cities are really starting to shine," Kotkin said. "They are attractive and historic, with reasonable housing prices and - in many cases - booming ports. They're pulling trade from the Northeast and experiencing growth from downshifting baby boomers."

TOP 10 LIST

Inc. magazine's top 10 midsize business boomtowns:

1. Cape Coral-Fort Myers, Fla.

2. McAllen-Edinburg-Mission, Texas

3. Sarasota-Bradenton-Venice, Fla.

4. Fayetteville-Springdale-Rogers, Ark.

5. Deltona-Daytona Beach-Ormond Beach, Fla.

6. Lakeland, Fla.

7. Provo-Orem, Utah

8. Rena-Sparks, Nev.

9. Boise City, Idaho

10. Savannah

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