Springfield is in the bottom 30 percent of U.S. cities in terms of growth, according to a study released today by personal finance website WalletHub.com.
The study equally factors two areas: sociodemographics, and jobs and economy. Sociodemographics is split into three subcategories, such as population growth, while the jobs and economy category has 12 subcategories, including growth in regional gross domestic product per capita and unemployment rate.
Springfield ranked 359th out of the 515 cities examined by WalletHub. It has a score of 39.7 out of a possible 100, ranking 293rd in the jobs and economy category and 368th in sociodemographics.
The Queen City fared best in the subcategory for average annual growth in the number of startup firms. Between 2010 and 2014, Springfield recorded 8.2 percent growth in the amount of startup funds. It ranked fifth in the subcategory under jobs and economy, according to data provided to Springfield Business Journal by WalletHub.
Below are Springfield’s individual growth percentage and ranking, from highest to lowest, in each category.
• average annual population growth, 2011-17, 0.7 percent, No. 288;
• average annual growth in working population, 2011-17, 0.1 percent, No. 392; and
• average annual growth in share of college-educated population, 2011-17, 0.2 percent, No. 406.
Jobs and economy:
• average annual growth in number of startup firms, 2010-14, 8.2 percent, No. 5;
• average annual growth in ratio of full- to part-time employment, 2011-17, 7.5 percent, No. 159;
• average annual growth in number of business establishments, 2011-16, 1.8 percent, No. 205;
• average annual growth in unemployment rate, 2011-17, -0.7 percent, No. 286;
• average annual growth in number of employed, noninstitutional civilians, 1.2 percent, No. 345;
• average annual growth in regional GDP per capita, 2011-17, 0.9 percent, No. 339
• average annual growth in foreclosure rate, 2011-17, -0.06 percent, No. 371;
• average annual growth in median house price, 2011-17, 1.8 percent, No. 390;
• average annual increase in poverty rate, 2011-17, -0.07 percent, No. 394;
• average annual growth in private residential building permits, 2011-17, 4 percent, No. 415; and
• average annual growth in median household income, 2011-17, 1.8 percent, No. 440.
Data for the subcategory of average annual growth in venture investment between 2010 and 2016 were not included for Springfield.
Springfield also ranked 184th out of 249 in midsize cities.
On the overall list, the top city was Fort Myers, Florida, followed by Midland, Texas, and Pearland, Texas.
Other Missouri cities on the list are O’Fallon, which ranked No. 181; Lee’s Summit, No. 215; Kansas City, No. 306; Columbia, No. 330; St. Louis, No. 366; Independence, No. 436; and St. Joseph, No. 463.
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