Prior to the arrival of an unprecedented global pandemic, the US economy was enjoying an encouraging upward trajectory. This boom has been disrupted, naturally, by the need for social distancing, unfolding civil unrest and a looming presidential election whose outcome may well need to be settled via the courts.
But the underlying economic fundamentals are sound, and thus the tail-end of the pandemic might well represent an investment opportunity, especially for those who are able to maintain their cool while others are being spooked.
6 Top United States For Economic Growth
1. New York
Investment in real estate and start-ups can yield significant returns. With its eye-popping skyscrapers and range of serviced apartments, New York might seem an obvious place to start. But the property market in the Big Apple is saturated, and prices are exorbitant. Identifying the growth opportunity and unexplored potential here might therefore be tricky.
Let’s take a look at some of the other US states which might tempt investors on more of a budget.
2. Idaho
Idaho has been consistently rated the best place for investment by prestigious websites like Realtor.com. The capital, Boise, boasts a population and job growth rate several times over the national average, and the unemployment rate is lower, too. It is a city, in other words, that is on an upward trajectory.
3. Texas
Texas is a vast state with vast potential. Two sprawling cities, in the form of Austin and Houston, collectively punch well above their weight for both job creation and affordability. The capital, in particular, is known for being home to the second highest number of Fortune 500 companies anywhere in the country except New York.
Austin TX especially has been growing exponentially over the last few years as huge tech companies transition out of Silicon Valley for cheaper property, workers, and taxes.
4. Utah
Economically speaking, Utah sits right at the top of the list. Its unemployment rate for June was less than half the national average, which sat at around 11.1%. It was also one of the few states whose poverty rate was lower than 10%. Salt Lake City might attract the bulk of realtor investment, but smaller towns like Ogden, Provo and St. George are also worth consideration.
5. Washington
The larger cities in Washington and neighboring Oregon might be getting into the pricey side – which is good news for investors in smaller ones, like Spokane. Washington has fared better than many other states in the face of the Covid-19 pandemic, and, prior to the pandemic, enjoyed the highest growth rate of any state in the country. This growth is likely to prove robust, thanks to the presence in the state of tech giants Amazon and Microsoft, both of which have fared well through the crisis.
6. Colorado
Similarly, Colorado has attracted investment from tech companies, including Facebook, Apple and Netflix. Employment in this top business state has been steadily climbing, and between 2015 and 2022 it enjoyed the sixth highest annual economic growth in the country.
Invest With Success
Not everyone can afford to invest in property or companies in traditional hot spots like California, New York, or Massachusetts. Keep these other top United States in mind for their excellent economic growth potential and better bargain prices. You should also consider rapidly growing states like Florida, Georgia, Arizona, and North Carolina as well with the continued exodus of businesses and professionals out of more liberal states with higher taxes.
