In a new study by CNN Money using U.S. Census Bureau data, Phoenix had the second-highest total in the country of new residents over a one-year period.
CNN Money listed the top 10 fastest-growing metro areas in the country, looking at data from July 2012 to July 2013. Although Phoenix had the lowest percentage gain (1.6) on the top 10 list, Arizona’s capital did expand by 71,130 new residents in that time, trailing only Houston (137,782) in that metric.
The business arm of CNN cited a few reasons why Phoenix might be growing:
Phoenix is starting to rise from the ashes of the housing bust.
After being one of the hardest hit cities during the foreclosure crisis, home prices have come roaring back. Construction workers idled during the housing bust are back at work rehabbing foreclosed homes and other distressed properties so they can be put back on the market or rented out.
Other jobs are coming back, too, in industries like renewable energy, aerospace, bio-med and business services, according to the Greater Phoenix Economic Council. And recently Apple (AAPL, Fortune 500) announced it would build a plant in nearby Mesa that would employ more than 2,000 workers.
Austin, Texas, had the highest percent gain (2.6) of any city on the list, translating to 47,941 new residents for Texas’ capital.
Click here to see the other top 10 cities in a slideshow format.
Click here to see the fastest-growing cities listed in descending order — according to percent gain.
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