Provo has been ranked #3 Hottest Housing Market for 2017 by Zillow!
Zillow looked for places with quickly rising home values, low unemployment rates and strong income growth to determine which markets would heat up over the next 12 months. Provo — one of three Utah markets on the list — has the lowest unemployment rate of the 10 hottest markets at 2.7 percent. Home values in all three Utah markets are expected to appreciate more than 4 percent in 2017.
Another ranking for Provo! The Milken Institute Best-Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary, and technology growth. According to the Milken Institue, Provo is the #2 Best Performing City in 2016.
Provo nearly eclipsed San Jose-Sunnyvale-Santa Clara for the top spot, tying for second in the 2016 Best-Performing Cities index. Technology has been the primary source of Provo’s economic performance. Highly trained millennial talent from the East and West Coasts are attracted to Provo’s lower housing costs and a recreation-rich environment.
For thousands of residents of the Provo metro area self-reliance takes the form of self-employment. In fact, Provo is the No. 1 large metro area in the U.S. for reliance on self-employment income, according to a LawnStarter analysis of U.S. Census Bureau data.
Provo also claimed the top spot in the ranking of the most entrepreneurial small and mid-size places. More than 18% of businesses in Provo were launched between 2012 and 2014 and 6.79% of employees work for a new business. It ranks first for both of those metrics. Plus, a whopping 76.2% of businesses in the area are classified as a small business (meaning there are less than 10 persons employed by the business).
ReachProvo.com recently posted an article about a Polygraph study that examined Provo’s Kickstarter activity compared to other cities across the U.S. The findings were incredibly positive, and Provo even got specific mention in their analysis. Provo has around 115,000 people but in terms of number of projects with over 1,000 backers, it looks like it should be the population of Indianapolis or Miami. The city’s community is engaged with every sort of project that its creators launch.
Among 107 metropolitan areas surveyed by CNBC for its Metro 20 ranking of America’s Best Places to Start a Small Business, Provo, Utah, and Omaha, Nebraska, were tied for having the lowest annualized average unemployment rates in the United States in 2015. According to the most recent data from the Bureau of Labor Statistics, as of June 2016 the unemployment rate in Provo stands at 3.9 percent and in Omaha at 3.5 percent.
Reasonable tax rates, burgeoning tech sectors — Provo is part of Utah’s “Silicon Slopes,” and lower costs of living coupled with lower business costs have attracted small businesses to Provo. Provo’s economy is helped in part by rapidly growing tech start-ups such as Vivint Smart Home and InsideSales.com, which has grown to more than 600 employees since its founding in 2004 and was recently named to the 2016 CNBC Disruptor 50 list.
More venture capital funding has been coming into the region in recent years. According to the National Venture Capital Association, 21 companies in the Provo metropolitan region were the beneficiaries of 28 total funding deals totaling more than $444 million in 2015.
“The cost of living is reasonable. There isn’t a demand for raising taxes that are passed onto businesses and consumers,” said Rona Rahlf, president and CEO of the Utah Valley Chamber of Commerce, based in Provo. “When I do ribbon-cuttings, you ask businesses about their experiences with the city: little to no delays with permits and very accommodating.”
Provo has been ranked #3 Best City for Entrepreneurs and #10 Best College Town in America! Known for Brigham Young University, which is the largest employer in town (with 4,000 employees), and also cranks out a highly-educated workforce is capitalizing on this, as well as the family-friendliness of the town, Provo has become a booming place for business. Chief among the growing industries is tech—so much so that the entire region has been called “Silicon Slopes.” This is also why Livability has named Provo, in partnership with Entrepreneur, one of the 50 Best Cities For Your Startup.
Provo has the feel of a college town, combined with an incredible arts scene and a lovely dose of small town charm. In short, it’s pretty unique, and one of many reasons why it’s been twice named one of the 100 Best Places to Live.
Provo has been ranked at the top of four new national rankings this past week. We are the:
#1 Best City for Career Opportunities according to SmartAsset.
There are a number of reasons why the jobs market in Provo is hot. In addition to keeping its unemployment rate low (recent numbers have it at 3.5%), the metro area has plenty of opportunities for tech workers and individuals in the retail and manufacturing industries. Plus, Provo has a low cost of living. It ranks as the most affordable place for renters in 2016 and the typical resident in Provo pays just $9,696 a year for housing costs. Employees in Provo enjoy super high-speed internet, thanks to Google Fiber. And those who stick around and climb the ladder until they’re ready to retire can expect to have late-career salaries that are 40.1% higher, on average, than their early-career salaries.
With moving season in full swing and nearly two-thirds of the U.S. population residing in cities today, WalletHub’s analysts compared 150 of the largest cities according to how well they are managed by their leaders. In order to make such a comparison, we examined each city’s performance on six key indicators, including financial stability, education, health, safety, economy as well as infrastructure and pollution. We then combined these categories to construct an “Overall City Services” ranking against which we measured the cities’ total per-capita budgets in order to reveal their budgeting efficiency.
To come up with the ranking, LawnStarter looked at two factors: The percentage of owners or renters who had moved into their homes in 2010 or later. For the Provo area, that figure was 45.57%. The percentage of residents who had moved within the past year. For the Provo area, that figure was 20.1%. Check out the full ranking here: https://www.lawnstarter.com/blog/city-rankings/top-metros-for-moving/
WalletHub’s analysts compared the 150 largest metropolitan statistical areas, or MSAs, to determine where the most educated Americans are putting their degrees to work. In order to make such a comparison, we examined each metro area across nine key metrics, ranging from the percentage of adults aged 25 and older with a bachelor’s degree or higher to the educational attainment gap between women and men.
Congratulations Provo residents, students, and employees! You chose a good place to be.
Way to go Provo! We’ve just been ranked as the #19 Best City to live in America! So what makes us a top city? According to Niche they explored the overall livability of each area at the city level and took into account several key factors of a location, including the quality of local schools, crime rates, housing trends, employment statistics, and access to amenities in an attempt to measure the overall quality of an area. Provo received straight A’s in: education, public schools, health & fitness, nightlife (thanks to our downtown), shortest commute, family amenities, and outdoor activities.
Provo is ranked #1 most affordable city for renters in the Nation! With rent rising steadily across the country, in many cases renting is no longer an affordable alternative to home buying. As rents climb, many families decide that they’re neither prepared nor interested in making the leap to homeownership. Fortunately, it is still possible to find affordable apartments in a number of U.S. cities.
According to SmartAsset, the average fair market price of a two-bedroom apartment in Provo has decreased by 10.8% since 2015, making it the most affordable city for renters. Median annual housing costs in Provo are $9,504. Since the median household income is $42,113, it’s possible for residents in the city to spend just 22.6% of their income on housing.
With a very low unemployment rate, for the most part anyone moving to Provo can expect to find plenty of career opportunities, particularly in the tech and healthcare sectors. The city also ranked as one of the best cities for working parents.
According to DataFox, Provo has been ranked #3 Best City for Tech! Helped by strong public-private partnerships, centralized hubs that foster connections and innovation, and capital provided by established businesses, Provo City is an excellent choice for tech workers. DataFox crunched the numbers on nearly 20,000 private companies to find that Provo offers fast-growing businesses, strong fundamentals and affordability – without the cutthroat competition of the big-name startup hubs.
With low taxes, a ready source of intellectual capital from BYU and a focus on strong business fundamentals (not to mention Google Fiber), Provo offers a unique blend of innovation and work-life balance. According to DataFox, Provo’s businesses rank in the 96th percentile in terms of financial stability, and its cost of living is below the national average. And with Utah consistently ranked as one of the happiest states in the country, Provo is a haven for job seekers and their families.