Concord: An American Boomtown
What makes a boomtown so special? Is it the economic growth of a city that makes it a ‘booming’ area? Maybe it’s just a population increase of epic proportions. Is it the arrival of new business?
The answer to all of the above is yes. A boomtown has a little bit of everything, and a lot of some very key statistics that make it, undoubtedly, a booming town. Key data that is tracked across the United States for each city/town consists of:
- Population increase (typically a percentage)
- Individual GDP increase
- Unemployment rate
- Changes in median household income (5 year)
- Change in number of establishments (5 year)
- Housing Growth Rate
Our friends at smartasset.com put together these statistics on a yearly basis for the purpose of, among other things, establishing the ‘boomtowns’ of the United States. Good ol’ North Carolina found itself with a thriving city that made it pretty high on the list: Concord.
Concord has a rich history and a thriving economy that appeals to most any age demographic. With a population that has steadily risen over the last several decades, businesses are warmly attracted to this area. Cabarrus County, itself, has some intriguing numbers that point to a steady growth and a healthy economic present and future. Let’s dive in, shall we?
Concord: A BOOMING Town on its own
Let’s get one thing straight: Concord is MUCH MORE than just a suburb of Charlotte. This city has created its own traditions, economy, and demographic identity. While North Carolina as a whole is growing steadily, Concord has seen growth on a MUCH larger scale. The people are friendly, the economy is healthy, and the housing market is primed for continued growth. It truly is a special place to call home!
Cabarrus County
Since 2010, Cabarrus County has seen a tremendous amount of growth. Concord is tucked right smack in the middle of Cabarrus County, so it would seem to make sense that Concord has seen an upward trend along with the county itself. Cabarrus County is home to just under 200,000 residents. The median household income of a family living in Cabarrus County is $60,716. This is a healthy number for its area, and features 2.96% growth rate from 2018.
There is a good mix of ages in the area as evidenced by the 37.9 year median age. Population growth and a good demographic mix has attracted business to the area. In fact, there are over 95,000 employers in Cabarrus County as of 2019. This is an impressive 4.08% growth from 2018. Cabarrus County is a booming area within North Carolina. As a suburb of Charlotte, this county is sure to continue to see big growth and economic development over the next decade.
Concord is GROWING – Demographically
There are many aspects to be looked at when trying to decipher just what makes Concord so special! The overall growth rate is quite exceptional. If we look at the growth rate from a demographic sense, the story is told quite well.
As of 2019, the population of Concord, North Carolina is 94,130 residents. This shows a tremendously high growth rate, coming in at 10.01% over the last five years. The population is quite diverse in the area as well. This population number ranks Concord as the 10th largest city in all of North Carolina. The median age in Concord is 35.7 years. Lastly, the average household income in Concord is $80,284.
Concord is GROWING – Economically
So here is a simple riddle: what happens when population increases over a five year span, and the median household income increases within that same span? You get a strong economic growth curve. Concord fits the mold here.
The availability of jobs in Concord is off the charts! The unemployment rate is just 3.6%, which is well under the 3.9% national average. Over the last year, the job market has increased by almost 3%. The ten year projection for the increase in the job market in Concord 46.7%, which is much higher than the national projection of 33.5%.
There are plenty of employers currently in Concord, and there will be MANY more over the coming years. When looking for the answer as to what makes Concord a boomtown, look no further than its demographic and economic growth over the last five years.
Housing Market
Maybe the best numbers are yet to come, right? The housing statistics truly reflect an area that is primed for an even bigger boom in the future! The median cost of a home in Concord is just $203,500. This is almost $30,000 less than the national average. Homes in Concord are only 23 years old on average, which is 17 years less than the national average.
And what about those dang property taxes? Check this out! The average amount of property taxes paid in Concord in 2019 was just $2,019. You guessed it – less than the national average of $2,724. Home values have been booming as well. The appreciation of a home in Concord over the last ten years has been 29.5%. Checkmate.
So what makes Concord a boomtown? Check out the numbers. Numbers, in fact, never lie, right? The economy is booming with plenty of jobs available. The population is booming with a steady influx of new residents from nearly every age demographic. The housing market is booming as well, with properties appreciating at steady rates over the last ten years. This would work to explain why Concord is ranked 26th on the smartasset list of Top Boomtowns of 2019. What is stopping you from joining this booming North Carolina city?
If you are looking to relocate to Concord, or any Charlotte, North Carolina-area city, why not come by and talk to us at Leigh Brown & Associates? We are one of the top real estate teams in the country, and can guide you on your path to joining the boom! Give us a call today, or better yet, just come on in. The door is always open!
Sources:
https://www.bestplaces.net/housing/city/north_carolina/concord
https://smartasset.com/mortgage/top-boomtowns-in-america-2019
https://www.statista.com/statistics/241695/number-of-us-cities-towns-villages-by-population-size/