For decades, many Americans have chosen to live in suburbs and commute to urban centers for work. That’s largely because cities – accounting for 85% of US GDP and jobs – help drive the nation’s economy.
Neighborhoods like Midtown in Manhattan, the Loop in Chicago, and Central/East Boston have long been considered economic hubs due to their large concentrations of employment opportunities.
But there are many other places around the US that are rapidly emerging as new economic powerhouses.
A recent report from the Urban Land Institute (ULI) defines these neighborhoods as well-located but having underutilized land. They tend to offer more opportunities for residential, office, retail, and public space development than established urban locations. In addition, ULI classifies emerging economic centers as places that have seen significant growth in population, employment, household incomes, and home values since 2000.
Take a look at a few examples below: