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October 15, 2014

Fredericksburg: 2nd Fastest Growing Community in Virginia

A recent study done by the analysts at Nerdwallet shows that Fredericksburg is  among one of the fastest growing community in Virginia!

In an article from fredericksburg.com, a growing job market and employment contribute to Fredericksburg's growth, among other things.

Compiling US Census bureau data, it was shown that Fredericksburg experienced significant growth in several key indicators between 2010 and 2012.

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Fredericksburg among fastest growing job markets in state
Fredericksburg was ranked as the second fastest growing community in Virginia in terms of income and job growth by finance website Nerdwallet this week. The study is part of ongoing research by Nerdwallet’s analysts to determine which cities across America are on the rise based on growth of the working-age population, employment and income. Virginia is No. 9 among states in its contribution to the nation’s GDP, according to a report by the U.S. Commerce Department, and was one of the first states studied for growing communities. Though Fredericksburg’s median working-age population, employment and median income aren’t the highest in the state, the staggering growth each category experienced between 2010 and 2012 rocketed the city to the second spot on the list. A location in Prince William County was the only community growing faster than Fredericksburg. According to the U.S. Census Bureau, Fredericksburg’s working age population was 20,226 in 2012, the most recent year the information was available. Between 2010 and 2012, that figure grew 5.01 percent. Employment in 2012 was at 57.3 percent, growing 4.18 percent since 2010. Median income was the fastest growing category for Fredericksburg residents. The median income in the city was $42,732 in 2012, growing nearly 14 percent since 2010. Fredericksburg was among the top three localities to add jobs during the time frame. However, Nerdwallet qualified that though Virginia residents were largely insulated from large-scale job losses during the recession, with the unemployment rate never climbing above 7.4 percent, recovery has been slow. The top three areas that added jobs — Waynesboro, Fredericksburg and Kings Park West — all saw employment grow less than 5 percent. Income growth was only larger in Gainesville with a 19.7 percent increase and Mount Vernon with a 19.2 percent increase.
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