Naples Ranks Highest in FL

November 22, 2015 Posted by Matt

In terms of economic potential, Naples ranks highest of any small metro area in Florida, according to a new study by the Federal Reserve of Atlanta. The Fed studied 244 small cities throughout the country and released their City Economic Dynamism Index this week. The Naples and Marco Island metro area ranked first out of 11 small cities in the state of Florida and nationally we came in ranked 25th.

The study looked at metro areas with a population between 50,000 and 500,000. The index looks at 14 different factors to determine economic dynamism in four different categories:

Demographics
Economics
Human Capital
Infrastructure

According to William Lambe, senior community and economic development adviser with the Atlanta Fed, and the author of the study, the Naples and Marco Island areas are on an upward trajectory. After reviewing data from government sources from 2005-2013, among the indicators cited by Lambe contributing to Naples high ranking:

Population grew by 8.5 percent
Employment in the labor force grew by 8 percent
Employed residents 25 years or older with college degrees grew by 5.4 percent

Nationwide, the small cities which showed the most growth potential shared one or more common characteristics:

Being a “lifestyle” destination that depends on tourism and second-home ownership, with attractive weather and quality of life.
Area includes a university or research hub
Cities that benefited from exporting oil and gas
Home to military bases

The highest ranking metro area in the country was the Salisbury, Maryland metro area, which is home to five colleges and near Atlantic and Chesapeake Bay beaches. Ranking second and third, respectively, were the rich oil towns of Odessa and Midland, Texas.

Being ranked at the top of the list for economic potential is one more great reason to live in Naples FL year-round or part-time.

Are you considering relocating to Naples? Or perhaps your looking to purchase a second home, let me be your guide.