The latest Local Leaders list—the much-anticipated ranking of the top 50 new-home markets ranked by closings—will be released online this week. The list includes the total number of closings and the top 10 builders in each market, ranked by their 2015 closings and market share. We’ll be releasing 10 markets each day along with some analysis that offers insight into why certain markets are holding steady while others either joined or fell off the list.
Local Leaders Nos. 41 to 50: Provo Rises
Southeastern towns Lakeland, Fla., and Columbia, S.C., made big leaps onto the Local Leaders list in 2016, nabbing spots No. 49 and No. 41, respectively.
But the more interesting story may be in the Provo, Utah, market. Of the metros represented in last year’s Local Leaders list, Provo saw the biggest leap in the bottom 10—moving from No. 48 in 2015 to No. 41 in 2016.
David Brown, Metrostudy’s senior vice president of the west region, recently pointed to Salt Lake City as one of the nation’s fast-growing markets. If the growth in Provo—roughly 45 miles from Salt Lake City—is any indication, housing looks strong in other parts of Utah as well.
Job growth is a major part of the story in the Beehive State, explained Joel Kotkin in a piece for Forbes in May: “Provo-Orem has also achieved rapid job growth, with employment expanding 27.4% since 2010. Like St. George [also in Utah], this metro area has enjoyed strong growth in construction and hospitality, but also in higher-wage fields, including information, which has expanded employment 43.9% since 2010, and professional business services, up 34.3%.” The Provo-Orem market also ranked No. 2 as a “best buy city” on Forbes’ 2015 list of where to invest in housing.
Outside of the top newcomers to this year’s Local Leaders list, the bottom of the top 50 markets list generally stayed the same as the year prior with Richmond, Va.; Colorado Springs, Colo.; Naples, Fla.; Cincinnati; Virginia Beach, Va.; El Paso, Texas; and Provo represented once again.
50. Richmond, Va.
49. Lakeland/Winter Haven, Fla.
48. Colorado Springs, Colo.
47. Naples/Immokalee/Marco Island, Fla.
46. Cincinnati, Ohio/Ky./Ind.
45. Virginia Beach/Norfolk/Newport News, Va./N.C.
44. El Paso, Texas
43. Detroit/Warren/Dearborn, Mich.
42. Provo/Orem, Utah
41. Columbia, S.C.