In many American cities, businesses are thriving. Not only are new ventures popping up, but they're able to sustain growth and create jobs.
CNBC Make It identified 10 cities where the number of businesses is increasing and the number of paid employees is going up using data from personal finance site MagnifyMoney's list of America's biggest "boomtowns."
Out of the top 50 "boomtowns," here are the top 10 places in the U.S. with the strongest business growth over the past five years. This category took into account number of establishments, number of paid employees per pay period and total receipts for non-employers.
Business growth score: 64.5
Increase in number of businesses between 2011 and 2016: 11 percent
Increase in number of paid employees between 2011 and 2016: 17.4 percent
Final score: 55.7
Overall rank: 9
Business growth score: 65.3
Increase in number of businesses between 2011 and 2016: 12.3 percent
Increase in number of paid employees between 2011 and 2016: 18.9 percent
Final score: 58.6
Overall rank: 6
Business growth score: 66.8
Increase in number of businesses between 2011 and 2016: 16.1 percent
Increase in number of paid employees between 2011 and 2016: 22.6 percent
Final score: 49.2
Overall rank: 17
Business growth score: 67
Increase in number of businesses between 2011 and 2016: 11.8 percent
Increase in number of paid employees between 2011 and 2016: 18.8 percent
Final score: 56
Overall rank: 8
Business growth score: 67.6
Increase in number of businesses between 2011 and 2016: 15.2 percent
Increase in number of paid employees between 2011 and 2016: 16.9 percent
Final score: 51.2
Overall rank: 14
Business growth score: 70.8
Increase in number of businesses between 2011 and 2016: 12.8 percent
Increase in number of paid employees between 2011 and 2016: 20.6 percent
Final score: 67.7
Overall rank: 3
Business growth score: 71.7
Increase in number of businesses between 2011 and 2016: 13.5 percent
Increase in number of paid employees between 2011 and 2016: 17 percent
Final score: 66.4
Overall rank: 4
Business growth score: 72.9
Increase in number of businesses between 2011 and 2016: 10.4 percent
Increase in number of paid employees between 2011 and 2016: 20.6 percent
Final score: 60.7
Overall rank: 5
Business growth score: 93
Increase in number of businesses between 2011 and 2016: 21.1 percent
Increase in number of paid employees between 2011 and 2016: 23.7 percent
Final score: 87.8
Overall rank: 1
Business growth score: 95.1
Increase in number of businesses between 2011 and 2016: 19.7 percent
Increase in number of paid employees between 2011 and 2016: 29.6 percent
Final score: 75.7
Overall rank: 2
MagnifyMoney analyzed how the 100 largest metro areas in the country changed over a five-year period (between 2011 and 2016) across three categories: population and housing; workforce and earnings; and business growth. Cities could earn a possible score of 100 in each category, which were then averaged together for the final ranking. You can read the full methodology here.
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