Bloomberg reports that Lafayette is poised to be the second fastest-growing city next year, joining Odessa, Texas, and Bismarck, N.D., as energy boomtowns' to watch. Lafayette is expected to grow its economy by 7.5 percent next year thanks to robust activity' in the energy sector, placing it at No. 2 on the list of cities predicted to grow the fastest next year.
According to Bloomberg, the new report on next year's fastest growing cities was prepared by IHS Inc. and commissioned by the U.S. Conference of Mayors in Washington:
"Lafayette, Odessa and Bismarck will each see robust activity in natural resources," according to the IHS Global Insight report, with energy industries fueling job growth in the Louisiana city and oil production helping in West Texas and North Dakota. Gains in manufacturing as the national economy recovers are forecast to boost Rust Belt cities led by the Elkhart-Goshen area of northern Indiana.
While growth is projected to continue nationwide, the outlook for most cities varies, with faster expansion in those with economies rooted in professional, business, health and education services, according to IHS. The average rate will be 1.8 percent for the 363 cities studied, with 70 percent expanding 2 percent or less this year. Contractions are forecast in dozens of cities from Reno, Nevada to Dalton, Georgia.
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