Last year, for the same WalletHub survey, New Orleans was ranked among US large 28th among large cities, this year, 24th.
Lake Charles in 2017 is ranked among all cities 216th , which is 73rd among small cities out of 202. In 2016, Lake Charles was ranked 64th.
Lafayette Louisiana overall rank in 2017 is ranked 396th. That places it at 202 out of 249 among mid-sized cities. In 2016, Lafayette was the nation’s 95th fastest growing mid-sized city.
Kenner Louisiana’s overall rank is 498th among all US cities. This year, it is ranked 195th out of 202 small cities. In 2016, it ranked 197th out of the fastest growing small cities.
Baton Rouge Louisiana is ranked 513th overall in 2017. In 2016, it ranked 202nd. This year, the state’s capitol is scored at 242 among mid-sized cities in terms of growth.
Shreveport Louisiana is currently ranked 515th among all cities. Last year, it measured 232 among small cities. This year, among the small cities, it is scored at 249th, or, dead last in that category.
Metairie Louisiana, an outskirt of New Orleans is currently measured at 266th in growth among all cities. Thus, this year, that gives it a score of 140 for mid-sized cities out of 249 US cities. In 2016, it ranked 240th.
Baton Rouge and Shreveport are ranked fourth to last and the very bottom among mid-sized cities growth for 2017. Kenner is ranked 195th or 8th from the bottom among small cities growth.
Lake Charles and Shreveport win the distinction of being at the bottom for poverty rate decreases. Shreveport and Lafayette are 512 and 515 respectively in GDP growth.
What is the methodology?
According to WalletHub:
In order to determine the most rapidly growing local economies, WalletHub’s analysts compared 515 cities of varying population sizes based on two key dimensions, “Sociodemographics” and “Jobs & Economy.”
We evaluated those dimensions using 15 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the fastest economic growth. For each metric, we analyzed data spanning from 2010 to 2016 with the exception of “Unemployment Rate Decrease,” “Job Growth” (from 2011 to 2016), “Increase in Number of Startups” (from 2010 to 2014) and “Increase in Number of Businesses” (from 2010 to 2015).
Finally, we determined each city’s weighted average across all metrics to calculate its total score and used the resulting scores to rank-order the cities in our sample.
In determining our sample, we considered only the “city proper” in each case and excluded cities in the surrounding metro area. We categorized each city according to the following population-size guidelines:
- Large cities: More than 300,000 people
- Midsize cities: 100,000 to 300,000 people
- Small cities: Fewer than 100,000 people
Sociodemographics - Total Points: 50
- Population Growth: Double Weight (~25.00 points)
- Working-Age Population Growth: Full Weight (~12.50 points)
Note: “Working-Age Population” includes individuals aged 16 to 64.
- College-Educated Population Growth: Full Weight (~12.50 points)
Note: “College-Educated Population” includes individuals with at least an associate’s degree.
Jobs & Economy - Total Points: 50
- Job Growth: Double Weight (~3.70 points)
- Increase in Ratio of Full-Time to Part-Time Jobs: Half Weight (~1.85 points)
- Median Household Income Growth: Full Weight (~3.70 points)
- Unemployment Rate Decrease: Full Weight (~3.70 points)
- Poverty Rate Decrease: Full Weight (~3.70 points)
- Growth in Regional GDP per Capita: Double Weight (~7.41 points)
- Increase in Number of Businesses: Full Weight (~3.70 points)
- Increase in Number of Startups: Full Weight (~3.70 points)
- Increase in Venture Capital Investment Amount: Full Weight (~3.70 points)
- Median House Price Growth: Full Weight (~3.70 points)
- Building-Permit Activity Growth: Full Weight (~3.70 points)
- Foreclosure Rate Decrease: Full Weight (~3.70 points)
Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis, National Venture Capital Association and Renwood RealtyTrac.
SHREVEPORT 515th fastest growing mid-sized city, in 2016, ranked 232.
Metairie 266th fastest growing mid-sized city in 2017, in 2016, its rank, 240.
Adding insult to indignity, in the category of mid-sized cities, Baton Rouge is ranked 4th from the bottom and Shreveport, dead last.