According to the Daytona Beach News-Journal, Palm Coast has landed among the top 10 economically thriving cities in the United States, a distinction that comes as little surprise to many of its residents. The city's population has surged from roughly 89,000 in 2020 to nearly 115,000 today — and that momentum extends well beyond headcount.
Financial platform SmartAsset recently published its list of America's "new boomtowns," evaluating 75 U.S. cities with populations of at least 65,000 based on real GDP growth between 2019 and 2024, housing unit expansion, and labor force growth over five years. Palm Coast came in sixth overall and led all Florida cities in the rankings. The report, released June 2, also placed 19 other Florida cities on the list, including North Port, Fort Myers, West Palm Beach, Lauderhill, and Daytona Beach at number 32.
Palm Coast's strong showing was driven by a compound annual real GDP growth rate of 6.7%, a 27% increase in housing units, and a 21% expansion in its labor force, the News-Journal reported. SmartAsset noted that while rapid growth doesn't guarantee equal benefits for all residents, it does reflect a city's expanding economic capacity and the new opportunities that accompany it.
Craig McKinney, Palm Coast's economic development manager, told the News-Journal in a June 11 interview that the ranking reflects a city on the rise, crediting its coastal location and Interstate 95 access as key competitive advantages. "I think it's a testament to the city's potential, and I think it's a testament to where we are headed," he said.
McKinney emphasized the importance of attracting quality employment to match the city's growth. Bringing in more jobs — particularly those offering competitive wages — and securing adequate sites and buildings for businesses were identified as top priorities. The city's unemployment rate currently sits at 5.5%, a slight dip from the prior year, according to a presentation by City Manager Michael McGlothlin to the City Council in early May. Palm Coast's labor force totals approximately 55,000, with a median resident age of 50 and a median home sale price of $378,000.
A revived Community Redevelopment Area program along State Road 100 is central to plans for building a more dynamic downtown, the News-Journal reported. McKinney pointed to an upcoming apartment complex called the Promenade, situated near City Hall, as the kind of development geared toward attracting younger residents. "We really feel like we are hitting a pivotal moment," he said, citing the Promenade and several other forthcoming projects as early answers to long-standing calls for more amenities.
Infrastructure investment is also viewed as a prerequisite for sustained economic development. McKinney noted that businesses scouting expansion locations expect sites that are move-in ready, and that without reliable infrastructure, economic growth simply cannot take hold. The city recently approved a 30-year utility revenue bond of nearly $330 million to fund essential upgrades to its utility systems. "Infrastructure and successful economic development go hand-in-hand," McKinney told the News-Journal.
