A recent study shows that Frisco and McKinney, Texas were ranked as some of the most resilient economies in the U.S. in 2022.
Since the COVID-19 pandemic, the economy has faced an unstable future. Now, inflation and a bear market are presenting new challenges along with a possible recession. But some North Texas cities have been able to prove a consistent economy is possible. SmartAsset recently named Frisco and McKinney in a list that showed the U.S. cities with the most resilient economies in 2022.
The study used 14 factors such as employment, housing, social assistance and economy stability to determine the best and the worst cities. SmartAsset looked at the 300 largest cities, of which 286 had available data, and Frisco was found to be the second most resilient city, just behind Cary, North Carolina. The study found that Frisco has the third highest score for housing, the fifth best score for employment and the 13th best for social assistance and healthcare.
SmartAsset explained that, “The city of 188,000 people ranks first overall for 10-year housing unit growth (76.58%) and 10th-best for housing costs as a percentage of income (18.57%). Meanwhile, less than 1% of households (0.70%) rely on public assistance, which ranks third-lowest for that metric.”
McKinney didn’t rank quite as high, but still made it into the top 20, sitting at 16th place. But other North Texas cities made the cut with Denton (20), Plano(31) and Carrollton (43) finding their way on the list.The study found that in most cases, smaller and mid-sized cities are far more resilient than large ones, in fact 9 out of 10 of the cities named has fewer than 250,000 residents.
North Texas has continually ranked highly in many financial studies this year, and Local Profile previously reported that Frisco was named the third richest city in the U.S. as well as the best place to buy a home.