For most of the past decade or so, Northern Liberties has been regarded as equal parts hipster-yupster village and quiet neighborhood with great restaurants, plenty of local businesses and breakneck residential development. Compared to the industrial wasteland many recall from 25 years ago, Northern Liberties came a long way to transform into the destination it now is in Philadelphia.
Even if most of the buzz seems to have cooled off, that progression is likely to continue. According to a new report from Realtor.com, Northern Liberties ranks 23rd among the top 30 "Boom Towns" in the United States.
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Based on an analysis of projected job creation, household formation and new construction for 2016, the report's final rankings were determined in view of five-year projected household growth.
According to Curbed Philly, which obtained detailed stats from Realtor.com, Northern Liberties' ranking as the No. 23 U.S. Boom Town is justified by the pace of projected growth. Households in No Libs are expected to grow by 10 percent over the next five years — a rate 2.6 times faster than the rest of the country.
Philadelphia as a whole will see 3,700 new households and 11,400 new jobs created in 2016, figures that outnumber the 1,000 fastest-growing counties in the United States.
"The strength of the residential real estate market is closely correlated to growth in jobs and households," said Jonathan Smoke, chief economist for Realtor.com. "The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next."
Considering the spate of residential and commercial construction projects along North Front Street, North Second Street and North Third Street alone, the prospect of further development in the 19123 ZIP code indicates that No Libs is going to see a jump in population in the coming years
Here are the top 10 U.S. Boom Towns.
1. Gilbert, Arizona (85297)
2. Los Angeles, California (90012)
3. Dallas, Texas (75201)
4. Miami, Florida (33132)
5. Las Vegas, Nevada (89179)
6. Seattle, Washington (98121)
7. Rolesville, North Carolina (27571)
8. Brooklyn, New York (11249)
9. Chicago, Illinois (60603)
10. Atlanta, Georgia (30363)
Check out the full report at Realtor.com.