And what of the future? One big strike against Boston, say economists, was the high rents and wage rates generated during its boom years. And one big attraction of Charlotte has been its relatively low costs. In time -- but probably not for several years -- those factors will tend to equalize. Ultimately, each city will have to trade on its long-term assets: Boston on its research universities and highly educated work force, Charlotte on its sunny climate and strategic location. What's likely to make the difference is how many people choose to build businesses in either city.
At the moment, the odds favor Charlotte. But metro areas have given us more than a few surprises over the years, as policymakers and businesspeople have learned to invent or take advantage of new strengths. The top performers on the following pages weren't always the best cities for business, and they may not be so forever.
Still, right now, they're the places to be.
1991 INC. METRO DATA
MOST POPULATION GROWTH
1988 to 1990
Riverside/San Bernardino, Calif. 10.9%
Las Vegas, Nev. 10.9%
Naples, Fla. 9.6%
Fort Pierce, Fla. 8.7%
Fort Myers/Cape Coral, Fla. 8.5%
MOST PERSONAL-EARNINGS GROWTH
1988 to 1990
Fort Pierce, Fla. 11.2%
West Palm Beach/ 11.1%
Boca Raton, Fla.
Anaheim/Santa Ana, Calif. 11.1%
Fort Lauderdale/Hollywood, Fla. 10.0%
Santa Rosa/Petaluma, Calif. 9.9%
MOST JOB GROWTH
1988 to 1990
Fort Pierce, Fla. 10.7%
West Palm Beach/ 10.4%
Boca Raton, Fla.
Anaheim/Santa Ana, Calif. 9.8%
Fort Lauderdale/Hollywood, Fla. 9.1%
Santa Rosa/Petaluma, Calif. 8.5%
Oxnard/Ventura, Calif. 8.0%
Las Vegas, Nev. 7.8%
Ocala, Fla. 7.6%
Middlesex/Somerset/ 7.6%
Hunterdon, N.J.
Santa Cruz, Calif. 7.4%
MOST RETAIL SALES GROWTH
1988 to 1990
Fort Lauderdale/Hollywood, Fla. 18.2%
Anaheim/Santa Ana, Calif. 17.9%
Santa Rosa/Petaluma, Calif. 16.6%
Orlando, Fla. 16.4%
Santa Cruz, Calif. 16.1%
Atlantic City, N.J. 16.0%
West Palm Beach/ 15.6%
Boca Raton, Fla.
San Jose, Calif. 15.0%
Oxnard/Ventura, Calif. 14.0%
Burlington, Vt. 13.9%
MOST BUSINESS STARTS
1988 to 1990
Las Vegas, Nev. 1.7%
Orlando, Fla. 1.4%
Charlotte, N.C. 1.3%
Atlanta, Ga. 1.2%
Hickory, N.C. 1.2%
Charleston, S.C. 1.2%
Nashville, Tenn. 1.2%
El Paso, Tex. 1.2%
Riverside/San Bernardino, Calif. 1.1%
Greenville/Spartanburg, S.C. 1.1%
MOST HIGH-GROWTH COMPANIES
1988 to 1990
San Jose, Calif. 8.1%
Utica/Rome, N.Y. 7.1%
Washington, D.C. 6.9%
Hickory, N.C. 6.7%
Terre Haute/Bloomington, Ind. 6.6%
Lancaster, Pa. 6.5%
Williamsport/State College, Pa. 6.4%
Burlington, Vt. 6.4%
Reno, Nev. 6.4%
Tallahassee, Fla. 6.3%
(continued)
EDITORS' CHOICE
America's best cities for growing a business
NORTHEAST
Blue Ribbon: Burlington, Vt.
Escaping New England's gloom
Scorecard (1988 to 1990)
Population growth: 3.1%
New jobs: 5,300
New companies: 35
High-growth companies: 43
Burlington's recession has been kinder and gentler than the rest of New England's. The difference? The city is home to stable employers such as IBM; its breathtaking Lake Champlain location ensures a steady stream of well-educated newcomers; and its proximity to Montreal attracts Quebec companies seeking a U.S. foothold. A second factor: astute public policies. Vermont's strict development laws, for example, shielded the area's banks from a real estate boom and bust. "The isolation doesn't hurt us," says Holographics North founder John Perry. "We're only five minutes from the airport. Heck, everybody's only five minutes from the airport."
Runner-Up: Lancaster, Pa.
Lancaster's biggest employers are an interior-furnishings manufacturer, a printer, a hospital, and a farm-equipment maker. Such variety, says finance professor Gary Leinberger, has spared the city the fate of its less diversified neighbors. The prototypical Lancaster entrepreneur: S. Dale High, whose family-owned High Industries Inc. has expanded from steel fabrication and concrete production into real estate, hotels, food services, and compact-disc manufacturing.
SOUTHEAST
Blue Ribbon: Orlando, Fla.
Oranges and tourists? No longer
Scorecard (1988 to 1990)
Population growth: 7.6%
New jobs: 40,800
New companies: 276
High-growth companies: 223
Talk about your big, stable industries: Orlando is home to Walt Disney World, Universal Studios Florida, and dozens of other theme parks and attractions; it boasts the most hotel rooms of any U.S. city. Even so, business travelers at Orlando International Airport now outnumber tourists 56 to 44. Growing manufacturers such as Florida Polymers have sprung up (or moved in) to take advantage of the city's expanding work force. Distributors and wholesalers that once operated out of Atlanta have set up facilities in Orlando, at the center of what's now the fourth-most-populous state. New industries include film production, military simulation and training, and laser-optic technologies.
Runner-Up: Charlotte, N.C.
Last year alone 413 companies started in or expanded or relocated to Charlotte, investing $266 million and creating 6,800 new jobs. One effect of the recession: Charlotte companies aren't placing quite so many help-wanted ads in West Virginia newspapers.
