Naples ranks highest of any small metro area in Florida in terms of economic potential, according to a new study by the Federal Reserve of Atlanta.
Out of 244 cities that the Fed studied for its benchmark small City Economic Dynamism Index, Naples-Marco Island metro area ranked first out of 11 small cities in the state. Nationally, it ranked 25th.
The index looks at 14 factors which helps determine economic dynamism in four categories : demographics, economics, human capital and infrastructure. It looked at both leading and lagging economic indicators drawn from government sources.
Among the indictors in Naples-Marco Island were the facts that from 2005 to 2013, the metro area’s population grew by 8.5 percent and employment in the labor force by 8 percent. The labor force also has become more educated: from 2007 to 2013, residents 25 years or older with college degrees grew by 5.4 percent.
Nationwide, the small cities which showed the most growth potential shared one or more common characteristic. The first was being a “lifestyle” destination that depends on tourism and second-home ownership, with attractive weather and quality of life.
