News & Information Release
City of Titusville, Florida Community Relations
For Immediate Release
For Further Information Contact:
Jim Thomas, Community Advocate
(321) 567-3689 or Jim.Thomas@titusville.com
Titusville-Melbourne-Palm Bay Metro Area ranked in Top-25 “Most Dynamic Metropolitan Regions” in the U.S.
TITUSVILLE, Fla. (January 21, 2021) – The Titusville-Melbourne-Palm Bay region was recently selected as the 25th “Most Dynamic Metropolitan Regions” of the United States by Heartland Forward, a Bentonville, Arkansas-based organization focused on improving economic performance in the center of the United States. The organization published the report ranking 375 U.S. metropolitan areas based on their economic performance, placing our community in the upper echelon of the country because of our continued growth and development.
Heartland Forward constructed an index to rank the metropolitan areas, including metrics such as job growth, job momentum, average annual earnings, GDP gains, total jobs at new businesses and employee educational attainment. The metrics capture both short- and long-term trends, with data on job momentum through this past August and data on employee educational attainment from 2017. Heartland Forward draws data from the Bureau of Economic Analysis, Census Bureau, and Bureau of Labor Statistics.
"This research offers insight into how our country's cities, which account for more than 88% of America's GDP, can position themselves for economic success," said Ross DeVol, president and CEO of Heartland Forward. "To help navigate the road to recovery from the pandemic, policymakers in regions across the country can use our report to better understand their communities and adapt their neighbors' strategies to their own needs. Heartland cities—even those that didn't make the top 30—are well-positioned to turn the COVID-19 crisis into an opportunity to thrive post-pandemic."
The report based their findings on increased federal spending on defense and space contracts, the influx of commercial space companies bringing high-wage jobs to the area, the growing housing market as a result of low-rate mortgages and increased employment, as well as the traditionally-strong tourism through Port Canaveral’s status as the world’s second-busiest cruise ship port (pre-pandemic).
Heartland Forward estimates that the Titusville-Melbourne-Palm Bay metropolitan area is poised for continued growth. Through aggressive recruitment of aerospace firms, sizable investments by existing firms like Lockheed Martin’s $40 million Fleet Ballistic Missile Program headquarters, and growth in commercial space activity, the regional economy should continue to grow as long as federal government support for space programs and defense spending
continues. Tourism should resume once a vaccine and effective treatments for COVID-19 are available in 2021, as well.
The full report and rankings, including profiles for the top-performing cities, can be found at https://heartlandforward.org/most-dynamic-metropolitans-2020.
About Heartland Forward:
Heartland Forward's mission is to improve economic performance in the center of the United States by advocating for fact-based solutions to foster job creation, knowledge-based and inclusive growth and improved health outcomes. We conduct independent, data-driven research to facilitate action-oriented discussion and impactful policy recommendations.