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The fastest growing U.S. cities … and how they benefit banks
While the U.S. unemployment rate is low at 4.1%, certain cities are adding jobs at a much-faster clip than others in sectors such as health care, construction and technology. Those markets are providing new opportunities for banks to bring in deposits and make more loans.
Music City is booming, boasting a 6% rise in its employed workforce. Millions of dollars have flowed into local banks, fueling loan growth tied to the tourism, music and health care sectors. Deposits rose 10% over the 12-month period that ended June 30, to $57 billion, according to FDIC data.