Palm Coast, Florida, has been identified as the sixth-fastest-growing town in the United States, according to a recent study by SmartAsset. The study analyzed over 400 areas with populations exceeding 65,000, assigning a composite score based on economic output, labor force size, and housing unit changes between 2019 and 2024.
During this period, Palm Coast experienced a 27 percent increase in housing units and a 6.7 percent compound annual real GDP growth rate. The city's labor force also expanded by 21 percent. These economic indicators contributed to the opening of a second Chipotle restaurant in the city, eight years after the first location was established. The new restaurant is expected to create 30 jobs, aligning with city officials' focus on commercial development to bolster the local tax base.
The SmartAsset study highlighted Georgetown, Texas, as the top-ranked boomtown, with a 34 percent increase in housing units and labor force, alongside a 7.7 percent annual real GDP growth. Lehi, Utah, secured the third position. While Florida leads the nation with 19 identified boomtowns, Texas closely follows with 18.
Despite its growth, Florida is also experiencing a notable migration of retirement-age individuals. Data from HireAHelper indicates that over 2.1 million Americans aged 65 and older relocated in 2025. Although Florida welcomed the highest number of retirees, 45,696, it also saw a significant departure of 44,881, resulting in a net gain of only 815. These individuals, sometimes referred to as 'halfbacks,' are moving to states like the Carolinas, Tennessee, and Texas, seeking similar benefits with potentially fewer challenges.
The new Chipotle in Palm Coast is scheduled to open on June 30 at 4920 Belle Terre Parkway. The influx of businesses and residents contributing to Palm Coast's growth underscores its emergence as a significant economic hub within Florida.