BLOOMINGTON, Ill. (WMBD) — Bloomington is ranked number two on the Spring 2023 Top 20 Emerging Housing Markets Index Report.

The report was put together by the Wall Street Journal and Springfield ranked number nine.

The report released on Wednesday analyzes key housing market data, economic vitality and lifestyle metrics. The results produce “emerging housing markets that offer high quality of life and are expected to see future home price appreciation.”

BJ Armstrong, operating principal at Keller Williams Revolution, said employers like Rivian, Country Financial and State Farm help grow the demand for more housing in the area.

“It’s been a real challenge to keep up with the demand. New construction, we’ve built more new homes in the last year than we have in the last 15,” he said. “So it’s coming but there’s such a backlog and there’s so much demand that it’s got a lot of pressure on the labor markets. So new construction is probably not going to catch it any time real soon.”

Armstrong said the growth is a sign of a healthy economy.