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The Bubbling 10 Emerging Markets Report

Fastest-Growing Secondary U.S. Cities for Business Travel

There are a lot of factors affecting when and where business travel occurs. Budgets are under pressure, sociopolitical factors are unavoidable, and airfare, hotel rates, and venue costs have all climbed. And in response to all of these stress points, one question bubbles to the top: Should travel program owners switch up where they conduct their business travel? 

Drawing on our tens of thousands of U.S. business trips in 2025 the FCM team identified the cities rising in our bookings – places that are business-travel ready but may not be on every program’s radar – places where travel managers may be able to reallocate their travel expenses to free up critical budget. 

The cities in this report don't make headlines the way New York, Chicago, or San Francisco do.  

That's precisely the point. 

While first-tier markets continue to command premium prices, these 10 emerging destinations - Greensboro, Columbus, Fort Lauderdale, Indianapolis, San Antonio, Tampa, Sacramento, Santa Ana, Salt Lake City, and Hartford – have been quietly closing the gap, building out hotel inventory, expanding airport connectivity, and developing the kind of meeting infrastructure that makes a travel manager's job easier and a finance leader's approval faster. The value is real. The experiences are memorable. And the per-attendee cost of running a great event is meaningfully lower than what most programs have been defaulting to. 

The case for exploring non-traditional markets isn't about cutting corners. It's about making smarter decisions with the data available, knowing which cities are growing, where hotel supply is outpacing demand, which airports are adding nonstop routes, and which event calendars create compression risk before you've committed a venue deposit. 

A few themes that run consistently across this report are worth keeping in mind as you plan: 

  • Compression events are the hidden variable. From the High Point Furniture Market in Greensboro to Ohio State football in Columbus, the biggest planning mistake in emerging markets is not knowing the calendar. 
  • Walkability and infrastructure vary more than you'd expect. Several cities on this list offer strong walkable meeting environments, while others are car-dependent. That distinction shapes attendee experience and per-trip cost.
  • The value window doesn't stay open forever. Markets like Columbus, Indianapolis, and Salt Lake City already attract serious convention business and grow their hotel supply accordingly. The cost advantage these cities offer today reflects where they are in their growth trajectory, and not necessarily where they'll be in three to five years. 

Our methodology: 

FCM ranked these top emerging cities for business travel in 2025 through a detailed analysis of total client flight bookings. The 10 cities in this report experienced the largest YoY growth (from greatest to least) in 2025, for all cities not ranked in the top 20. 

Organization's industry

We asked travel managers what industry their travelers worked for. Pharma/Life Sciences and Manufacturing/Automative were neck-in-neck.

FCM-AMER-emerging-cities-2-Organization's industry

Benefits

We asked travel managers what benefits they were seeing from sending travelers to the Bubbling Ten. A centralized location was far and away the biggest win.

FCM-AMER-emerging-cities-3-Benefits

Travel volume

We asked travel managers how their current program volume was trending toward the Bubbling Ten. Looks like most are happy to continue including the Bubbling Ten in their programs.

FCM-AMER-emerging-cities-4-Travel-volume

Travel reasons

We asked travel managers what factors were driving trips to the Bubbling Ten. Internal meetings indicate new office openings or onboarding events.

FCM-AMER-emerging-cities-5-Travel-reasons

These 10 cities represent a diverse cross-section of the U.S. Travel program owners can use these city profiles to brush up on the essentials: population and climate, key industries and cultural identity, hotel accommodations, airport access and airline options, getting around on the ground, and the major local events you need to factor into your planning calendar before you lock in your schedule.

Is your next business trip or corporate event destined for one of the Bubbling 10?

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