A report said it was shedding its suburban south London image after "significant" regeneration in the past decade.
Accountancy group UHY Hacker Young said Croydon was now home to more than 1,000 digital, creative and technology companies, dubbing it the "Silicon Valley of south London."
Investment in infrastructure has boosted the economy, with East Croydon railway station now one of the busiest in the country.
Colin Jones, of UHY Hacker Young, said: "Croydon has reinvented itself over the last 10 years and is attracting a wide range of businesses to the area and is quickly becoming a commuter hotspot."
Other areas enjoying economic growth over the past year include Darlington, the City of London, Bromley and north Lanarkshire, said the report.
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