High-Tech Corridors Drive Economic Growth

High-tech corridors are playing an important role in driving new economies. According to the newly released 2021 Milken Institute’s Best-Performing Cities Index, a high-tech industry presence helped drive job growth and economic performance in multiple cities across the country.

The annual index measures economic vitality in 200 large metro areas and 201 small metro areas, factoring in job creation, wage growth, and innovation industry metrics. This year’s index includes metrics that illustrate how the pandemic impacted economies nationwide.

“The pandemic has had an outsized impact on cities where the economic effects of the current recession are exacerbated by high housing costs,” says Kevin Klowden, Executive Director of the Milken Institute Center for Regional Economics. “By measuring for factors such as jobs, wages, and high-tech growth, (we offer an) analysis of how metro areas have fared based on the resilience of their local economy. By incorporating data designed to gauge inclusivity, (we) provide important insights into how cities will be prepared to meet challenges and opportunities for future growth post-pandemic.”

Research concluded that large cities in the intermountain West and South are outperforming several areas along the coasts due to higher levels of short-term job growth and affordable housing.

“As we discovered through our rankings, cities perform best when they pursue innovative strategies that allow high-tech industries to grow while still providing affordable costs of living,” says Misael Galdamez, Senior Policy Analyst in the Milken Institute Center for Regional Economics. “This alignment provides a foundation for metro areas to become more resilient to economic shocks.” Read full article here.

Top growth for large U.S. cities:

1. Provo-Orem, Utah
2. Palm Bay-Melbourne-Titusville, Fla.
3. Austin-Round Rock, Texas
4. Salt Lake City, Utah
5. Raleigh-Cary, N.C.
6. Boise, Idaho
7. Phoenix-Mesa-Chandler, Ariz.
8. Nashville-Davidson-Murfreesboro-Franklin, Tenn.
9. Ogden-Clearfield, Utah
10. Huntsville, Ala.
11. Denver, Aurora-Lakewood, Colo.
12. Fort Collins, Colo.
13. Seattle, Bellevue-Kent, Wash.

Top growth for small U.S. cities:

1. Idaho Falls, Idaho
2. Logan, Utah-Idaho
3. The Villages, Fla.
4. St. George, Utah
5. Daphne-Fairhope-Foley, Ala.
6. Coeur d’Alene, Idaho
7. Sioux Falls, S.D.
8. Sebastian-Vero Beach, Fla.
9. Gainesville, Ga.
10. Charlottesville, Va.
11. Punta Gorda, Fla.
12. Bellingham, Wash.
13. Bend, Ore.

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