A recent study conducted by the Milken Institute, an economic think tank, has unveiled the top economically performing cities in the U.S., offering insights into their vitality and resilience in an ever-evolving economy. Cities were evaluated on factors like job growth, wage growth, inequality, and internet coverage to name a few. Cities in Texas, North Carolina, Idaho, and Utah (with two cities in the top 10) rounded out the top spots.
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Austin, the capital of Texas, takes the number one spot on the Milken Institute’s list. Known for its vibrant tech scene and thriving economy, Austin offers better wages, job numbers, and cost of living compared to many other cities in the country. Its ascent to the top spot reflects the large city’s status as a model for economic success.
Raleigh, North Carolina
Raleigh, often referred to as the "Research Triangle" due to its proximity to several major research universities, ranks second on the list. The city boasts a diverse economy, with a strong focus on technology and innovation. Its robust job growth and access to economic opportunities, particularly in tech industries, contribute to its high ranking. The city scored particularly high for wage growth and job growth.
Boise, the capital city of Idaho, secures the third position on the list. With a booming population and healthy job market, Boise offers an attractive combination of affordability and economic opportunity. The city's thriving tech sector and community resilience make it a standout performer. Boise scored high for job growth, wage growth, and internet service access.
Salt Lake City, Utah
Utah has become a hub for multi-billion-dollar startups, and as such it’s no surprise the capital Salt Lake City is the top city in the state. The city shot up 19 spots from last year, owing job growth, housing affordability, and tech impact to its ascent.
The second Utah city on the list in the top five, Provo-Orem is also home to several successful startups and has seen tremendous growth over the past couple of years. Impressive scores in internet coverage, job growth, and wage growth saw the city earn this spot in the top five right behind its larger Utah city counterpart.
The rest of the top 10
6. Nashville, Tennessee
7. Northwest Arkansas
8. Dallas, Texas
9. Olympia, Washington
10. Charlotte, North Carolina
The data from this study provides valuable insights for those looking to relocate or start investing in new areas. Understanding the economic performance of different cities can help stakeholders identify opportunities for growth and development, and policymakers can use this information to formulate strategies aimed at promoting economic prosperity and resilience in their respective communities.