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1、BEST PERFORMING CITIES 2024BEST PERFORMING CITIES 20231Maggie Switek,PhD,Lawson Mansell,and Brock Smith,PhDBest-Performing Cities2024FEBRUARY 2024FOCUS ON SUSTAINABLE GROWTH AND RESILIENCEBEST PERFORMING CITIES 2024ABOUT THE MILKEN INSTITUTEThe Milken Institute is a nonprofit,nonpartisan think tank

2、focused on accelerating measurable progress on the path to a meaningful life.With a focus on financial,physical,mental,and environmental health,we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of wh

3、ats pressing now and whats coming next.2024 Milken InstituteThis work is made available under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International,available at http:/creativecommons.org/licenses/by-nc-nd/4.0/.BEST PERFORMING CITIES 2024CONTENTS 1 Executive Summ

4、ary 3 Best-Performing Large City:Austin-Round Rock,TX 4 Best-Performing Small City:Idaho Falls,ID 5 Introduction 5 Components of the Best-Performing Cities Rankings 6 Breaking Down the Rankings 9 National Economic Conditions 9 Economic Resilience amid Continued Inflation 9 Post-Pandemic Employment R

5、ecovery 10 High-Tech Performance across Large and Small Cities 11 Climate Impacts:Where Families Plan to Plant Roots 13 Biggest Gains 14 Biggest Drops 15 Large Cities Rankings 15 Tier 1 Large Cities 27 Complete Results:2024 Best-Performing Large Cities 36 Small Cities Rankings 36 Tier 1 Small Cities

6、 44 Complete Results:2024 Best-Performing Small Cities 53 Endnotes 58 About the AuthorsBEST PERFORMING CITIES 20241EXECUTIVE SUMMARYAs the post-pandemic economy reaches a new status quo,metropolitan areas(i.e.,cities)remain at the heart of the nations growth.1 Almost 6 million new jobs were created

7、across US metro areas during 2022.Simultaneously,interest rates on mortgages more than doubled,adding to the attractiveness of locations offering jobs with higher wages and lower costs of living.2 Amid these conditions,the Best-Performing Cities(BPC)ranking provides an objective means for evaluating

8、 the performance of 403 metropolitan areas across the country.Along with affordability,sustainability of growth is a matter of growing importance.The COVID-19 pandemic,coupled with recent weather-related events such as storms and floods,has focused attention on cities resilience to natural and econo

9、mic disasters.Recognizing the importance of sustainable and equitable growth,this years BPC ranking incorporates measures of community resilience and income inequality(with cities with lower inequality ranked higher).The resulting ranking(reflecting 13 indicators)provides a comprehensive assessment

10、of cities performance.Analysis of the individual components of the ranking(possible through the BPC online tool)offers deeper insights into cities strengths and areas of untapped potential.Here are the highlights of the 2024 Best-Performing Cities ranking:AustinRound Rock,TX,gains one position,becom

11、ing the best-performing large city for the first time since 2013.The metro areas ascent to the top is largely due to its rapid growth in jobs,wages,and high tech.Among small cities,Idaho Falls,ID,returns to the top position for the second year in a row and for the third time over the past five ranki

12、ngs.This metro area has experienced balanced growth,with a strong performance across all components of the ranking.After its remarkable three-year run as the top-ranked large metropolitan area,ProvoOrem,UT,forfeits the number one position but remains among the top five large metro areas.ProvoOrems l

13、abor market has been impacted by recent tech layoffs,resulting in notable declines in its job and wage growth.Nonetheless,the metro area retains many advantages,with many new businesses being established in the area,providing signals of future growth.Most of this years top-ranking metropolitan areas

14、 are in landlocked states,with only one top-tier city(CharlestonNorth Charleston,SC)along a coastline.In addition to Texas(home to the top-ranked large city),Utah stands out in this years ranking of large cities,with two of the top five best-performing large metro areas in this state(Salt Lake City

15、and ProvoOrem).Top-ranking small cities display a particular geographic concentration,with four of the seven top-tier small metros(Idaho Falls,Coeur dAlene,Twin Falls,and Pocatello)located in Idaho.The strong performance of small cities in Idaho is due to their excellent five-year job and wage growt

16、h,bolstered by a small but growing high-tech sector and high rankings on resilience and income distribution metrics.Despite persistent differences in broadband coverage between large and small cities,a few small cities made remarkable improvements in this area between 2021 and 2022.Among the top-10

17、ranking small cities,Wenatchee,WA,showed the most progress,increasing its percentage of households with broadband internet by 7.0 percentage points(from 87.3 percent to 94.3 percent).Twin Falls,ID,came in second,increasing broadband coverage by 5.4 percentage points(from 87.8 percent to 93.2 percent

18、),with Coeur dAlene,ID,and Jacksonville,NC,also showing notable gains in this area.2 As the leisure and hospitality sector continues its recovery from the pandemic,three of the large metros with the biggest gains in this years ranking(Elgin,IL,HoustonThe WoodlandsSugar Land,TX,and Richmond,VA)experi

19、enced growth in jobs and wages driven by the hospitality industry.In 2022,US cities continued to experience an influx of travelers,propelling the rise in jobs related to tourism.With employment in the leisure and hospitality sector still below its pre-pandemic level(based on a comparison of December

20、 2022 to December 2019),recovery in this sector may continue to drive growth in years to come.BEST PERFORMING CITIES 20243AustinRound Rock,TX,ranks first among large metro areas,returning to the top spot for the first time since 2013.AustinRound Rocks rise to the top was buoyed by its labor market p

21、erformance,with the metro area ranking first in five-year job and wage growth.A robust and growing technology sector has bolstered the metros remarkable growth in employment and wages.High-tech output increased 62.4 percent in AustinRound Rock between 2017 and 2022,placing the metro area eighth in f

22、ive-year high-tech gross domestic product(GDP)growth and seventh in high-tech GDP concentration(i.e.,in terms of location quotient).The metros technology expansion has been fast and balanced:AustinRound Rock ranks fourth among large cities in high-tech diversification,with 14 well-established high-t

23、ech industries.Although AustinRound Rock faces affordability challenges similar to those of most high-performing large cities,the metro shows signs of improvement.Its percentage of households with affordable housing rose slightly during 2022,allowing the metro to advance 23 spots on this metric(whil

24、e remaining in the bottom half of large cities).The city also ranked high in community resilience and above the median of large cities in income inequality,cementing its position as this years top-performing large city.AUSTIN-ROUND ROCK,TXBest-Performing Large City:Table 1.Tier 1 Large Cities2024 Ra

25、nk2023 RankChangeAustinRound Rock,TX12+1Raleigh,NC23+1Boise City,ID35+2Salt Lake City,UT419+15ProvoOrem,UT51-4NashvilleDavidsonMurfreesboroFranklin,TN64-2FayettevilleSpringdaleRogers,ARMO79+2DallasPlanoIrving,TX86-2OlympiaTumwater,WA942+33CharlotteConcordGastonia,NCSC1020+10CharlestonNorth Charlesto

26、n,SC1124+13Source:Milken Institute(2024)BEST PERFORMING CITIES 20244Idaho Falls,ID,ranks first among small cities for the second consecutive year.Idaho Falls ability to retain its top spot is due to its robust labor market growth,coupled with strong performances across all components of the ranking.

27、Drawing on the economic strength of the Idaho National Laboratory,one of the citys main employers,Idaho Falls has experienced consistent growth in employment,ranking third in medium-term(i.e.,five-year)and ninth in short-term job growth.In addition to research jobs,the metro also has a high share of

28、 employment in medical services,with its health-care and social assistance sector growing 32.6 percent from 2017 to 2022.The diversity of Idaho Falls economy has allowed it to experience inclusive and sustainable growth,with the city ranking eighth in both income distribution and community resilienc

29、e(relative to other small cities).Idaho Falls strong and inclusive growth,however,has not been fully reflected in its wages.The city ranked 79th in wage growth from 2021 to 2022,the lowest ranking among all Tier 1 small cities.IDAHO FALLS,IDBest-Performing Small City:Table 2.Tier 1 Small Cities2024

30、Rank2023 RankChangeIdaho Falls,ID110Coeur dAlene,ID27+5Gainesville,GA310+7St.George,UT43-1Twin Falls,ID515+10BendRedmond,OR65-1Pocatello,ID746+39Source:Milken Institute(2024)BEST PERFORMING CITIES 20245INTRODUCTIONThe US economy continues to grow despite ongoing inflation and rising interest rates,w

31、ith metropolitan areas at the heart of the nations growth.In 2022(the main year covered in this report),the US labor market added more than 6 million jobs,90.7 percent of which were in metropolitan areas.Although metros continue to drive the nations growth,the geographic distribution of this growth

32、has changed.Between 2019 and 2022,a few big metros(such as Los AngelesLong BeachGlendale and New YorkJersey CityWhite Plains)experienced a relative slowdown in job and wage growth accompanied by population loss,while economic and population growth took off in metros in Texas and neighboring states i

33、n the Sunbelt region.Among these demographic and economic changes,the Best-Performing Cities(BPC)ranking provides an objective benchmark to evaluate the performance of 403 metropolitan areas across the US.In addition to serving as a benchmark,the BPC index offers a simple but comprehensive metric fo

34、r businesses,policymakers,and government officials to track the economic vitality of their cities.The components of the index constitute key factors driving population growth,serving as a tool for understanding real estate,consumers,and business opportunities across US cities.The BPCs relevance as a

35、 metric of cities attractiveness is reflected in this years rankings:All top-performing(Tier 1)cities experienced a relative gain in population(compared to other metros)between 2019 and 2022,while 17 out of the 20 bottom-performing(Tier 5)cities experienced an absolute population drop.3(See the BPC

36、methodology appendix explaining how performance tiers are calculated.)This BPC report also analyzes the individual components of the index,offering insights into cities strengths and areas of untapped potential.City officials and policymakers can use these findings to obtain a deeper understanding o

37、f the factors underlying their cities competitiveness.Based on such shared understanding,communities can create an economic strategy focused on long-term and sustainable growth that leverages a citys strengths,while investing in its development areas.Components of the Best-Performing Cities Index Th

38、e BPC index reflects metropolitan areas effectiveness at promoting economic growth while remaining attractive to residents and businesses.Because the factors that determine the attractiveness of a metropolitan area depend on constantly evolving social and economic conditions,the BPC index incorporat

39、es new metrics as they become relevant.This year,two new metrics are incorporated into the index,for a total of 13 measures falling into three categories:Labor market performance includes short-and medium-term indicators of trends in employment and wages.High-tech impact captures the presence and gr

40、owth of high-tech industries.Access to economic opportunities reflects cities ability to remain attractive to residents by providing access to services and building inclusive and sustainable social structures.Driven by steadily rising global temperatures,summer 2023 saw record-high heat levels acros

41、s the US and the world.4 Concerns about weather-related disasters are becoming an important factor impacting Americans housing decisions,with more than 80 percent of recent home buyers considering at least one climate-related risk while shopping.5 Major home insurers are also incorporating climate r

42、isks into their decision-making.6Reflecting the growing importance of weather and natural disasters,this years BPC ranking includes a community resilience metric that summarizes the ability of a metropolitan area to recover from various kinds of disasters.7 Also incorporated into this years index is

43、 a new measure of income inequality that accounts for the social sustainability of growth(with cities with lower inequality ranked higher).Finally,an updated definition of the high-tech sector is used to reflect changes by the Bureau of Labor Statistics.8 Figure 1 illustrates the 13 measures used to

44、 calculate this years BPC index and ranking,grouped by category.BEST PERFORMING CITIES 20246 Figure 1.BPC Components The changes incorporated in this years BPC index ensure the ongoing relevance of the ranking,while maintaining the central goal of creating a comprehensive tool to evaluate regional p

45、erformance.Indeed,a comparison of this and last years ranking methodologies reveals that the performance categories(or“tiers,”as described in the next section)of cities are robust to the methodological changes.9 This finding supports the reliability of the BPC index,attesting to its usefulness as a

46、tracker of cities performance.Breaking Down the RankingsTo account for the influence of population size on growth,the 403 metropolitan areas included in the BPC ranking are divided into 200 large and 203 small cities,with separate rankings calculated for each size category.Large and small cities are

47、 further divided into five tiers based on their relative performance,with top-ranking cities in Tier 1,and bottom-ranking cities in Tier 5.10While Tier 1 large cities are geographically spread across nine states,top-ranked small cities are much more geographically concentrated,with four of the seven

48、 Tier 1 small cities in just one state(Idaho).Notably,most(13 out of 18)of the top-ranked large and small cities are in landlocked states(Figure 2).Coastal states,such as California and Florida,have increasingly more cities in Tier 3(compared to last year),with several coastal cities dropping tiers

49、in this years ranking.In contrast,several cities in Texas moved up to Tier 2,having been in Tier 3 in last years ranking.Source:Milken Institute(2024)Wage Growth(2021-2022)Wage Growth(2017-2022)Gini Index(income inequality)Households with broadbandHouseholds with affordable housing costsNumber of hi

50、gh-tech industries with LQ1Access to Economic OpportunitiesHigh Tech ImpactHigh Tech GDP location quotientHigh Tech GDP growth(2021-2022)High Tech GDP growth(2017-2022)Community ResilienceShort-term job growth(Aug22-Aug23)Job Growth(2021-2022)Job Growth(2017-2022)Labor market performanceBEST PERFORM

51、ING CITIES 20247With respect to the overall distribution across tiers,this year is characterized by fewer cities in Tiers 2 and 4,and more cities in Tier 3 compared to last year(Figure 3).This trend is especially true among large metros,with almost double the number of large cities in Tier 3 in this

52、 years ranking(81 compared to 43 last year).The rela-tively higher number of cities in the middle tier resembles more closely the pre-pandemic distribution of cities across tiers,signaling a normalization of cities relative performances.Changes in employment and wages continue to stand out as the ma

53、in correlates of cities rankings,with noticeable differences in job and wage growth across tiers.Interestingly,while job growth was clearly stronger in large cities(compared to small cities)between 2021 and 2022,the same is not true for wages(Figure 4).In fact,wages grew by the same amount(12.6 perc

54、ent)in Tier 1 large and small cities,and Tier 2 small cities outpaced Tier 2 large cities in terms of wage growth,though the difference was not large(11.1 percent and 10.7 percent in small and large cities,respectively).The parity between small and large cities in wage growth indicates that while sm

55、all cities are attracting businesses that have tended to have fewer new job openings over the past year,the wages offered by these businesses are competitive(in terms of growth)with those offered by businesses in large cities.Figure 2.2024 BPC Cities by Tier Source:Milken Institute analysis(2024)202

56、4 Mapbox OpenStreetMapTier 1Tier 2Tier 4Tier 3Tier 5BEST PERFORMING CITIES 20248Figure 4.Changes in Employment and Wages(2021 to 2022)4A.Job Growth4B.Wage GrowthSource:Milken Institute analysis(2024)LargeSmallTier 1Tier 1Tier 2Tier 2Tier 4Tier 4Tier 3Tier 3Tier 5Tier 50.0%0.0%0.5%2.0%1.0%4.0%1.5%6.0

57、%2.0%8.0%2.5%10.0%3.0%12.0%3.5%14.0%4.0%Figure 3.Number of Cities by Tier20406080010003A.Number of Large Cities3B.Number of Small CitiesSource:Milken Institute analysis(2024)Tier 1Tier 2Tier 4Tier 3Tier 5343672620202320232024202476512015BEST PERFORMING CITIES 20249NA

58、TIONAL ECONOMIC CONDITIONSEconomic Resilience amid Continued Inflation The US economy and labor market remained remarkably strong in 2022.After dropping during the first two quarters,real GDP bounced back,achieving annual growth of 1.9 percent by the end of 2022.11 Simultaneously,the labor market ma

59、intained its strong performance:The US economy added 6.3 million jobs during 2022,with an unemployment rate in January 2023 of 3.4 percent(its lowest level in over a decade).12 Amid this strong economic performance,inflation remained high,leading the Federal Reserve to continue raising the federal f

60、unds rate through early 2023.The high inflation also contributed to a drop of average real hourly wages,decreasing the extent to which existing employees benefited from the strength of the labor market.13Beyond employment and compensation,the way work is performed has been permanently altered by the

61、 pandemic.The onset of COVID-19 led to an unprecedented uptake in remote work:In 2021,around 18 percent of employees reported working from home,more than triple compared to pre-pandemic levels(which hovered around 5 to 6 percent).14 With return-to-office becoming a priority for many employers during

62、 2022,the share of remote workers decreased to about 15 percent.This decline,however,did not signify a full return to pre-pandemic on-site work expectations.In the end,the gains in remote work have proven to be more modest than initially expected,but steady,with remarkably high levels of remote work

63、 remaining the norm in certain types of high-paying occupations(such as professional,financial,and information services jobs).Post-Pandemic Employment Recovery The remarkable strength of the labor market during 2022 was fueled in part by the recovery of sectors that were hit hardest during the pande

64、mic(such as accommodation,leisure and hospitality,and food services).By the end of 2022,total US employment exceeded its December 2019 level by 1.1 percent(i.e.,1.7 million more jobs).The national employment numbers,however,mask differences across metropolitan areas.Of the 403 metros in the BPC rank

65、ing,only about half(52 percent)had reached or exceeded their pre-pandemic levels of employment by December 2022,with clear differences across metros of different tiers and sizes(Figure 5).Figure 5.Percentage of MSAs That Reached or Exceeded Pre-Pandemic Employment Level(Total Nonfarm Employment,12/2

66、019 compared to 12/2022)LargeSmallSource:Milken Institute analysis(2024)Tier 1Tier 2Tier 4Tier 3Tier 5204060801000BEST PERFORMING CITIES 202410The recovery has been faster in large(relative to small)cities,with 58 percent of large and 46 percent of small metro areas back at or above 2019 employment

67、levels by the end of 2022.Across tiers,all metros(large and small)in Tier 1 saw a full recovery in terms of employment,while many cities in lower tiers continued to struggle.Cities in Tiers 2 and 3 have mostly recovered jobs lost during the pandemic(with 50 percent or more metros in each of these ti

68、ers at or above pre-pandemic employment),but recovery has been slow in Tier 4 and Tier 5 cities.Only 14 percent and 5 percent of Tier 4 and Tier 5 small cities,respectively,have fully recovered.Many low-tier large cities also continue to struggle,with complete employment recovery in only 34 percent

69、and 10 percent of Tier 4 and Tier 5 large cities,respectively.The less-than-complete recovery of many cities signals that the pandemic has had long-lasting impacts on employment in several metropolitan areas.Cities with a large pre-pandemic leisure and hospitality sector might be experiencing a part

70、icularly slow recovery because national employment in this sector remained 4.4 percent below its pre-pandemic level by the end of 2022.Analysis of city-level performance reveals that only 23 percent of large and 33 percent of small cities had achieved(or exceeded)their pre-pandemic leisure and hospi

71、tality employment by December 2022.Although this finding could signal that these cities will see fast growth in future years(as their leisure and hospitality sectors continue to recover),it could also signal a permanent drop in jobs in the tourism industry.High-Tech Performance across Large and Smal

72、l CitiesAfter its impressive post-pandemic performance,real growth in the high-tech sector slowed down in 2022,15 leading to layoffs among Big Tech giants(such as Meta and Amazon)in late 2022 and early 2023.16 As a whole,the sector grew by 4.4 percent between 2021 and 2022.This general trend,however

73、,disguised stark differences between large and small metropolitan areas(Figure 6).Figure 6.Real High-Tech GDP Growth(2018 to 2022)Source:Milken Institute analysis(2024)200202022LargeAll BPC Metro AreasSmall-5.0%-2.5%0.0%2.5%5.0%7.5%10.0%BEST PERFORMING CITIES 202411Because most high-tech

74、production is concentrated in large metropolitan areas,total growth of the high-tech sector is driven by growth in large cities.Small metropolitan areas have historically experienced slower high-tech growth,and the pandemic accentuated these disparities.Even as the overall high-tech sector experienc

75、ed strong growth in 2021,high-tech GDP dropped by 3.8 percent in small cities.Although in 2022 real high-tech GDP increased in small metros,its growth remained well below that of large cities(1.3 percent compared to 4.6 percent).The relatively slow growth of small metros high-tech GDP(compared to la

76、rge metros)is consistent across all five BPC tiers(Figure 7A).This slower growth,coupled with already lower high-tech concentration(Figure 7B),implies a growing divide in high-tech presence between small and large metropolitan areas.Indeed,small metros have a uniformly low high-tech location quotien

77、t(LQ)across the five tiers,with even top-performing(Tier 1)small metros displaying lower high-tech concentration than large metros in the lowest-performing tier(Tier 5).Climate Impacts:Where Families Choose to Plant RootsWith record high temperatures,extreme storms,and recurrent floods,weather-relat

78、ed natural disasters have become a common concern among the US population.17 The community resilience measure included in this years BPC ranking provides a metric of cities ability to respond to disasters of any kind,measured as the percentage of a citys population that is highly resilient to extern

79、al stressors(i.e.,has fewer than three vulnerability risk factors).Figure 7.High-Tech Growth and Concentration7A.Five-Year High-Tech Growth7B.High-Tech Location QuotientSource:Milken Institute analysis(2024)LargeSmallTier 1Tier 1Tier 2Tier 2Tier 3Tier 3Tier 4Tier 4Tier 5Tier 5-10.0%0.0%0.0010.0%0.20

80、20.0%0.4030.0%0.6040.0%0.8050.0%1.0060.0%1.20BEST PERFORMING CITIES 202412Large metro areas tend to have higher resilience than small metros,although the difference is small:On average,79.7 percent of people living in large metros(78.3 percent in small metros)are resilient to natural disasters.A lar

81、ger difference is noticeable across BPC tiers,with markedly higher resilience of cities in Tier 1 than Tier 5(Figure 8A).In fact,on average,more than one-fifth of the population in Tier 5 cities is at high risk(i.e.,not resilient)of being severely harmed by a natural disaster,which holds regardless

82、of city size(22.5 and 24.7 percent of the population in large and small cities,respectively).In addition to having low BPC rankings,the least resilient metropolitan areas also tend to be highly exposed to extreme heat.This fact is illustrated by the association between average number of extreme heat

83、 days and a metropolitan areas resilience quartile:In 2022,large and small metros in the least resilient quartile recorded,on average,45.3 and 43.8 days of extreme heat,respectively;the averages for all large and small cities were 32.8 and 33.4,respectively(Figure 8B).This finding is alarming becaus

84、e it indicates that the cities least capable of responding to natural disasters are also the most likely to experience extreme heat events.Source:Milken Institute analysis(2024)Figure 8.Patterns in Community Resilience8A.Resilient Population(Percent)8B.Extreme Heat Days by Resilience QuartileLargeSm

85、allTier 1MostResilientMid-HighMid-LowLeastResilientTier 2Tier 3Tier 4Tier 570.0%72.0%074.0%1076.0%2078.0%3080.0%4082.0%50607084.0%BEST PERFORMING CITIES 202413Metropolitan Statistical Area2024 Rank2023 RankChangePhiladelphia,PA 52182130Elgin,IL 6515691HoustonThe WoodlandsSugar Land,TX 6214482Richmon

86、d,VA9016070Wichita,KS8815466Table 3.Biggest Gains among Large CitiesSource:Milken Institute analysis(2024)The top-improving large metro areas in this years report benefited primarily from robust employment growth between 2021 and 2023(reflected in short-term and one-year job growth).In fact,the thre

87、e metros with the biggest gains in the overall ranking experienced the most notable average improvements in one-year job growth.Three of the top five areas with the strongest gains(Elgin,IL;HoustonThe WoodlandsSugar Land,TX;and Richmond,VA)were led by the leisure and hospitality industry,with each a

88、rea experiencing between 8 and 15 percent job growth in that segment of the economy.18 This growth continues a trend from the 2023 BPC,when cities with the biggest gains were characterized by a post-pandemic recovery in tourism and hospitality.In 2022,large US cities continued to experience an influ

89、x of travelers,with corporate travel bookings increasing 121 percent,helping drive the rise in leisure and hospitality jobs.19BIGGEST GAINSMetropolitan Statistical Area2024 Rank2023 RankChangeManhattan,KS27187160NilesBenton Harbor,MI51183132Lawrence,KS30159129Jefferson City,MO38163125Cape Girardeau,

90、MOIL22130108Table 4.Biggest Gains among Small CitiesSource:Milken Institute analysis(2024)The small cities with the largest gains have a remarkable commonality,in terms of both region and performance.These small Midwest metro areas all experienced remarkable short-term job growth between August 2022

91、 and August 2023.As a result,each of these cities had a 90 to 190 increase in its short-term job growth rank.Job growth in the Midwest during that time was led by gains in the mining and logging,construction,and leisure and hospitality industries.Jobs in leisure and hospitality and mining and loggin

92、g increased by between 4 and 6 percent but have yet to reach pre-pandemic levels,while jobs in construction exceeded their pre-pandemic level by the end of 2022 and continued to rise during 2023.20 Manhattan,KS,and Lawrence,KS,were bolstered by high community resilience,ranking second and 15th,respe

93、ctively,on this metric.Jefferson City,MO,and Cape Girardeau,MOIL,both placed in the top 50 in housing affordability,with Jefferson City ranking first among all small cities on the metric.BEST PERFORMING CITIES 202414Metropolitan Statistical Area2024 Rank2023 RankChangeSan Luis ObispoPaso RoblesArroy

94、o Grande,CA16187-74Modesto,CA16592-73Merced,CA193132-61OxnardThousand Oaks-Ventura,CA13579-56GreensboroHigh Point,NC164108-56Table 5.Biggest Drops among Large CitiesSource:Milken Institute analysis(2024)Note:Restricted to cities classified as large in both 2023 and 2024 rankings.The large cities tha

95、t dropped most in this years ranking tended to underperform in two areas:one-year wage growth and the metrics of city resilience and income inequality added to this years BPC.Notably,four of the five cities with the largest drops in rankings are in California.San Luis ObispoPaso RoblesArroyo Grande,

96、CA,experienced the largest drop,followed closely by Modesto,CA,with the former moving down 74 ranks(from 87 to 161)and the latter 73 ranks(from 92 to 165).Both cities experienced a sharp deceleration in wage growth during 2022.Leisure and hospitality was the sector with the most pronounced wage-grow

97、th slowdown in both cities.Modesto also experienced a drop in information sector wages,which reversed their trend from sustained growth to a 14.8 percent decrease from 2021 to 2022.BIGGEST DROPSMetropolitan Statistical Area2024 Rank2023 RankChangeEl Centro,CA14733-114Morgantown,WV18369-114Lake Havas

98、u CityKingman,AZ11822-96Jackson,TN14047-93Gettysburg,PA17583-92Table 6.Biggest Drops among Small CitiesSource:Milken Institute analysis(2024)Like large cities,small cities with the highest drops in this years BPC ranked low on economic resilience mea-sures.El Centro,CA,and Morgantown,WV,both fell by

99、 114 ranks(from 33rd to 147th,and from 69th to 183rd,respectively)marking the largest drops for small metros.Both cities drops were driven in part by high economic disparities,with El Centro ranking 180th and Morgantown 145th on income inequality.In addition,El Centro ranked among the cities with th

100、e lowest community resilience,ranking 192nd on this metric.Among the five small metros with the largest drops,Gettysburg,PA,was the only one with above median ranks in both income inequality and community resilience.Instead,this small citys drop was largely due to a drop in its one-year job growth,w

101、ith a slowdown(from 8.0 percent to 2.0 percent)in job growth in the citys retail trade sector,which accounts for 10.6 percent of Gettysburgs total employment.BEST PERFORMING CITIES 202415LARGE CITIES RANKINGSTIER 116AUSTIN-ROUND ROCK,TX MSA1.AUSTINAustinRound Rock,TX,ranks first among large metro ar

102、eas,returning to the top spot for the first time since 2013.This is the sixth consecutive year that the AustinRound Rock area has ranked in the top five best-performing cities.The metro areas continuously strong performance has been sustained by consistent job,wage,and high-tech growth.Bolstered by

103、the presence of the University of Texas at Austin,the metro area ranks first in job and wage growth between 2017 and 2022 and fourth in high-tech industry diversification.The extensive number of high-tech industries with a high contribution to Austins GDP(as indicated by the industries LQs)is eviden

104、ce of the citys ability to avoid over-reliance on a single high-tech activity,increasing its economic resilience.Between 2017 and 2022,Austin saw real growth in all except four of the 24 industries classified as high-tech.22 Austins five-year wage growth has been the most impressive feature of the m

105、etro areas booming economy,with 73.1 percent wage increase from 2017 to 2022(which is 6.9 percentage points higher than growth in San FranciscoRedwood CitySouth San Francisco,CA,the metropolitan area with the second-highest five-year wage increase).This rapid wage growth has not resulted in the high

106、 levels of income inequality that are common in comparable high-techrich areas,such as San Francisco.Austins Gini index,a measure used to indicate income inequality,is middle-of-the-pack(ranked 85th),while the San Francisco metro area ranks among the worst large metros on this metric,at 192nd positi

107、on,comparable to New York(199th)and Los Angeles(188th).Austin,however,faces similar challenges in terms of affordability(especially of housing)to those of most high-performing large cities.A McKinsey&Company survey of 100 community leaders in central Texas revealed that 91 percent consider affordabi

108、lity to be a top challenge for Austin,with infrastructure,and workforce and education,not far behind(with 70 percent and 69 percent of community leaders naming these as challenges,respectively).23 Analysis of the components of the BPC index supports this concern,with Austin ranking 120th in househol

109、ds with affordable housing.Among Tier 1 large cities,only OlympiaTumwater,WA,and Austins neighbor DallasPlanoIrving,TX,have lower housing affordability.Looking ahead,Austins investment in affordable housing and infrastructure will largely determine the metro areas ability to maintain its top spot as

110、 Americas best-performing large city.Gained 1 rankIndicator Rank21Job growth(201722)22.8%1stJob growth(202122)8.7%3rdWage growth(201722)73.1%1stWage growth(202122)15.8%3rdShort-term job growth(8/20228/2023)3.5%22ndHigh-tech GDP growth(201722)62.4%8thHigh-tech GDP growth(202122)14.5%12th High-tech GD

111、P location quotient 1.587th Number of high-tech industries with LQ1144thHouseholds with broadband 94.3%24thHouseholds with affordable housing costs68.1%120th Community resilience82.1%48thGini index(income inequality)46.185thStrengths Austin recorded the highest wage and job growth across all US metr

112、opolitan areas,bolstered by a robust and thriving tech sector.A well-balanced assortment of tech industries positions Austin to maintain its growth,remaining one of Americas best-performing metros.Areas of Focus To sustain its rapid growth,Austin should invest in sustainable development,prioritizing

113、 housing affordability and infrastructure.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES17Gained 1 rankIndicatorRankJob growth(201722)14.5%8thJob growth(202122)5.6%24thWage growth(201722)51.9%6thWage growth(202122)12.7%21stShort-term job growth(8/20228/2023)3.3%28thHigh-tech GDP growth(201722)43.1%3

114、9thHigh-tech GDP growth(202122)9.6%43rdHigh-tech GDP location quotient 1.529thNumber of high-tech industries with LQ1144thHouseholds with broadband 93.7%36thHouseholds with affordable housing costs73.7%38thCommunity resilience83.8%23rdGini index(income inequality)44.538thStrengths Rapid job and wage

115、 growth have been driven by a broad range of high-tech industries and a continued rebound of the travel and tourism economy.Raleigh has exhibited strong performance on access to economic opportunities indicators,evidence of resilience to economic shocks and ability to maintain an affordable cost of

116、living.Areas of Focus Slowing GDP and job growth in 20222023 amid high commercial vacancy rates and a potential surplus of workers might present challenges as Raleigh continues to build the housing and infrastructure to support its growth.RALEIGH,NC MSA2.RALEIGHRaleigh,NC,gains one spot from last ye

117、ar,ranking among the top 20 best-performing metro areas for the 12th year in a row.Raleighs high position is bolstered by its performance on wage,job,and high-tech concentration measures,as well as its strong position on all other metrics in the BPC ranking.Indeed,Raleigh places in the top quartile

118、of every indicator on the index.The area has managed to attract high-tech firms and high-quality talent,driven by its proximity to three major universities located in Raleigh and the neighboring DurhamChapel Hill metro areas:North Carolina State University,Duke University,and the University of North

119、 Carolina at Chapel Hill.Between 2021 and 2022,two segments of Raleighs economy stood out as drivers of its job and wage growth:business and professional services and leisure and hospitality.With several industry groups classified as high-tech,growth of the business and professional services sector

120、has provided the Raleigh area with a reliable increase in high-wage jobs.In fact,business and professional services jobs have grown by 83 percent in Raleigh since 2017.24 However,the segment of Raleighs economy with the largest one-year wage and job growth is leisure and hospitality,with its employm

121、ent bouncing back to nearly pre-pandemic levels by the end of 2022.During 2022,the 17.8 million visitors to Raleigh spent$2.9 million,exceeding expenditures in 2018 and 2019,and indicating a close to full rebound for its broader tourism industry.25Raleigh also stands out among Tier 1 cities for its

122、performance on access to economic opportunities indicators,such as housing costs and broadband,because it is the only Tier 1 large city to rank in the top quartile on both metrics.Building on the post-pandemic construction boom,the Raleigh metro has prioritized housing projects,ranking 12th among al

123、l US cities for new apartment construction.26 Nonetheless,Raleigh still needs at least 17,000 more housing units to meet demand in 2023,according to a report by Zillow.27 Whether new construction can keep pace with the demand for housing will play a large role in determining Raleighs status as a bes

124、t-performing city moving forward.But with low economic inequality(38th in the Gini index),high resilience(23rd in resilient households),and rising access to broadband(36th),Raleigh is on track to maintain its top spot in the ranking.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES18Gained 2 ranksIndic

125、atorRankJob growth(201722)20.7%3rdJob growth(202122)4.5%59thWage growth(201722)61.8%4thWage growth(202122)13.1%13thShort-term job growth(8/20228/2023)3.1%38thHigh-tech GDP growth(201722)43.2%38thHigh-tech GDP growth(202122)10.3%37thHigh-tech GDP location quotient 0.7791stNumber of high-tech industri

126、es with LQ1590thHouseholds with broadband 94.5%19thHouseholds with affordable housing costs72.3%58thCommunity resilience84.1%20thGini index(income inequality)44.128thStrengths Boises fast and consistent wage growth,combined with relative housing affordability and broadband coverage,has been a major

127、attraction for incoming tech workers and families looking for a new home.Areas of Focus High-tech GDP contributions are concentrated in only a few industries,with Boise ranking 90th on high-tech industry variety and 91st on high-tech GDP concentration.BOISE CITY,ID MSA3.BOISEBoise City,ID,ranks in t

128、he top five for the second year in a row,gaining two positions from last years index.Home to Idahos state capital,the Boise City metro area accounts for 42 percent of Idahos population,making it the largest metro in the state.Boise maintained its high ranking because of its ability to sustain strong

129、 job and wage growth,combined with a high place on the newly added resilience indicator and a notable increase in broadband internet coverage.Between 2017 and 2022,Boises wages grew by 61.8 percent,the fourth-highest growth rate among large metropolitan areas.Growth in the financial activities(101 p

130、ercent)and professional and business services(92 percent)segments of the economy accounted for much of the increase,but the metro area experienced greater than 20 percent wage growth in every major economic sector grouping.28 The information services sector led the way with 36 percent wage growth du

131、ring 2022,bolstered by an increase in data processing(61 percent)and software publishing(30 percent)wages.Entering 2022,however,there was significant concern about whether wages(despite their strong growth)could keep pace with rising housing costs in the Treasure Valley.Toward the end of 2021 Boise

132、had an exceptionally hot housing market,with housing prices skyrocketing in response to the growth during and after the pandemic.29 However,home prices stabilized in 2022 alongside a year-over-year decrease of 21 percent in home sales,with mortgage rate increases cooling the demand.30 Among the 11 T

133、ier 1 cities,Boise has the fourth-best rank on affordable housing(58th),dropping only two ranks from last year.The two indicators of concern for Boise involve high-tech concentration and diversification,with the city dropping ranks on both high-tech GDP growth and on the variety of industries with a

134、 strong contribution to high-tech output.Only five industries contribute above the national average to Boises high-tech GDP(i.e.,have an LQ above 1),placing Idahos capital as 90th among large cities on this metric.Only two other Tier 1 cities ranked below Boise on these measures,indicating room for

135、improvement to ensure that Boise is resilient to downturns in the high-tech sector.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES19Gained 15 ranksIndicatorRankJob growth(201722)12.0%24thJob growth(202122)4.2%86thWage growth(201722)51.2%8thWage growth(202122)12.2%27thShort-term job growth(8/20228/202

136、3)2.6%62ndHigh-tech GDP growth(201722)61.9%9thHigh-tech GDP growth(202122)10.7%31stHigh-tech GDP location quotient 0.9553rdNumber of high-tech industries with LQ1834thHouseholds with broadband 94.1%28thHouseholds with affordable housing costs71.6%66thCommunity resilience85.9%5thGini index(income ine

137、quality)42.613thStrengths Growth in high-tech GDP and wages over the past five years has rocketed Salt Lake City up in the rankings,surpassing neighboring Provo for the first time since 2012.Resilience and low economic inequality enabled Salt Lake City to grow during and after the 2020 pandemic,maki

138、ng the city likely to withstand any further economic shocks.Areas of Focus A slowdown in job growth during the later part of 2022 and early 2023,partially caused by tech layoffs,is cause for concern for the Salt Lake City economy,which in the past has been bolstered by strong growth of the high-tech

139、 sector.SALT LAKE CITY,UT MSA4.SALT LAKE CITYSalt Lake City,UT,returns to the top five,jumping 15 spots from last years ranking.As a regional tech hub,Utahs state capital has benefited from strong wage and high-tech GDP growth since 2017,with much of that growth occurring before and during the 2020

140、pandemic.The area was a leader in remote work during the pandemic,and although the share of remote workers fell in 2022,Salt Lake City still outpaces the national average in teleworking share.31 Among the industries with above-average contributions to high-tech GDP,software publishing and technical

141、consulting services have been the primary drivers of the metro areas outstanding performance.Both industries saw greater than 100 percent growth in real GDP from 2017 to 2022,with software publishing leading the way at 140 percent growth.In addition to strong medium-term job growth,rapid wage growth

142、 makes Salt Lake City stand out among other large metro areas:The city placed eighth in this metric,with a 51 percent increase in its wages during the past five years.Salt Lake City has among the highest ranks for resilience,placing fifth among large cities on this metric,indicating that the metro a

143、rea is well positioned to withstand economic or natural disasters.The metro areas rapid growth in industries with remote work capability,combined with its robust broadband coverage,enabled the city to maintain its economic performance during the COVID-19 pandemic.Salt Lake City also ranks in the top

144、 10 percent of large cities in terms of low economic inequality,which provides further evidence of the metro areas access to economic opportunities and potential for sustainable growth.During the past two years,Silicon Slopes(an area that includes both Provo and Salt Lake City)has experienced a down

145、turn in job growth,partially attributable to recent high-tech layoffs.Tightening ahead of a potential 2023 downturn,tech firms laid off hundreds of workers in late 2022,and layoffs continued through early 2023.32 This event is reflected in the relative cooling of job growth indicators in the area,wi

146、th Salt Lake City dropping more than 40 ranks in one-year job growth in 2022 and ranking outside the top quarter of large cities in short-term job growth.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES20Dropped 4 ranksIndicatorRankJob growth(201722)22.0%2ndJob growth(202122)4.4%73rdWage growth(201722

147、)63.1%3rdWage growth(202122)9.1%101stShort-term job growth(8/20228/2023)2.3%82ndHigh-tech GDP growth(201722)71.2%3rdHigh-tech GDP growth(202122)13.5%17thHigh-tech GDP location quotient 1.2824thNumber of high-tech industries with LQ1923rdHouseholds with broadband 93.0%56thHouseholds with affordable h

148、ousing costs74.5%28thCommunity resilience89.7%1stGini index(income inequality)40.32ndStrengths ProvoOrem has experienced exceptional performance in five-year job,wage,and high-tech GDP growth.Despite recent cooling in its job and wage growth,ProvoOrems high-tech GDP growth remained strong partially

149、because of the metros well-balanced tech environment.ProvoOrem ranks highest among all US metropolitan areas in its resilience to economic and natural disasters.Areas of Focus Provos labor market has been impacted by recent tech layoffs,with the metro area experiencing notable drops in its one-year

150、job and wage growth rankings.PROVO-OREM,UT MSA5.PROVOProvoOrem,UT,ends its three-year run as the top-performing large metropolitan area but remains among Tier 1 large cities,placing fifth on the overall ranking.In the recent past,Provo had one of the fastest-growing job markets in the country,rankin

151、g second and third in five-year job and wage growth,respectively.This years drop in Provos position on the BPC ranking is due to notable falls in its one-year job and wage growth.The slowdown in Provos labor market performance has extended into mid-2023 as signaled by its relatively low(compared to

152、last year)performance in short-term job growth,which accounts for employment growth from August 2022 to August 2023.Located in an area nicknamed Silicon Slopes because of its robust high-tech scene,Provo has maintained a thriving tech sector that hosts several tech giants such as Qualtrics and Vivin

153、t.Provos high-tech sector remains strong relative to other large cities,with Provo ranking third and 17th in five-year and one-year high-tech GDP growth,respectively.Yet,the metro area has not been spared from the recent tightening in the high-tech sector.33 In late 2022,several Utah tech companies

154、laid off hundreds of staff,and in October 2023 Qualtrics announced it will lay off 14 percent of its workforce.34 Despite the relative slowdown in its labor market,many strong aspects of Provos performance remain.ProvoOrem ranks highest across all US metropolitan areas in its resilience to economic

155、and natural disasters,with 89.7 percent of its households having a good ability(as measured by the absence of risk factors)to absorb the external stresses of a disaster.The city also has a low income-inequality level,ranking second(among large cities)on this metric.The overall low levels of inequali

156、ty in the Silicon Slopes stand in stark contrast to the much higher economic disparities observed in the areas close namesake,Silicon Valley.In terms of growth,the ProvoOrem metropolitan area had the sixth-highest number of new business applications in 2022,ahead of Salt Lake City(Utahs capital),whi

157、ch ranked 22nd on this metric.35 The high number of new businesses continuing to be established in ProvoOrem signals the likelihood that the metropolitan area will continue its growth and remain among Tier 1 large cities in future editions of the ranking.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIE

158、S21Dropped 2 ranksIndicatorRankJob growth(201722)14.2%11thJob growth(202122)6.7%7thWage growth(201722)48.2%17thWage growth(202122)13.4%12thShort-term job growth(8/20228/2023)3.6%19thHigh-tech GDP growth(201722)70.0%4thHigh-tech GDP growth(202122)13.9%15thHigh-tech GDP location quotient 0.70117thNumb

159、er of high-tech industries with LQ1751stHouseholds with broadband 92.5%73rdHouseholds with affordable housing costs70.2%91stCommunity resilience81.2%71stGini index(income inequality)45.668thStrengths Nashville is home to a growing high-tech sector alongside a strong labor market,with rapid growth in

160、 its employment and wages.Ranking in the top half on all access to economic opportunities indicators,Nashville offers affordability paired with performance,increasing the citys attractiveness.Areas of Focus Nashville falls behind other major cities in terms of high-tech sector size,ranking lowest in

161、 high-tech GDP concentration among Tier 1 large cities.6.NASHVILLENashvilleDavidsonMurfreesboroFranklin,TN,drops just two ranks and maintains its Tier 1 status for the second year in a row.The Music City has demonstrated remarkable staying power as one of Americas best-performing metros,with competi

162、tive wage growth,continued employment opportunities,and the fourth-strongest high-tech GDP growth among large cities.The continued rebound of the leisure and hospitality industry and a sharp increase in information services jobs accounted for 34 percent of Nashvilles one-year job growth,with the ind

163、ustries in the information services sector also accounting for a substantial portion of high-tech GDP growth.Nashvilles population has grown rapidly in recent years,with the metro area adding more than 50,000 residents since 2019.36 Nashville officials hope that the continued population growth helps

164、 fix the current workforce shortage:The Nashville area Chamber of Commerce reports that about two positions are currently open for every unemployed person.37 The metros population growth has been accompanied by record-high tourism propelling the economy of the Music City.The Tennessee Department of

165、Tourist Development reported that visitors spent$27 million a day and nearly$10 billion total in 2022,a 35 percent increase from 2021.38 The high inflow of tourists has resulted in a remarkable rebound in Nashvilles hospitality industry,with employment in the metros leisure and hospitality industry

166、grouping exceeding its pre-pandemic levels by the end of 2022.39 Although Nashville has experienced a remarkable rise in its high-tech sector(ranking fourth and 15th in five-year and one-year high-tech GDP growth,respectively),the size of its high-tech output continues to lag other top-performing ci

167、ties.Among Tier 1 large cities,Nashville has the lowest high-tech GDP concentration,ranking 117th on this metric.With an LQ of 0.70,Nashvilles high-tech contribution to the metros overall GDP sits below the national average,indicating room for growth for Nashvilles high-tech sector.With above-averag

168、e performance on all access to economic opportunities and resilience measures,Nashville offers a relatively affordable cost of living,a rare luxury in a growing metropolis.Looking ahead,maintaining low housing costs while capitalizing on its population inflow to fill current labor shortages will be

169、the primary challenges for Nashvilles policymakers.NASHVILLEDAVIDSONMURFREESBOROFRANKLIN,TN MSABEST PERFORMING CITIES 2024TIER 1 LARGE CITIES22Gained 2 ranksIndicatorRankJob growth(201722)15.8%6thJob growth(202122)6.2%14thWage growth(201722)41.8%37thWage growth(202122)9.8%81stShort-term job growth(8

170、/20228/2023)3.4%24thHigh-tech GDP growth(201722)51.2%23rdHigh-tech GDP growth(202122)18.8%3rdHigh-tech GDP location quotient 1.2825thNumber of high-tech industries with LQ14111thHouseholds with broadband 92.0%93rdHouseholds with affordable housing costs76.0%13thCommunity resilience82.2%46thGini inde

171、x(income inequality)45.562ndStrengths With the most affordable housing market of all Tier 1 large cities,Fayetteville can attract incoming residents with more than just high-wage employment opportunities.The metro area features a rare combination of rapid population and job growth,one of the nations

172、 fastest-growing high-tech sectors,and affordability.Areas of Focus Fayetteville largely relies on four high-tech industries to propel its GDP growth and therefore has one of the least diversified high-tech sectors among Tier 1 large cities.7.FAYETTEVILLEFayettevilleSpringdaleRogers,ARMO,gained two

173、ranks from its last years performance,ranking in the top 10 for the third consecutive year.The metros post-pandemic job growth has landed it among the best-performing areas in the past three years after ranking 155th and 147th in the two years prior.Located within the Ozarks region,the Fayetteville

174、MSA,also referred to as Northwest Arkansas,is a collection of roughly 30 small to mid-size towns going through rapid growth and change.40 The area has long benefited from the presence of the University of Arkansas,along with the home base of Walmart and two other Fortune 500 companies(Tyson Foods an

175、d JB Hunt Transport).In recent years,strong job and population growth,in large part driven by Fayettevilles transportation industries,has Northwest Arkansas hoping to become the next Silicon Valley of transportation.41 With Walmart beginning construction on a new headquarters in Bentonville,and the

176、region seeing record-high venture capital investments,the future looks bright for Fayetteville.42 As one of the fastest-growing metro areas,Fayetteville is on pace to be home to 1 million residents by 2045,which would result in almost doubling its size in just over 20 years.43 Employment in the leis

177、ure and hospitality industries has partly driven Fayettevilles post-pandemic spike in job growth,but over a five-year period,growth in financial activities,professional services,and transportation has accounted for almost one-third of the metro areas employment gains.Job growth in the information in

178、dustries has also taken off,with employment in the overall sector growing 34.3 percent during the past five years(albeit,from a low starting level).And although commercial vacancies are at an all-time high in many major cities,Fayetteville just hit a record-low commercial vacancy rate of 5.6 percent

179、.44 This can be compared to regional neighbors Austin,Dallas,and Houston,which have commercial vacancy rates greater than 20 percent.45 Despite its notable growth in high-tech industries,the Fayetteville area still lags all other Tier 1 cities in high-tech industry diversification,concentrating most

180、 of the metro areas high-tech GDP production in only four of the possible 24 technology industries.If Northwest Arkansas hopes to continue to compete with the major cities in its region for investment,its ability to develop a more robust high-tech sector will be key.FAYETTEVILLE-SPRINGDALE-ROGERS,AR

181、-MO MSABEST PERFORMING CITIES 2024TIER 1 LARGE CITIES23Dropped 2 ranksIndicatorRankJob growth(201722)14.5%9thJob growth(202122)6.9%5thWage growth(201722)46.2%24thWage growth(202122)13.7%9thShort-term job growth(8/20228/2023)4.1%10thHigh-tech GDP growth(201722)35.2%58thHigh-tech GDP growth(202122)10.

182、2%39thHigh-tech GDP location quotient 1.3418thNumber of high-tech industries with LQ1923rdHouseholds with broadband 94.0%30thHouseholds with affordable housing costs65.3%153rdCommunity resilience80.1%92ndGini index(income inequality)47.3136thStrengths Dallas ranks among the top 25 large cities acros

183、s all job and wage growth categories partly because of its ability to attract businesses from a wide range of sectors.The metro area has maintained its high-tech GDP growth,despite already ranking high on high-tech concentration.Areas of Focus Dallas has high levels of income inequality and a limite

184、d housing supply that is struggling to keep pace with strong population growth.DALLAS-PLANO-IRVING,TX MSA8.DALLASDallasPlanoIrving,TX,dropped two spots from last years ranking but remains a Tier 1 large city for a third straight year,largely because of the continued strength of its labor market.Dall

185、as ranked in the top 10 large cities in all job growth categories and in one-year wage growth.The metro area performs well in most components of the rankings,scoring above the large cities median in all components,except housing affordability and income inequality(measured by the Gini index).Dallass

186、 excellent job performance is led by its professional and business services sector,which accounts for 20.9 percent of the citys workforce and grew by 28 percent from 2017 to 2022.However,overall,Dallas economy is well balanced,with strong five-year job growth in several segments of the economy,inclu

187、ding transportation and utilities(43.5 percent),financial activities(21.6 percent),and the information industry(9.9 percent).The Dallas-Plano-Irving metro hosts a variety of Fortune 500 companies,including AT&T,McKesson,and American Airlines(although its former largest company,ExxonMobil,moved to Ho

188、uston in 2023).The metro area also has one of the most diverse economies in the country,being a regional hub for information technology,finance,transportation,and defense.This sectoral diversity was key to Dallas continued strong recovery from the COVID pandemic in 2022.According to a report by the

189、Dallas Regional Chamber,Dallas has added back 157 percent of the jobs lost during the pandemic,trailing only Austin(our top-performing city this year)among Texas cities.46Like many cities in Texas,the Dallas metro area has struggled to build enough housing to keep pace with its high population growt

190、h.An analysis by the Bank of America Institute identified Dallas as one of the countrys three major cities with the most constrained housing supply,47 which is reflected in the metros performance on access to economic opportunities metrics.DallasPlanoIrving ranks last among Tier 1 large metropolitan

191、 areas in housing affordability.The metro also suffers from high levels of income inequality and a relatively high share of residents vulnerable to disasters,ranking second to last in the Gini index and last in resilience among Tier 1 large cities.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES24Gain

192、ed 32 ranksIndicatorRankJob growth(201722)8.6%47thJob growth(202122)5.5%31stWage growth(201722)46.7%22ndWage growth(202122)13.1%14thShort-term job growth(8/20228/2023)4.3%9thHigh-tech GDP growth(201722)80.2%1stHigh-tech GDP growth(202122)11.7%23rdHigh-tech GDP location quotient 0.73105thNumber of hi

193、gh-tech industries with LQ14111thHouseholds with broadband 93.9%31stHouseholds with affordable housing costs66.2%137thCommunity resilience81.7%56thGini index(income inequality)41.34thStrengths From 2017 to 2022,OlympiaTumwater had the fastest high-tech GDP growth in the country.OlympiaTumwater has r

194、emarkably low levels of income inequality,with the metro area ranking fourth among large cities in the Gini index.Areas of Focus Like many other cities across the state of Washington,Olympia is struggling to maintain a sufficient supply of affordable housing.OLYMPIATUMWATER,WA MSA9.OLYMPIAOlympiaTum

195、water,WA,gained 33 spots,positioning it among Tier 1 cities in this years ranking.The largest factor in Olympias recent ascent was the recovery of its labor market.The city moved up by 146 ranks(to the ninth position)in short-term job growth and experienced notable improvements in its one-year job a

196、nd wage growth(where it jumped up by 90 and 51 spots,respectively).In addition,Olympia scores well in the new access to economic opportunities components of the rankings,landing at 56th in resiliency and fourth in income inequality(measured by the Gini index).Olympias improved labor market performan

197、ce was propelled by its professional and business services sector,where employment grew by a remarkable 15.7 percent(or 10.1 percentage points above the sectors national growth)over 2022.The city also saw rapid employment growth in the information and government sectors.As Washingtons capital,Olympi

198、a has a high proportion of government employees,with 32 percent of its workforce in local,state,and federal government occupations.A high proportion of government jobs brings advantages such as employment stability(because government jobs are less vulnerable to swings in the business cycle).In addit

199、ion,Olympias high government employment,along with its low share of workers in lower-paid service sectors,contributes to low levels of income inequality.Olympia has a relatively small high-tech sector,ranking second to last among Tier 1 large cities in high-tech concentration and last in the number

200、of high-tech industries with a strong contribution to its GDP(as measured by the industries location quotient).However,Olympia is catching up,ranking first among all large cities in high-tech GDP growth.The citys excellent recent high-tech performance is led by its software publishing,data processin

201、g,and technical consulting industries,which saw five-year real GDP growth of 332.5 percent,489.5 percent,and 133.9 percent,respectively.Washington is facing housing affordability issues across the state,and Olympia is no exception to these struggles.An analysis by the Building Industry Association o

202、f Washington estimates that Washington needs more than 250,000 additional housing units to meet demand.48 This issue is reflected in Olympias housing affordability ranking,with the metro area ranking second to last among Tier 1 large cities(137th across all large cities)on this metric.In 2023,the st

203、ate government passed a series of bills aimed at increasing housing supply.49 The effectiveness of these bills in easing housing costs will be a key in maintaining Olympias recent strong performance.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES25Gained 10 ranksIndicatorRankJob growth(201722)10.7%32

204、ndJob growth(202122)4.5%67thWage growth(201722)44.8%28thWage growth(202122)12.9%17thShort-term job growth(8/20228/2023)4.0%12thHigh-tech GDP growth(201722)36.7%53rdHigh-tech GDP growth(202122)9.9%41stHigh-tech GDP location quotient 0.9947thNumber of high-tech industries with LQ11014thHouseholds with

205、 broadband 93.2%51stHouseholds with affordable housing costs72.1%60thCommunity resilience82.3%44thGini index(income inequality)47.7148thStrengths Significant employment growth during the second half of 2021 and early 2022 has rocketed the Queen City to its first-ever top 10 ranking.Strong and consis

206、tent wage growth combined with relatively affordable housing offers Charlotte a major competitive advantage over other burgeoning high-tech hubs.Areas of Focus Charlotte has the highest income inequality among Tier 1 cities,with wide racial and economic disparities across the metro area.50 10.CHARLO

207、TTECharlotteConcordGastonia,NCSC,enters the top 10 best-performing cities for the first time in over a decade,improving 10 ranks from last years Tier 2 performance.The Queen City has consistently ranked in the top half of large metros,performing well on nearly every indicator,but recent job and wage

208、 growth have finally pushed it into Tier 1 in this years ranking.Ranking 12th in this years short-term job growth and 17th in one-year wage growth,Charlottes remarkable labor market performance is attracting new residents,with the metro area experiencing a notable population increase since 2019(3.7

209、percent as compared to 0.9 percent for all metropolitan areas).51 Both one-year wage and job growth were led by the leisure and hospitality sector.Recovery of the hospitality industry has been a major theme of the top-performing cities over the past two years,with many high-performing metro areas be

210、nefiting from the rebound of tourism.However,growth in Charlotte has been well balanced,with the metro area experiencing five-year job and wage growth in many major segments of its economy,including financial activities and professional and business services(which jointly account for about one-fourt

211、h of the metro areas employment).The same is true of Charlottes high-tech sector,which is well balanced across industries.Wages have been growing in all of Charlottes high-tech industries,and employment increased in all but three of 24 high-tech industries between 2021 and 2022.Information services

212、and software publishing have been the main drivers of GDP growth in high-tech,with their real GDP increasing by 184.7 percent and 148.6 percent,respectively.The Gini index is the only indicator on which Charlotte performs below the median for large cities.The Queen City ranks 148th on this metric,pl

213、acing it at the bottom of Tier 1 large cities on this component of the ranking.Economic mobility in Charlotte is not an equally shared opportunity,although rising wages in industries such as leisure and hospitality are a promising development.With a fast-growing local economy,ensuring that growth is

214、 both equitable and sustainable will be a critical challenge to Charlottes policymakers and local leaders in future years.CHARLOTTECONCORDGASTONIA,NCSC MSABEST PERFORMING CITIES 2024TIER 1 LARGE CITIES26Gained 13 ranksIndicatorRankJob growth(201722)11.6%28thJob growth(202122)6.1%17thWage growth(2017

215、22)42.1%35thWage growth(202122)12.9%15thShort-term job growth(8/20228/2023)5.2%1stHigh-tech GDP growth(201722)47.4%30thHigh-tech GDP growth(202122)17.3%5thHigh-tech GDP location quotient 0.8377thNumber of high-tech industries with LQ1670thHouseholds with broadband 91.9%98thHouseholds with affordable

216、 housing costs69.5%102ndCommunity resilience82.0%49thGini index(income inequality)47.2132ndStrengths With the highest short-term job growth of all US metropolitan areas and rapid job and wage growth over the past five years,the Charleston area has become a nationally competitive local economy.Althou

217、gh still small,Charlestons high-tech sector has grown relative to other large cities,with the metro area placing fifth in high-tech GDP growth from 2021 to 2022.Areas of Focus The Charleston metro area struggles with high levels of income inequality and low availability of affordable housing,ranking

218、 132nd and 102nd on these two metrics relative to other large cities.CHARLESTONNORTH CHARLESTON,SC MSA11.CHARLESTONCharlestonNorth Charleston,SC,gained 13 positions,moving up to the 11th rank and placing among the top 15 large cities for the first time since 2013.Between August 2022 and 2023,the Cha

219、rleston metro area experienced the fastest employment growth in the country(relative to other metropolitan areas),continuing its streak of consistent employment gains.The job gains come alongside major increases in wages,with the city moving up 33 ranks to the 15th position(among large cities)in one

220、-year wage growth.During 2022,Charleston also experienced rapid high-tech GDP growth,placing fifth among large cities on this metric.The accelerated growth in high-tech output indicates that Charleston,South Carolinas most populous city,is becoming capable of competing with neighboring regional tech

221、 hubs such as Charlotte and Atlanta.A notable portion of Charlestons residents work in government services,with the sector representing 17.0 percent of the metros employment(compared to 9.3 percent nationwide).This is largely due to Charlestons strong military presence,with the city benefiting from

222、the locations of the deepest port in the South Atlantic and the Air Forces Joint Base Charleston.52 However,the city relies on more than just government and military jobs,with remarkable growth in its high-tech sector over the past five years.From 2021 to 2022,Charlestons high-tech growth was powere

223、d by information services and telecommunications,with real GDP in these two industries increasing by 40.8 percent and 33.5 percent,respectively.Like regional neighbor Charlotte(and many southeastern metros),Charleston struggles with a high level of income inequality.Charleston has the third worst ra

224、nking among Tier 1 large cities on the Gini index,ranking 132nd out of all large cities.Charlestons high level of income inequality indicates the need for increased access to economic opportunities for less privileged communities in the metro.The Charleston metro area also performs poorly on the per

225、centage of households with affordable housing,ranking 102nd on the metric.In 2022,around half of renters were paying more than 30 percent of their income on rent.53 To ensure that any additional growth is both sustainable and equitable,addressing Charlestons housing crisis and inequality will contin

226、ue to be a major priority for the metro.BEST PERFORMING CITIES 2024TIER 1 LARGE CITIES27TIER 1 CITIESAustinRound Rock,TX274241204885Raleigh,NC239439436382338Boise City,ID358379Salt Lake City,UT42933ProvoOrem,UT53

227、2NashvilleDavidsonMurfreesboroFranklin,TN6425568FayettevilleSpringdaleRogers,ARMO798625DallasPlanoIrving,TX8639136OlympiaTumwater,WA942284735CharlotteConcordGastonia,NCSC84516044148Charlesto

228、nNorth Charleston,SC5810249132COMPLETE RESULTS:2024 BEST-PERFORMING LARGE CITIES2024 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growt

229、h 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 1 LARGE CITIES28TIER 2 CITIESOrlandoKissimmeeSanford,FL43628208166Jacksonville,FL462321106

230、957AtlantaSandy SpringsRoswell,GA940341005283Colorado Springs,CO7821128412Huntsville,AL34100788107CrestviewFort Walton BeachDestin,FL6902310810316PhoenixMesaScottsdale,AZ7671036165Myrtle Bea

231、chConwayNorth Myrtle Beach,SCNC268915618080DenverAuroraLakewood,CO202881351950Wilmington,NC28621194374Sioux Falls,SD22975678TampaSt.PetersburgClearwater,FL2352540456174SeattleBellevueEverett

232、,WA2434683505Palm BayMelbourneTitusville,FL254599514043OgdenClearfield,UT26931151821San FranciscoRedwood CitySouth San Francisco,CA273535722Knoxville,TN28326722138124Fort Collins,CO294643581

233、935LakelandWinter Haven,FL303692412516311Cape CoralFort Myers,FL3140Fort WorthArlington,TX3244402520466Savannah,GA338831339459Montgomery CountyBucks CountyChester County,PA3451949

234、45698San AntonioNew Braunfels,TX356537502568347515216871DurhamChapel Hill,NC36294242112126San DiegoCarlsbad,CA37384275970GreenvilleAndersonMauldin,SC3845885342998341313184112Las VegasHendersonParadise,NV395014931

235、1581292024 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability

236、 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 2 LARGE CITIES29TIER 2 CITIESPortlandVancouverHillsboro,OR-WA406734965364923271582677IndianapolisCarmelAnderson,IN4974085539116Grand RapidsWyoming,MI427757869601441

237、43105153027DeltonaDaytona BeachOrmond Beach,FL43583946777648San JosSunnyvaleSanta Clara,CA4407116169College StationBryan,TX4572161143184Chattanooga,TNGA46725970906772024 RankBroadband Access 2022 RankLQ Count Ran

238、kHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING

239、 CITIES 2024TIER 2 LARGE CITIES30TIER 3 CITIESBoulder,CO4747846171McAllenEdinburgMission,TX48604797200165Reno,NV49530Madison,WI50765059991294Trenton,NJ56699Philadelphia

240、,PA5206333929240904HarrisburgCarlisle,PA53867370113485436West Palm BeachBoca RatonDelray Beach,FL5443635538172197MiamiMiami BeachKendall,FL556398640187196North PortSarasotaBradenton,FL56363844216118750

241、122160178Ocala,FL5754483977916751SacramentoRosevilleArdenArcade,CA5852444306382Camden,NJ595978923739551401217641StocktonLodi,CA60557561689051Asheville,NC6492255HoustonThe WoodlandsSugar Land

242、,TX62072053148162164BremertonSilverdale,WA631826KennewickRichland,WA646236404388217Elgin,IL65619NaplesImmokaleeMarco Island,FL66302322183198Kansas City,MOKS671166511113

243、57100RiversideSan BernardinoOntario,CA68024PortlandSouth Portland,ME69258298735837044842274ManchesterNashua,NH7048704813189Rockingham CountyStrafford County,NH756481410105331LansingEast Lans

244、ing,MI722752452596530Fort LauderdalePompano BeachDeerfield Beach,FL7339727448382572Ann Arbor,MI74989794 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Te

245、rm Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 3 LARGE CITIES31TIER 3 CITIESTallahassee,FL75648659925883561

246、566116195Salem,OR7695337214411510PensacolaFerry PassBrent,FL7774764365211455AnaheimSanta AnaIrvine,CA78566983689146Lancaster,PA79958701773412223Port St.Lucie,FL80333279860159154Ca

247、mbridgeNewtonFramingham,MA88222015729173El Paso,TX8254968162197144TacomaLakewood,WA838136AllentownBethlehemEaston,PA-NJ84664YorkHanover,PA858556WinstonSalem,

248、NC86T8296996232124Fort Wayne,IN86T034Wichita,KS8867867Atlantic CityHammonton,NJ8953477Richmond,VA90727496Cincinnati,OHKYIN9291081485411

249、68969701122675130Waco,TX9253273Greeley,CO93177Santa Rosa,CA94736855555102Clarksville,TNKY95493Boston,MA9675674017780191Springfield,MO9789555126141

250、5320WashingtonArlingtonAlexandria,DCVAMDWV98440Lincoln,NE99939084862792Albuquerque,NM098135128Santa MariaSanta Barbara,CA379269195145182MinneapolisSt.PaulBloomington,MNWI102103119

251、35139681154Des MoinesWest Des Moines,IA65790452024 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth

252、 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 3 LARGE CITIES32TIER 3 CITIESBrownsvilleHarlingen,TX5329885Gainesville,FL847846452715514317

253、5151118193St.Louis,MOIL562766127Columbus,OH339400Worcester,MACT38573623871363690Columbia,SC255410678OmahaCouncil Bluffs,NEIA2854584SpokaneSpokane

254、Valley,WA85777108OaklandHaywardBerkeley,CA8861Little RockNorth Little RockConway,AR4729141143ScrantonWilkes-BarreHazleton,PA247599657HickoryLenoirMorganton,NC1158391116

255、64504113Newark,NJPA5509128189Anchorage,AK9003814KingsportBristolBristol,TNVA01185123Wilmington,DEMDNJ119T 36433KalamazooPortage,MI119T

256、00845VisaliaPorterville,CA89418642Los AngelesLong BeachGlendale,CA8655188AlbanySchenectadyTroy,NY789068116Spartanburg,SC8777972Louisville/Jefferso

257、n County,KYIN0669101142Cedar Rapids,IA3552118New YorkJersey CityWhite Plains,NYNJ7637481992024 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 2

258、01722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 3 LARGE CITIES33TIER 4 CITIESSalisbury,MDDE1288

259、00201WarrenTroyFarmington Hills,MI2334270ChicagoNapervilleArlington Heights,IL375120177LexingtonFayette,KY28055107187Tucson,AZ448355234

260、7KilleenTemple,TX46612697Dayton,OH0203210256OxnardThousand OaksVentura,CA8367121Gary,IN21101910922Salinas,CA827713187Fresno,CA138846236

261、45185173155Syracuse,NY75026111773South BendMishawaka,INMI78303710061Lubbock,TX865134186Green Bay,WI51106143337Rockford,IL254

262、755253Oklahoma City,OK8885124137Lake CountyKenosha County,ILWI39825138Bakersfield,CA83189170121Silver SpringFrederickRockville,MD01892462Pittsburgh,PA1481241

263、53379551181134BridgeportStamfordNorwalk,CT486450200Montgomery,AL54782119164Mobile,AL7DavenportMolineRock Island,IAIL6Evansvi

264、lle,INKY84353104115DetroitDearbornLivonia,MI48527189181Baton Rouge,LA72024 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Shor

265、t-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 4 LARGE CITIES34TIER 4 CITIESNassau CountySuffolk County

266、,NY57171724049Reading,PA4890965066BirminghamHoover,ALUrban Honolulu,HI0456436059Peoria,IL8754179690San Luis ObispoPaso Roble

267、sArroyo Grande,CA88178123190Roanoke,VA30New HavenMilford,CT681116789167GreensboroHigh Point,NC906369119150Modesto,CA85313643

268、BuffaloCheektowagaNiagara Falls,NY43762139135Duluth,MNWI5167729529ProvidenceWarwick,RIMA5AugustaRichmond County,GASC77636146151Fort Smith,AROK4179

269、04094118Columbus,GAAL0748107177159VallejoFairfield,CA7481947021Corpus Christi,TX29142193148BaltimoreColumbiaTowson,MD341611357104Memphis,TNMSAR175

270、538179157Virginia BeachNorfolkNewport News,VANC291151555847HagerstownMartinsburg,MDWV9462399315MilwaukeeWaukeshaWest Allis,WI178T49185152BeaumontPort Arthur,TX178T19018

271、5353Fayetteville,NC2024 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Concentration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 2021

272、22 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TIER 4 LARGE CITIES35TIER 5 CITIESSpringfield,MA3314GulfportBiloxiPascagoula,MS

273、1869018272HartfordWest HartfordEast Hartford,CT3397836031Eugene,OR38818712187Tulsa,OK886157154110Akron,OH2643091103ClevelandElyria,OH96

274、Rochester,NY887193110106Toledo,OH55414499141Flint,MI040HuntingtonAshland,WVKYOH4471894169162CantonMassillon,OH621

275、672811324Merced,CA84817619295UticaRome,NY83Jackson,MS723Lafayette,LA03Dutchess CountyPutnam County,NY6

276、0391822893YoungstownWarrenBoardman,OHPA928New OrleansMetairie,LA3379ShreveportBossier City,LA2009624 RankBroadband Access 2022 RankLQ Count RankHigh-Tech Con

277、centration RankHigh-Tech GDP 202122High-Tech GDP 201722Short-Term Job Growth RankWage Growth 2021-22 RankWage Growth 201722 RankJob Growth 202122 RankJob Growth 201722 Rank2022 Rank2023 RankHousing Affordability 2022 RankResilient Households 2022 RankGini Index 2022 RankBEST PERFORMING CITIES 2024TI

278、ER 5 LARGE CITIESSource:Milken Institute(2024)Note:“T”next to a number implies a tie between citiesBEST PERFORMING CITIES 202436SMALL CITIES RANKINGSTIER 137Maintained#1 rankIndicator Rank54Job growth(201722)20.5%3rdJob growth(202122)4.4%38thWage growth(201722)48.7%9thWage growth(202122)9.9%79thShor

279、t-term job growth(8/20228/2023)4.3%9thHigh-tech GDP growth(201722)49.5%14thHigh-tech GDP growth(202122)9.9%43rdHigh-tech GDP location quotient 0.8727thNumber of high-tech industries with LQ1398thHouseholds with broadband 92.1%39thHouseholds with affordable housing costs76.1%37thCommunity resilience8

280、4.1%8thGini index(income inequality)40.88thStrengths Idaho Falls enjoys a vibrant labor market fueled by the health-care sector and the Idaho National Laboratory.The metro has robust and equitable economic development,ranking in the top 10 on income distribution and resilience metrics.Areas of Focus

281、 Wages have not grown on par with employment;the metro ranks last among Tier 1 small cities in one-year wage growth.The growth of the metros technology sector has been concentrated in only a few high-tech industries.IDAHO FALLS,ID MSA1.IDAHO FALLSIdaho Falls,ID,tops the list of small cities for the

282、second straight year.The metro has experienced a consistently robust labor market performance,ranking third in five-year job growth and ninth in short-term job growth.The metros continuous top position on the ranking,however,is due to its strong performance across all components of the index,signali

283、ng that growth in Idaho Falls has been sustainable and inclusive.Idaho Falls draws much of its economic strength from the Idaho National Laboratory(INL),which employs more than 6,000 researchers and support staff.55 The metros scientific research and development sector grew by a robust 6.6 percent i

284、n 2022.Because the INLs main research area is in nuclear energy,Idaho Falls has an unusually large and growing waste management sector,with waste management employment growing by 19.3 percent in 2022.In addition to its research occupations,Idaho Falls has a high employment share in medical services,

285、where it serves as a regional hub.The health-care and social assistance sector has been crucial in driving the citys five-year job growth,having grown 32.6 percent during that time frame.Beyond the health industry,employment in leisure and hospitality has also increased steadily in Idaho Falls,with

286、its five-year job growth in this sector at 25.1 percent(compared to-1.3 percent nationwide).The diversity of Idaho Falls economy has contributed to its status as one of the least unequal cities in the country,with the metro area ranking eighth(relative to small cities)on the Gini index.The city also

287、 has one of the lowest shares of residents vulnerable to disasters among small cities,ranking eighth on community resilience.Idaho Falls strong and inclusive growth,however,has not been fully reflected in its wages,with the metro ranked 79th in one-year wage growth(possibly because of relatively low

288、 growth in wages in the retail trade and government sectors,which jointly account for almost one-fourth of the metros employment).BEST PERFORMING CITIES 2024TIER 1 SMALL CITIES38Gained 5 ranksIndicatorRankJob growth(201722)13.6%7thJob growth(202122)2.6%120thWage growth(201722)59.2%3rdWage growth(202

289、122)12.4%22ndShort-term job growth(8/20228/2023)2.8%45thHigh-tech GDP growth(201722)64.1%6thHigh-tech GDP growth(202122)12.0%21stHigh-tech GDP location quotient 0.5972ndNumber of high-tech industries with LQ1615thHouseholds with broadband 92.9%23rdHouseholds with affordable housing costs69.2%146thCo

290、mmunity resilience81.7%41stGini index(income inequality)43.852ndStrengths With a robust and thriving high-tech industry and competitive wage offerings,Coeur dAlene is well set up to continue attracting high-quality talent and high-wage jobs to the North Idaho regional economy.Areas of Focus Relative

291、 slowing in job growth during late 2021 and early 2022 provides a note of caution to area leaders.Coeur dAlene has consistently performed below average on housing affordability,ranking 146th this year and 180th last year on the measure.COEUR DALENE,ID MSA2.COEUR DALENECoeur dAlene,ID,ranks second am

292、ong small metropolitan areas,gaining five ranks from last year and continuing its six-year streak among the top 10 small metros.The metro area has experienced both economic and population growth in recent years.Since 1990,the city of Coeur dAlene has nearly doubled in size,and the population of the

293、entire metropolitan area grew by 8.4 percent from 2019 to 2022.56 This population growth has been accompanied by a rapid increase in jobs and wages,as well as expansion of the high-tech sector:The metro ranked seventh,third,and sixth in five-year job,wage,and high-tech GDP growth,respectively,in thi

294、s years ranking.The area also saw a 3.9 percentage point increase in broadband access,jumping 69 ranks from last years performance on this metric.The information service sector stands out as an important driver of Coeur dAlenes recent growth.Between 2021 and 2022,wages in this sector increased by 41

295、.5 percent,while its employment grew by 11.1 percent.Growth in the information services sector has also boosted high-tech GDP growth in Coeur dAlene.Between 2017 and 2022,high-tech GDP increased 64.1 percent(placing the metro sixth among small cities on this metric),with software publishing industri

296、es seeing a nearly 500 percent jump in real growth during this period.Despite its strong five-year performance,the metro saw a relative slowdown in employment growth between 2021 and 2022,ranking below the median(120th)among small metro areas in one-year job growth.More recently,Coeur dAlene ranked

297、45th in short-term job growth(from August 2022 to August 2023).This relative recovery signals that the comparatively poor 2021 to 2022 performance might have been an outlier in the metros continued rise.Another area of concern is the metros rising costs.Since 2016,the average price of a Kootenai Cou

298、nty home has risen 160 percent.57 Although the metro area improved by 34 ranks this year,to ensure its attractiveness to new talent,policymakers should work on expanding its affordable housing options going forward.BEST PERFORMING CITIES 2024TIER 1 SMALL CITIES39Gained 7 ranksIndicatorRankJob growth

299、(201722)12.2%11thJob growth(202122)5.5%15thWage growth(201722)49.3%8thWage growth(202122)16.7%3rdShort-term job growth(8/20228/2023)2.1%80thHigh-tech GDP growth(201722)39.2%27thHigh-tech GDP growth(202122)10.8%33rdHigh-tech GDP location quotient 0.42148thNumber of high-tech industries with LQ1465thH

300、ouseholds with broadband 93.5%14thHouseholds with affordable housing costs71.4%121stCommunity resilience80.7%60thGini index(income inequality)43.443rdStrengths Led by its manufacturing and health services sectors,Gainesville ranks third and 15th in one-year wage and job growth.The metro enjoys robus

301、t internet coverage,ranking second among Tier 1 small cities(14th overall)in the percentage of households with a broadband subscription.Areas of Focus Although the high-tech sectors recent growth has been solid,high-tech GDP concentration remains low.Gainesville has struggled with housing affordabil

302、ity,which could worsen with continued population growth.GAINESVILLE,GA MSA3.GAINESVILLEGainesville,GA,gains seven positions,landing third in this years ranking.Gainesville has been one of the most consistently high-performing metros in the country,remaining among the top 10 small cities for eight ye

303、ars runninglargely because of Gainesvilles ability to maintain an exceptionally strong labor market.The metro area ranked third and 15th in one-year(eighth and 11th in five-year)wage and job growth.Broadband coverage is also remarkably high in Gainesville,with 93.5 percent of households having a bro

304、adband internet subscription,which is four percentage points higher than the small city average.Gainesville is nicknamed the“poultry capital of the world,”and the poultry industry remains a major employer in the metropolitan area through firms such as Fieldale Farms and Victory Processing.In additio

305、n,the metros strong manufacturing base employs 22.7 percent of its workers,more than double the national average(8.4 percent).Gainesvilles job market has been boosted by its professional and business services,and its education and health-services sectors,which experienced job growth of 33.6 percent

306、and 19.6 percent,respectively,from 2017 to 2022,jointly accounting for more than one-fourth(28.2 percent)of the metros total employment in 2022.Gainesvilles consistently strong economy and high growth have strained the citys housing market.Roughly 29 percent of households in Gainesville spend at lea

307、st one-third of their total income on housing costs,with the metro ranked 121st among small cities in housing-cost burden,largely because of high housing demand.A 2023 analysis by found Gainesville to have the hottest housing market of any city in the country.58 Although partially reflecting the met

308、ros vigorous job market,the strained housing market presents a challenge for city officials seeking to tame costs,which could limit the citys future growth.BEST PERFORMING CITIES 2024TIER 1 SMALL CITIES40Dropped 1 rankIndicatorRankJob growth(201722)25.9%2ndJob growth(202122)4.8%29thWage growth(20172

309、2)62.2%2ndWage growth(202122)12.0%26thShort-term job growth(8/20228/2023)2.0%85thHigh-tech GDP growth(201722)74.4%1stHigh-tech GDP growth(202122)10.3%41stHigh-tech GDP location quotient 0.49119thNumber of high-tech industries with LQ1398thHouseholds with broadband 94.2%7thHouseholds with affordable

310、housing costs71.0%125thCommunity resilience83.2%18thGini index(income inequality)47.5149thStrengths From 2017 to 2022,St.George had the second highest job and wage growth,and the highest high-tech GDP growth among small cities.St.George enjoys robust broadband coverage and resilience to economic and

311、 natural disasters,ranking 7th and 18th in percentage of households with broadband and in community resilience,respectively.Areas of Focus St.George has the highest income inequality of any Tier 1 small city because a high percentage of its population works in low-paid service sectors.ST.GEORGE,UT M

312、SA4.ST.GEORGESt.George,UT,drops one spot to fourth place in the 2024 rankings,landing among the top 10 small cities for the eighth straight year.The city has experienced strong labor market performance in recent years,ranking second among small cities in five-year job and wage growth.St.George is a

313、modern-day western boomtown;in 2022,the Census Bureau named it the fastest-growing metro area in the country for the second straight year.59 This boom has contributed to a thriving construction sector,which accounts for 12.1 percent of employment(compared to a national metro average of 5.1 percent)a

314、nd has grown by nearly 50 percent since 2017.Located in a beautiful mountain setting and close to Zion National Park,St.George also has a high employment share in the leisure and hospitality sector,which accounts for 14.4 percent of its jobs.This sector has seen strong growth as it rebounds from the

315、 COVID-19 pandemic,with employment growing by 7.2 percent from 2021 to 2022.Although St.George has a relatively small high-tech sector(ranking 119th in high-tech GDP concentration,as measured by the location quotient),its high-tech GDP has grown rapidly.The city ranks first overall in five-year high

316、-tech GDP growth,mainly attributable to excellent performance from its computer systems design sector and architectural/engineering sector,which grew by 121.9 percent and 73.6 percent,respectively,from 2017 to 2022.St.Georges rapid recent growth has brought challenges.Its housing supply has struggle

317、d to keep pace with demand,with the city ranking 125th among small cities in housing affordability.St.George also faces an uncertain water future.The city relies on the Virgin River(a tributary of the Colorado River)for the predominant share of its water supply.Recent droughts,combined with the area

318、s high growth,have put an excessive burden on the Virgin Rivers capacity,leading city officials to warn that water shortages could limit the citys future growth.BEST PERFORMING CITIES 2024TIER 1 SMALL CITIES41Gained 10 ranksIndicatorRankJob growth(201722)9.2%17thJob growth(202122)2.2%150thWage growt

319、h(201722)44.3%13thWage growth(202122)13.5%10thShort-term job growth(8/20228/2023)3.0%33rdHigh-tech GDP growth(201722)43.7%23rdHigh-tech GDP growth(202122)10.8%32ndHigh-tech GDP location quotient 0.41152ndNumber of high-tech industries with LQ1465thHouseholds with broadband 93.2%18thHouseholds with a

320、ffordable housing costs74.1%73rdCommunity resilience79.9%72ndGini index(income inequality)41.713thStrengths Twin Falls exhibited balanced performance across all categories of the BPC index,combining a strong labor market,solid high-tech growth,and widespread access to opportunities.The city enjoys a

321、 remarkably equitable distribution of income,placing second among Tier 1 small cities in the Gini index(13th across all small cities).Areas of Focus Although growing,Twin Falls high-tech sector remains relatively small,with the metro area ranking last among Tier 1 cities in its high-tech contributio

322、n to the citys GDP(i.e.,location quotient).TWIN FALLS,ID MSA5.TWIN FALLSTwin Falls,ID,rises 10 spots,joining Tier 1 cities for the first time.The citys high position is driven by a well-balanced performance across most components of the ranking,with the metro area placing among the top 80 small citi

323、es in all but two components of the index.Twin Falls has experienced particularly strong wage performance.The metropolitan area ranked 13th in five-year wage growth,placing 10th among small cities in wage growth from 2021 to 2022.Like several cities in Idaho,Twin Falls has experienced rapid populati

324、on growth,which has stimulated increased construction across the metro area.Employment in the citys construction sector grew by 53.7 percent from 2017 to 2022,roughly quadruple that of the sectors national growth(11.2 percent)over the same period.Twin Falls leisure and hospitality sector has further

325、 reinforced the citys growth,with employment increasing by 24.6 percent from 2017 to 2022 in this sector.Twin Falls has a small but growing high-tech sector.It ranks in the bottom quartile in high-tech concentration but performs well in both one-year and five-year high-tech growth.Twin Falls tech se

326、ctor has been led by software publishing and computer system design,which have grown by 896.3 percent and 260.1 percent,respectively,during the past five years(albeit starting from low levels).Although these sectors still comprise a small share of the Twin Falls economy,their rapid growth offers fut

327、ure promise for the citys high-tech sector.Twin Falls performs well in access to economic opportunities.It is one of the least unequal cities in the country,ranking 13th(among small cities)in income inequality.Moreover,Twin Falls has increased its percentage of households with a broadband subscripti

328、on(from 87.8 percent last year to 93.2 percent this year),placing 18th on this metric.The city has also improved its ranking in access to affordable housing,signaling that,so far at least,growth in Twin Falls has been sustainable.BEST PERFORMING CITIES 2024TIER 1 SMALL CITIES42Dropped 1 rankIndicato

329、rRankJob growth(201722)10.3%13rdJob growth(202122)3.5%76thWage growth(201722)50.8%6thWage growth(202122)11.0%40thShort-term job growth(8/20228/2023)1.8%101stHigh-tech GDP growth(201722)47.5%19thHigh-tech GDP growth(202122)10.4%38thHigh-tech GDP location quotient 0.8331stNumber of high-tech industrie

330、s with LQ1533rdHouseholds with broadband 93.3%16thHouseholds with affordable housing costs65.1%184thCommunity resilience82.3%32ndGini index(income inequality)47.0133rdStrengths Bend has experienced excellent five-year job and wage growth,ranking among the top 15 small cities on both these metrics.Th

331、e metro area also ranks well in broadband access and resilience to disasters,placing 16th and 32nd on these two components of the ranking.Areas of Focus Among Tier 1 cities,Bend ranks last in the percentage of households with affordable housing,and second to last in income inequality.BEND-REDMOND,OR

332、 MSA6.BENDBendRedmond,OR,drops one spot to the sixth position in this years ranking but remains in Tier 1 and among the top 15 small cities for the eighth year in a row,largely because of its consistently strong labor market performance.This year,Bend ranks 13th in five-year job growth,6th in five-y

333、ear wage growth,and 19th in high-tech GDP growth.A tourist destination known for its natural beauty,Bend has a high employment share in the leisure and hospitality sector,which grew by 9.7 percent in 2022 as it continued to recover from the effects of the pandemic.Despite its continuously strong performance,however,Bends labor market may be facing some turbulence ahead,as signaled by the metro are