This is Reno has put out another great article about the boom of Reno’s economy.
The Biggest Little City has once again proved itself to be one of the economically best-performing cities in the United States, and it continues to rise. Reno has ranked fourth in the nation in economic performance among 200 large metropolitan areas according to an analysis by the Milken Institute Center for Regional Economics, a think tank headquartered in Los Angeles. In last year’s study of Best-Performing Cities, Reno ranked 11th place.
This rise in rank has been deemed especially noteworthy because it’s an indication that non-traditional tech and employment centers are rising into prominence in the U.S. economy according to Kevin Klowden, executive director of the Milken Institute. The rapidly growing tech sector in Reno is diverse in that it ranges from Tesla’s Gigafactory to a cluster of data centers to a thriving logistics and drone sector. These new jobs are diversifying the economy away from its original domination from distribution and tourism.
The research institute also noted that home prices in the Reno-Sparks region remain rather high in comparison to average wages, making Reno one of the least-affordable places in the country. This added factor will poses a threat to both the retention of workers and future economic growth. These annual rankings that the Milken Institute uses are based on job growth, wage growth, and measurements of innovation-industry metrics.
Results from the Milken Institute studies are used to help investors and policymakers understand what parts of the nation are booming and why. The newest study also found that the San Francisco region has the strongest economy in the nation, followed by Provo, Utah, and the Austin-Round Rock region of Texas. In addition to Reno, other strong-performing mid-sized cities include Boise and Melbourne, Florida.
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