The 2020 Milken Institute Best Performing Cities Report came out and Reno, Nevada once again is #1 in Job Growth and has moved up from #11 Best Performing to now 4th Best Performing Large City behind Austin, Texas and Salt Lake City, Utah.
If you start hearing people talk about Austin, remind them we are not too far behind. Reno is 4th in wage growth and 2nd in high tech Gross Domestic Product (GDP) growth. Metros are ranked on their performance, while indicators help identify the drivers behind their success or failure.
- San Francisco-Redwood City-South San Francisco, CA, regains the crown as the best-performing large metro after 2014. The skilled workforce, abundant venture capital, and innovation and entrepreneurial culture support regional high value-added industries, including the expanding tech and biotech industries. The metro’s excellent performance in our five-year high-tech GDP growth (ranked first) illustrates this point.
- Twenty-one top-performing large metros return from our 2018 Best-Performing Cities index. A substantial number of them are metros with dynamic tech sectors, including San Francisco-Redwood City-South San Francisco, CA; Provo-Orem, UT; Austin-Round Rock, TX; and San Jose-Sunnyvale-Santa Clara, CA. Others, like Reno, NV, continue to develop a diverse industrial base while experiencing rapid growth in the advanced manufacturing and technology sectors.
- California secured four (San Francisco-Redwood City-South San Francisco, CA; San Jose-Sunnyvale-Santa Clara, CA; Oakland-Hayward-Berkeley, CA; and Riverside-San Bernardino-Ontario, CA) of the top 25 spots among large metros. The Bay Area in Northern California consistently shows economic excellence powered by high value-added industries.
- Recent rising demand in energy and natural resources, such as coal and natural gas, uplifts several resource-dependent metros in our index, including Tuscaloosa, AL; Grand Junction, CO; Odessa, TX; and Wheeling, WV-OH.
- The Wheeling, WV-OH, metro is the biggest gainer among all metro areas in our index, jumping 111 spots to 70th place.
- Other big gainers include California-Lexington Park, MD, and Clarksville, TN-KY, two regional economies anchored by the defense industry.
- Still, other big gainers, including Sebring, FL; Carson City, NV; and Kingston, NY, have health care, retirement communities, and tourism driving their economic growth.
Thanks to EDAWN (Economic Development Authority of Western Nevada) for sharing this great report!
Realtor® Sierra Nevada Properties