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PROVO – The Provo-Orem area has the best regional economy in America, according to rankings released this week by the Milken Institute, and other cities in Utah are not far behind.
Provo took first place in San Francisco, which did not make the top 10 in the nonprofit think tank’s annual ranking. Salt Lake City placed 4th on the list and Ogden went from No.22 last year to No.9 for 2021.
And that’s only on the list of “big cities”. Utah also performed well on the Small Town Index, placing Logan and St. George in the top five. Idaho Falls took the top spot among small towns.
The Milken Institute says its annual rankings are based on “a set of outcome-based metrics” that include job creation, wage gains, and “high-tech GDP” growth.
“The best performing subways have coherent strategies to weather economic storms and leverage their assets more efficiently,” he said. These towns were mostly clustered in West and South Intermountain, the Milken Institute observed, where affordable housing and broadband access met with growth in wages and employment.
Phil Dean, senior public finance researcher at the Kem C. Gardner Policy Institute, said Milken’s results match up well with what he observes about the Utah economy. “We have been the strongest state, in terms of economic recovery, since the pandemic,” Dean said. “We’re actually back to overall job growth, starting in December, in the state.”
Dean said there are “a number of factors” that have helped Utah’s tech industry with measures like the Milken Institute. Most of Utah’s big tech companies are based in Utah County, including Vivint Smart Home, Qualtrics, and Pluralsight.
In an emailed statement, Vivint’s senior vice president of human resources, Starr Fowler, said Utah has become a destination of choice for professionals. “Utah is an entrepreneurial state and the people here are sincerely invested in growing the silicon slopes and making the state a great place for tech,” Fowler said. “Historically, people may have worked along the Wasatch Front as just a career stop before heading to the east or west coast. Today there are enough large companies and budding startups that you can truly build a career here, while still enjoying a great quality of life. For me it’s an amazing place to raise my family in a beautiful setting with all of my favorite outdoor activities just minutes away. “
Having two great universities nearby helps, Dean said, as does Utah’s business-friendly climate. “We encourage business creation and growth here,” Dean said, “and that’s not necessarily the case everywhere else”. He said Utah must continue with these policies and ensure its workforce is well educated to maintain its advantages in the future.
Dean also said that housing affordability, or the lack of it, is “a risk” Utah faces in the future. “I think it’s something that we have to watch out for as we go along,” he said. And he added that Utah shouldn’t forget about struggling people and industries, despite strong overall numbers and applause from organizations like the Milken Institute.
“I think it’s important that, even with our successes, we look for those who aren’t doing as well.”
The Top 10 Metro Top 10 list for 2021 is led by Provo-Orem, followed by Palm Bay, Florida; Austin, Texas; Salt Lake City; Raleigh, North Carolina; Wooded; Phoenix; Nashville, Tennessee; Ogden-Clearfield; and Huntsville, Alabama.
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