Best-Performing Cities 2014
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The Milken Institute's annual "Best-Performing Cities" index shows that technology and shale energy were the biggest factors behind America's booming cities — especially technology. Tech titan San Francisco claimed the top spot, up two ranks from last year. Last year's No. 1, Austin, Texas, dropped a slot. The rest of the top five boast thriving tech sectors as well: Provo, Utah (third, down from second last year); San Jose, Calif. (unchanged at fourth) and Raleigh, N.C. (fifth, up from 13th place).
Highlights from "2014 Best-Performing Cities: Where America's Jobs Are Created and Sustained" include:
- San Francisco achieved the top rank for the first time in the 15-year history of the index. Propelling the gains: the city's No. 1 finish in wage growth over both the past five-year and one-year periods. "Young, technology-skilled workers are flocking to San Francisco, driving up wages and driving down unemployment in these sectors below 2 percent," says Ross DeVol, Milken Institute chief research officer and one of the report's authors.
- Texas is still a jobs machine, claiming five of the top 10 positions among large metros. A special Texas blend of tech, energy strength and favorable business climate revved up these urban economies.
- Technology centers captured 13 of the top 25, with metros containing both creative- and science-based industries performing best.
Data for all metros is available on the interactive "Best-Performing Cities" website, where you may also download the report and read our press release: http://best-cities.org. Join the Twitter conversation at #bpcfor2014.