Posted Oct 26, 2022, 12:44 PM
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Join Date: Aug 2006
Location: Downtown Los Angeles
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Milken Institute - Best Performing Cities for 2022
Larger Metros - TOP TIER 1 CITIES
Provo–Orem, Utah, ranks first overall in the index of large cities for the second year in a row due to high rates of job growth, wage growth, and high-tech GDP growth. The metro area maintained its first-place rank in five-year job growth and five-year wage growth, dropped to ninth in one-year
wage growth, and improved from fourth to second in oneyear job growth. Provo also ranked highly in high-tech GDP concentration (13th). Dubbed the Silicon Slopes, Provo has a flourishing tech sector, attracting tech giants such as Oracle, Adobe, Vivint Smart Home, Qualtrics, and Amazon, and maintains a strong reputation for nurturing young startups. Attracted by the region’s relatively low cost of living, natural amenities, low tax rate, and local talent, West Coast investors and entrepreneurs have flocked to the city, helping drive the local tech scene. Provo is also home to Brigham Young University (BYU), which contributes both high-quality education and stable employment to the local economy, with around 30,000 students and more than 4,000 full-time employees. (27th) Local real estate is affordable compared to the large coastal cities, especially to the tech hub of Silicon Valley. However, Provo–Orem scores poorly on the affordability index (162nd). Home prices rose 5 percent from 2018 to 2019, the seventh consecutive year-over-year increase. (28th) Decreasing affordability may dampen the city’s attractiveness to new residents and investors, and hamper future growth.
Assets
҉ Provo has become well known as a hub
for technology startups due, in part, to a
business-friendly state government and a
highly educated local workforce.
҉ BYU provides ready access to a skilled
workforce.
Liabilities ҉ Decreasing housing affordability poses a
threat to livability and continued economic
growth; home sale prices increased in 2020
for the seventh consecutive year.29
҉ The city competes with neighboring metros
(including Salt Lake City and Ogden) for
investment and talent.
Ranking: Tier One Top 15 Metros
#1 Provo–Orem, UT
Austin–Round Rock, TX
Salt Lake City, UT
Phoenix–Mesa–Scottsdale, AZ
Palm Bay–Melbourne–Titusville, FL
Seattle–Bellevue–Everett, WA
San Jose–Sunnyvale–Santa Clara, CA
Fayetteville–Springdale–Rogers, AR–MO
Colorado Springs, CO
Dallas–Plano–Irving,
Durham–Chapel Hill,
Huntsville, AL
Ogden–Clearfield, UT
Denver–Aurora–Lakewood, CO
Boise City, ID
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Last edited by delts145; Dec 26, 2022 at 5:02 PM.
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