PROVO – The Provo-Orem area has the best regional economy in America, according to rankings released this week by the Milken Institute, and other Utah cities are not far behind.
Provo took first place in San Francisco, which was ranked among the top ten annual members of the nonprofit working group. Salt Lake City registered at number 4 on the list and Ogden went from number 22 last year to number 9 in 2021.
And that is only on the list of “big cities.” Utah also performed well in the small towns index, locating Logan and St. Louis. George in the top five. Idaho Falls ranked first among small towns.
The Milken Institute says its annual rankings are based on “a set of results-based metrics” that include job creation, earnings and “high-tech GDP” growth.
“The most profitable metros have cohesive strategies that allow them to withstand economic storms and take advantage of their assets more effectively,” he said. These cities were mostly grouped west and south of Intermountain, the Milken Institute noted, where affordable housing and broadband access met with wage and job growth.
Phil Dean, a senior public finance researcher at the Kem C. Gardner Policy Institute, said Milken’s results follow well what he is observing about Utah’s economy. “We have been the strongest state in terms of economic recovery since the pandemic,” Dean said. “In fact, we have returned to overall employment growth, in December, in the state.”
Dean said there are “a number of factors” that have helped Utah’s technology industry in metrics like the Milken Institute. Many of Utah’s leading technology companies are based in Utah County, including Vivint Smart Home, Qualtrics and Pluralsight.
In an emailed statement, Starr Fowler, senior vice president of human resources at Vivint, said Utah has become an ideal destination for professionals. “Utah is an entrepreneurial state and people here are sincerely investing in growing silicon tracks and making the state an ideal place for technology,” Fowler said. “Historically, people could have worked along the Wasatch Front as a stop in their careers before going to the east or west coast. Today there are enough large companies and emerging companies that can build a career here, in more than enjoying a great quality of life. For me, it’s an amazing place to educate my family in a beautiful environment with all my favorite outdoor activities within minutes. ”
Having two major universities nearby helps, Dean said, as well as Utah’s favorable business climate. “Here we encourage business creation and growth,” Dean said, “and that’s not necessarily the case anywhere else.” He said Utah must continue with these policies and make sure its staff is well trained to maintain its benefits in the future.
Dean also said housing affordability, or lack thereof, is “a risk” Utah faces in the future. “I think that’s something we need to watch out for as we move forward,” he said. And he added that Utah should not forget about the people and industries they are struggling with, despite the loud 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 so well.”
Provo-Orem tops the list of the 10 great subways of 2021, followed by Palm Bay, Florida; Austin, Texas; Salt Lake City; Raleigh, North Carolina; Boise; Phoenix; Nashville, Tennessee; Ogden-Clearfield; and Huntsville, Alabama.