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 dropped from the top 10 in the annual ranking of the nonprofit working group. Salt Lake City ranked 4th on the list, and Ogden jumped from number 22 last year to number 9 for 2021.
And this is only on the list of “big cities”. Utah also did well in the small town index, placing both 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 values” that include job creation, earnings and “high-tech GDP” growth.
“The best-performing metros have cohesive strategies that allow them to cope with economic storms and capitalize on their assets more effectively,” he said. These cities were largely clustered in the west and south of the Intermountain, the Milken Institute noted, where affordable housing and broadband access have seen rising wages and jobs.
Phil Dean, a senior researcher in public finance at the Kem C. Gardner Institute for Policy, said Milken’s results are very good with what he sees about the Utah economy. “We have been the strongest state, in terms of economic recovery, since the pandemic,” Dean said. “In fact, we have returned to the general increase of jobs, starting with December, in the state.”
Dean said there were “a number of factors” that helped the Utah technology industry take action such as the Milken Institute. Many of Utah’s major technology companies are based in Utah County, including Vivint Smart Home, Qualtrics and Pluralsight.
In an emailed statement, Vivint senior vice president of human resources Starr Fowler said Utah has become an ideal destination for professionals.
“Utah is an entrepreneurial state and the people here are sincerely investing in raising the silicon slope and making the state a great place for technology,” Fowler said. “Historically, people could have worked along the Wasatch Front as just a stop during their careers before going to the east or west coast. Today there are enough big companies and start-ups in the making that you can really build a career here, along with enjoying a wonderful quality of life. For me, it is an incredible place to raise my family in a beautiful setting, with all my favorite outdoor activities, just minutes away. “
Qualtrics CEO Zig Serafin said that the world “just notices something we’ve known for a long time, that Utah has been a great place to build a business and grow.
“Talent follows growth, and growth follows talent, and we have both in Utah right now,” Serafin said in a statement. “The combination of growing jobs and opportunities, affordable housing and world-class facilities means that people want to come here. we are now a destination company in a destination location, which will definitely bring us benefits in the future. “
Having two large universities nearby helps, Dean said, as does the favorable business climate in Utah.
“We encourage business creation and growth here,” Dean said, “and that’s not necessarily the case everywhere.” He said Utah must continue these policies and ensure that the workforce is well educated to maintain its benefits in the future.
Dean also said that the accessibility or lack of housing is “a risk” that Utah faces in the future. “I think it’s something we need to keep an eye on as we move forward,” he said. He added that Utah should not forget the people and industries it is struggling with, despite the strong general numbers and applause from organizations such as the Milken Institute.
“I think it’s important that, even with our successes, we pay attention to those who don’t do as well.”
The list of the first 10 major subways in 2021 is led by Provo-Orem, followed by Palm Bay, Florida; Austin, Texas; Salt Lake City; Raleigh, North Carolina; Boise; Phoenix; Nashville, Tennessee; Ogden-Clearfield; and Huntsville, Alabama.