Feb 22

High-Tech Corridors Are Driving Economic Growth

High-Tech Corridors Are Driving Economic Growth

Technology is driving new economies. A strengthening tech corridor helped Provo-Orem, Utah, top a new index on best economic performance among large cities in the U.S., according to the newly released 2021 Milken Institute’s Best-Performing Cities Index. A high-tech industry presence also helped drive job growth and economic performance for Idaho Falls, Idaho, which topped the list as the best-performing economy for a small city.

The annual index measures economic vitality in 200 large metro areas and 201 small metro areas, factoring in job creation, wage growth, and innovation industry metrics. This year’s index also reflects how the pandemic has impacted economies nationwide. This year Milken added housing affordability and broadband access among its variables.

“The pandemic has had an outsized impact on cities where the economic effects of the current recession are exacerbated by high housing costs,” says Kevin Klowden, executive director of the Milken Institute Center for Regional Economics and California Center. “By measuring for factors such as jobs, wages, and high-tech growth, the Best-Performing Cities Index offers analysis of how metro areas have fared based on the resilience of their local economy. And by incorporating data designed to gauge inclusivity, it provides important insights into how cities will be prepared to meet challenges and opportunities for future growth post-pandemic.”

Provo-Orem has benefited from the tech sector’s out-migration from more expensive coastal areas of California, the study notes. It has attracted tech giants like Qualtrics, Vivint, and Smart Citizen. Meanwhile, coastal California markets such as San Jose and San Francisco, which usually top Milken’s list, placed at number 24 and 22, respectively, on the 2021 rankings. High housing costs and a decline in short-term job growth led to their lower rankings this year, the survey notes.

Overall, the researchers note that large cities in the intermountain West and South are outperforming several areas along the coasts due to higher levels of short-term job growth and more affordable housing.

“As we discovered through our rankings, cities perform best when they pursue innovative strategies that allow high-tech industries to grow while still providing affordable costs of living,” says Misael Galdamez, senior policy analyst in the Milken Institute Center for Regional Economics. “This alignment provides a foundation for metro areas to become more resilient to economic shocks.”

The following large U.S. cities topped the 2021 Milken Institute Best-Performing Cities Index:

1. Provo-Orem, Utah
2. Palm Bay-Melbourne-Titusville, Fla.
3. Austin-Round Rock, Texas
4. Salt Lake City, Utah
5. Raleigh-Cary, N.C.
6. Boise, Idaho
7. Phoenix-Mesa-Chandler, Ariz.
8. Nashville-Davidson-Murfreesboro-Franklin, Tenn.
9. Ogden-Clearfield, Utah
10. Huntsville, Ala.
11. Denver, Aurora-Lakewood, Colo.
12. Fort Collins, Colo.
13. Seattle, Bellevue-Kent, Wash.

The following small U.S. cities topped the 2021 rankings:

1. Idaho Falls, Idaho
2. Logan, Utah-Idaho
3. The Villages, Fla.
4. St. George, Utah
5. Daphne-Fairhope-Foley, Ala.
6. Coeur d’Alene, Idaho
7. Sioux Falls, S.D.
8. Sebastian-Vero Beach, Fla.
9. Gainesville, Ga.
10. Charlottesville, Va.
11. Punta Gorda, Fla.
12. Bellingham, Wash.
13. Bend, Ore.

Source:
“Provo-Orem, Utah Tops Milken Institute’s 2021 Ranking of Best-Performing Cities,” Milken Institute (Feb. 17, 2021)
©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.