PROVO – The Provo-Orem area has the best regional economy in America, according to rankings released by the Milken Institute this week, and other cities in Utah are not far behind.
Provo won first place from San Francisco, which dropped out of the top 10 on the annual non-profit brainstorming rankings. Salt Lake City entered at No. 4 on the list, and Ogden jumped from 20 last year to No. 9 for 2021.
And it’s just on the “big cities” list. Utah also did well with the small-town index, beating Logan and St. Louis. George placed within the top five. Idaho Falls took first place among small towns.
The Milken Institute says its annual rankings are based on an outcomes-based set of statistics that include job creation, wage gains and high-tech GDP growth.
“The best-performing metros have coherent strategies to withstand economic storms and utilize their assets more effectively,” he said. The cities were mostly merged into the Intermountain West and South, the Milken Institute observed, where affordable housing and broadband access satisfied wage and job growth.
Phil Dean, senior research fellow at the Kem C. Gardner Policy Institute, said the Milken results are in good agreement with what he observes about the Utah economy. “We have been the strongest state in terms of economic recovery since the pandemic,” Dean said. “We are actually back to the overall growth of jobs in December in the state.”
Dean said there are a number of factors that have helped Utah’s tech industry on benchmarks 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 email, Vivint, senior vice president of human resources, said Starr Fowler said Utah is a destination for professionals. “Utah is an enterprising state and people here are sincerely invested in building the Silicon Slopes and making the state an excellent place for technology,” Fowler said. ‘Historically, people might have worked along the Wasatch Front as just a stop on their careers before heading to the east or west coast. Today, there are enough big companies and budding startups to build a career here, along with an excellent quality of life. It’s an amazing place for me to raise my family in a beautiful setting with all my favorite outdoor activities, just minutes away. “
Having two major universities in the area helps Dean, as does Utah’s business-friendly climate. “We encourage creation and growth here,” Dean said, “and that’s not necessarily the case everywhere else.” He said Utah needs to continue with the policy, and make sure the staff members are well trained, in order to maintain its benefits.
Dean also said affordable housing, or the lack thereof, 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. And he added that Utah should not forget about people and industries struggling, despite strong overall numbers and plumes from organizations like the Milken Institute.
“I think it’s important that we, even with our successes, look out for those who are not doing so well.”
The 2021 top ten major metro list 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.