The Valley jumped from 10th to fourth in a new index measuring the 200 largest metropolitan areas’ ability to grow and sustain jobs.
The Milken Institute’s Best Performing Cities Index measures both long-term and short-term employment and salary growth, as well as technology output growth. The California-based institute is an independent economic think tank.
Overall, Phoenix-Mesa-Scottsdale ranked fourth behind only Ocala Fla., Wilmington, N.C. and Riverside-San Bernardino-Ontario, Calif.
“If you look at the five-year job growth and the one-year job growth, they’re above average,” said Jennifer Manfrè, the institute’s associate director of communications. “Anything above 100 is above the national average.”
The five-year growth rate was 114.81, while the one-year growth rate was 104.06.
“Growth is decelerating, it’s not growing as fast over this last year,” Manfrè said. “That is seen as something to watch.”
The five-year wages and salaries growth rate was 110.97, while the one-year rate is 105.05. That also reflects a slowing in the last year, she said.
The index does show accelerated one-year high tech growth.
“Five years shows the high tech growth was lower than the national average, but the one year shows an improvement,” Manfrè said. “We find that high tech is a very important driver in regional economic growth. Those sorts of high-wage jobs are adding to your ranking.”
Edward Gately
