PROVO – The Provo-Orem area has the best regional economy in America, according to the ranking 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 out of the top 10 in the nonprofit think tank’s annual rankings. Salt Lake City entered 4th place on the list and Ogden jumped from 22nd place last year to 9th in 2021.
And that is only on the list of “big cities”. Utah also did well on the small town index, placing Logan and St. George in the top five. Idaho Falls took first place among small towns.
The Milken Institute says its annual rankings are based on “a set of results-based indicators” that include job creation, wage gains and “high-tech GDP” growth.
“The best performing subways have cohesive strategies that allow them to weather economic storms and leverage their assets more effectively,” the document said. These cities were mainly grouped in the western and southern mountain regions, noted the Milken Institute, where affordable housing and broadband access served to increase wages and employment.
Phil Dean, senior public finance researcher at the Kem C. Gardner Policy Institute, said Milken’s results closely follow what he is seeing about Utah’s economy. “We have been the strongest state in terms of economic recovery since the pandemic,” said Dean. “In fact, we are back to overall job growth, starting in December, in the state.”
Dean said there are “a number of factors” that have helped Utah’s tech industry with 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, Vivint’s senior vice president of human resources, Starr Fowler, said Utah has become a must-see destination for professionals. “Utah is an entrepreneurial state and people here are sincerely investing in growing Silicon Slopes and making the state a great place for technology,” said Fowler. “Historically, people may have worked along the Wasatch Front just as a stop in their career before going to the east or west coast. Today there are enough big companies and startups up there that you can really build a career here, in addition to to enjoy a great 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. “
Having two major universities nearby helps, said Dean, as does the favorable business climate in Utah. “We encourage business creation and growth here,” said Dean, “and that is not necessarily the case everywhere else.” He said Utah needs to continue these policies and ensure that its workforce is well educated to maintain its advantages in the future.
Dean also said that accessibility to housing, or the lack of it, is “a risk” that Utah faces in the future. “I think it’s something we need to keep an eye on as we go,” he said. And he added that Utah should not forget the people and industries that are struggling, despite the strong general numbers and applause from organizations like the Milken Institute.
“I think it’s important that, even with our successes, we pay attention to those who are not doing so well.”
The list of the 10 largest subways of 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.