Utah’s economy is distinguished as the best in the nation for its strong business environment and job creation growth. The Best-Performing Cities 2024 report by the Milken Institute focuses on sustainable growth and resilience in U.S. metropolitan areas, and showcased Utah once again. The 403 cities surveyed in the report were placed in their rankings regarding opportunities for job growth, wages and high-tech industry growth.
Utah stood out in the report for making two out of the top five spots in this year’s rankings for large city growth and fourth in the small cities growth category.
Top 5 large cities:
- Austin-Round Rock, Texas.
- Raleigh, North Carolina.
- Boise City, Idaho.
- Salt Lake City, Utah.
- Provo-Orem, Utah.
Top 5 small cities:
- Idaho Falls, Idaho.
- Coeur d’Alene, Idaho.
- Gainesville, Georgia.
- St. George, Utah.
- Twin Falls, Idaho.
Salt Lake City’s jump in the ranks
Utah’s capital has seen remarkable growth, particularly in high-tech GDP and wages over the past five years, which propelled the city up in the rankings, surpassing Provo for the first time since 2012.
Salt Lake City’s low economic inequality has allowed it to thrive during and after the COVID-19 pandemic, giving it the bolster it needs to combat future economic shocks.
However, “A slowdown in job growth during the later part of 2022 and early 2023, partially caused by tech layoffs, is cause for concern for the Salt Lake City economy, which in the past has been bolstered by strong growth of the high-tech sector,” the report found.
Provo-Orem loses No. 1 ranking
The popular college area lost its three-year reign as the top-performing large metropolitan area, dropping to fifth place.
Although Provo boasted one of the country’s most rapidly expanding employment sectors, securing the second spot in job growth and the third in wage increases over a five-year period, other factors caused the Provo-Orem area to lose its lead.
“This year’s drop in Provo’s position on the BPC ranking is due to notable…
