As the U.S. economy heads toward normalcy — the latest evidence being the Federal Reserve’s decision to raise interest rates — we got to wondering which cities can most boast about their economies.
The Santa Monica, Calif.-based Milken Institute has drilled down using a host of metrics to find the metro areas whose economic engines are firing on all cylinders. Milken divided cities into large and small, growth in jobs and wages and the robustness of high-tech industries as key benchmarks in its formula. The growth scores index job and pay growth against the national average, which gets a score of 100.
The Milken reports notes that job and wage growth contributes mightily to a community’s health and that the housing market nationally has bounced back from its nadir after the bubble burst.
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