The Milken Institute has released its , which ranks 403 metropolitan areas across the U.S. based on economic vitality and quality of life.
As the nation settles into a post-pandemic economic status quo, the index provides a comprehensive evaluation of job growth, wages, high-tech growth, housing affordability, income inequality and broadband access.
The D.C. metro area climbed to 62nd place among large cities.
Maggie Switek, senior director of research of the Milken Institute, highlighted the region’s recovery in the leisure and hospitality sectors as a key driver of its improved ranking.
“The leisure and hospitality industry that we have seen recovering over the past few years has, in itself, generated recovery, job growth and wage growth in the Washington, D.C. area,” Switek told ÃÛÌÒÊÓƵapp.
For large metropolitan areas, Raleigh, North Carolina, claimed the No. 1 spot, followed by the Ogden-Clearfield area and Salt Lake City in Utah.
Among smaller metros, Gainesville, Georgia, ranked first, with St. George, Utah, and Idaho Falls, Idaho, rounding out the top three.
Notably, 13 of the 18 top-performing cities in both categories are in landlocked states, underscoring a shift in economic growth away from coastal hubs.
As economic conditions evolve, the Milken Institute’s index continues to serve as a vital resource for understanding the shifting dynamics of cities. The index aims to provide individuals and businesses with a road map for assessing economic opportunities in U.S. cities.
“This list takes into account both labor market conditions as well as access to economic opportunities,” Switek explained. “It’s precisely why we have aspects such as income distribution or housing affordability in an area.”
Despite its improvements, smaller metro cities in the D.C. area, such as Silver Spring-Frederick area in Maryland, saw a decline in rankings. Silver Spring-Frederick now stand at 123rd.
The index also highlights a widening gap between small and large cities in high-tech GDP growth, signaling potential challenges for smaller metros to compete in the tech-driven economy.
Switek emphasized the importance of the index for those considering where to live and work.
“Cities that are toward the top of the index, if you are deciding where to live, will be cities that provide that balanced environment where you can have access to employment possibilities and relatively high wage growth, while at the same time being in a place that isn’t as impacted by the housing affordability crisis,” she said.
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