The Milken Institute’s annual best performing cities report released this month ranks all of the MSAs in the country based upon long and short term job growth, salary growth, GDP growth and number of high tech companies. The top five cities in the country were in order were: Fort Myers, FL; Las Vegas, NM; Phoenix, AZ; West Palm Beach, FL; and Daytona Beach, FL.
An interesting part of the study was an analysis of what makes great performing cities in the future. One of the keys to the future is entrepreneurial activity as explained by Milken, “Regional economic dynamism is epitomized by fast-growing, entrepreneurial companies. For a metro area to be successful over the long haul, it has to have capable entrepreneurs. The very foundation of the theory of clustered economics rests upon the dynamic rejuvenation capability of the cluster. Over the long-term, cities with strength in entrepreneurship will be among the Best Performing Cities—large and small.”
What is interesting in their study is that ALL of the top 25 metros in their study stretch from the southeast, across the south and up the west coast. There are none in the NE or Midwest. Florida has 6; Texas 5; and California 5 cities.
What is it going to take to convince politicians in the NE and Midwest to make their economies more entrepreneurial friendly?
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