Arizona cities make leap in economic ranks
Summary:
In a recently released study of economic growth, Phoenix ranks third among the 200 largest metropolitan areas in the nation, a boost from 43rd place last year. The annual study by the California-based Milken Institute bases its rating system on an index of job growth, wage and salary trends, and the concentration of high-tech businesses in the area.
Full Story:
In a recently released study of economic growth, Phoenix ranks third among the 200 largest metropolitan areas in the nation, a boost from 43rd place last year. The annual study by the California-based Milken Institute bases its rating system on an index of job growth, wage and salary trends, and the concentration of high-tech businesses in the area.
Tucson moved up from 40th to 17th, one place behind San Diego, a major biotech hub. Yuma and Flagstaff ranked sixth and seventh, respectively, among 118 metro areas that Milken identified as "small cities."
Experts say that the strength of Phoenix and Tucson in the defense contracting industry played a major role in the two cities' surge in the ranks. But the creation and diversification of budding high-tech industries in each city also played an important part, especially in Tucson, which climbed in spite of unremarkable job growth, reported the Arizona Daily Star
Economic leaders, who lately have been investing a lot of energy and resources to grow "knowledge-based economies" in Phoenix and Tucson, are encouraged by the Milken findings.
"It's certainly good news," the University of Arizona's Bruce Wright told the Star. Wright is the vice president in the university's economic development office. "I think it suggests that the efforts to diversify the economy are working," he said.
For more information:
"Area performance jumps," Arizona Republic, 11/17/2004
" Tucson 17th-best on jobs," Arizona Daily Star, 11/17/2004