Arizona cities continue to excel in economic opportunity, according to the Milken Institute’s Best Performing Cities Index.
Since last year, Prescott, Arizona, has shot up 35 points to 11th best small city in America. The Phoenix-Mesa-Scottsdale region remained high on the list and was ranked 8th best-performing large city in America.
“The Index measures economic vitality in 200 large metropolitan areas and 203 small metropolitan areas by assessing the performance of the labor market, tech sector, and access to economic opportunities,” the report reads. “As in the previous year, the 2023 version of the Index emphasizes jobs, wages, high-tech growth, housing affordability, and household broadband access.”
Phoenix had an 11.7% job growth rate over the past five years, and a 4.2% growth rate over the past year. Wages have grown by 42% over five years. Heavily contributing to these results was a 46% growth in the high-tech sector.
Prescott experienced 6.4% job growth over the span of five years, and 3.9% growth over the past year. Wages have grown by nearly 33% over the past five years. The high-tech job market grew by 40.4%.
The cities were supported by strong broadband internet access, at 93% for both respective regions.
The Milken Institute is a nonpartisan fiscal think tank based out of Santa Monica, California. The overall list with further methodology can be found on their website.
