We're thrilled to share that three of the cities where our offices are located were recently recognized as 2023's Best Performing Cities by the well-respected Milken Institute. The Milken Institute's BPC rankings offer an objective evaluation of the economic performance of US metropolitan areas based on 12 key measures that cover labor market conditions, high-tech impact, and access to economic opportunities.
Per the report, three trends emerged:
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The cities’ performance is closely related to growth in jobs and wages and the expansion of high-tech industries drives this growth. Idaho Falls (the top-ranked small city) stands out in its growth of jobs and wages in high-tech concentration.
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While high-tech industries retain a greater presence in large cities, the fastest high-tech growth was observed among top-ranked small cities. Coeur d’Alene, Idaho was among the top-performing small cities that experienced faster five-year high-tech GDP growth than any of the large cities.
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As travel and tourism resumed… the leisure and hospitality industry drove the highest gains in this year’s rankings.
Milken Institue: 2023 Best Performing Cities
Small Cities // #1 - Idaho Falls
Idaho Falls rose to the top of the Small Cities category in 2023. The city is home to the Idaho National Laboratory which employs a large team of scientists in areas including renewable energy and nuclear physics. Its highly qualified workforce places the city eighth in high-tech GDP concentration. Notably, Idaho Falls performed well relative to its peers in all components of the BPC index - rising in housing affordability and short-term job growth. You can learn more about the city's recognition at the City of Idaho Falls' website, here.
Small Cities // #7 - Coeur d'Alene
Coeur d'Alene is a year-round destination for outdoor recreation and tourism with a labor market that has experienced strong short and medium-term growth driven by high-tech businesses and leisure sectors. The city has experienced accelerated wage growth largely spurred by strong performance in the high-tech and professional and business services sectors as well as a rebound in leisure and hospitality. The city's historically high housing costs have only risen in the past years driven by the influx of well-off new residents during the pandemic.
Large Cities // #5 - Boise
Boise jumped up to #5 this year due in part to rapid job and wage growth even as its workforce has expanded over the past five years. The Boise labor market has cooled over the past year, potentially hitting a plateau. Boise has hit a strong and steady influx of population growth over the past decade with its population growing by 22.2% from December 2011 to December 2021. Concerns remain about Boise's ability to maintain a supply of high-quality affordable housing.
Milken Institute Best Performing Cities 2023