Last spring, the U.S. Census Bureau found that large southern cities were leading the nation in population growth. A report released Tuesday found that large southern cities are also leaders for job growth.
In particular, Texas cities often rank in the top five when it comes to population and job growth.
Every year, the Milken Institute complies a list of “Best-Performing Cities (BPC)” in the U.S. For the 2024 report, the rankings were based on data from 403 metropolitan areas and they were determined based on 13 indicators covering labor market conditions, high-tech impact, and access to economic opportunities.
Out of the “Tier 1” cities, the following had the most job growth:
· Austin-Round Rock (Texas) – 8.7%
· Dallas-Plano-Irving (Texas) – 6.9%
· Nashville-Davidson-Murfreesboro-Franklin (Tennessee) – 6.7%
· Fayetteville-Springdale-Rogers (Arkansas) – 6.2%
· Charleston-North Charleston (South Carolina) – 6.1%
Other southern cities from lower tiers had even higher growth – including Midland, Texas with 10.5%. Back in May, the U.S. Census Bureau’s top five list growing cities also included four from Texas: Georgetown in the top spot, followed by Kyle, Leander and Little Elm in the third, fourth and fifth spots. Santa Cruz, Calif., was ranked second.
Overall, the Milken Institute’s 2024 report found that the Austin-Round Rock metro area was the “Best Performing” large city in the U.S. Here’s the total “Best Performing” list:
· Austin-Round Rock, Texas
· Raleigh, North Carolina
· Boise City, Idaho
· Salt Lake City, Utah
· Provo-Orem, Utah
However, when it came to small cities, Idaho dominated the “Best Performing” list:
· Idaho Falls, Idaho
· Coeur d’Alene, Idaho
· Gainesville, Georgia
· St. George, Utah
· Twin Falls, Idaho
Milken also noted that growth seemed to be found mostly in land-locked areas.
“Almost 6 million new jobs were created across US metro areas during 2022,” the Milken Institute said. “Simultaneously, interest rates on mortgages more than doubled, adding to the attractiveness of locations offering jobs with higher wages and lower costs of living.”
Indeed, job growth continues to surprise experts. Just last week, Audacy reported on the U.S. jobs report that found more than 300,000 jobs were added in January.
Still, the labor market didn’t grow everywhere. According to Milken, Provo-Orem, Utah, lost its long-standing top ranking this year due to declines in its labor market.
“Recognizing the importance of sustainable and equitable growth, this year’s BPC ranking incorporates a community resilience metric that summarizes the ability of a metropolitan area to recover from various kinds of disasters,” said the Milken report. “Also incorporated into this year’s index is a new measure of income inequality that accounts for the social sustainability of growth (with cities with lower inequality ranked higher).