economy

Providence metro area ranks 175 out of 200 ‘best-performing’ metros

PHOTO COURTESY PWCVB / MICHAEL MELFORD
THE PROVIDENCE - NEW BEDFORD - FALL RIVER metro area ranked No. 175 out of 200 on the Milken Institute’s 2010 ranking of the U.S.’s best-performing large cities.
Posted 10/15/10

SANTA MONICA, Calif. – The Providence – New Bedford – Fall River metro area ranks No. 175 out of 200 of the U.S.’s “best-performing” cities, according to the Milken Institute’s ranking, which rates highest the areas that minimized job losses and economic dislocations in the midst of a several national recession.

The October 2010 Best-Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth, the economic think tank said. The components are based on job, wage and salary, and technology growth.

Nevertheless, following the recent economic recession, the institute noted the heightened role of cyclical factors in the ranking.

“While the 2010 edition still sheds light on structural factors underpinning the economic growth process, the severity of the recent recession brings more cyclical factors to bear,” said the Milken Institute. “For example, several of this year’s best-performing cities had military bases that benefited from Defense Base Realignment and Consolidation actions.”

Texas did unusually well, claiming 11 of the top 25 spots for best-performing cities. The institute pointed to the Lone Star state’s low reliance on durable goods manufacturing, a low cost of doing business, a favorable business climate, benefits from the BRAC activities, greater reliance on trade with Mexico and South America, and ongoing energy exploration activities and alternative fuels research.

The Providence metro area moved up to No. 175 from No. 187 in 2009. The index showed job growth declined 2.86 percent from April 2009 to April 2010. The area’s overall index value came in at 872.8. All metro index values are benchmarked against the top performer’s rating, which is set at 100, with lower values indicating stronger performance.

Providence’s five-year job growth, from 2004 to 2009, ranked No. 179, while high-tech gross domestic product LQ for 2009 ranked No. 86.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • 40 Under Forty
    We're almost sold out. The 10th Anniversary of 40 Under Forty, and PBN is planni ...
  • Healthiest Employers
    See who the Healthiest Employers in RI are! And save the date - August 14th - at ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement