LOS ANGELES, CA – The Barnstable MA, MSA achieved a rank of 101 among 124 Small-Cities according to the Milken Institute / Greenstreet Real Estate Partners 2008 Best-Performing Cities Index released this month.
The index ranks U.S. metros based on their ability to create and sustain jobs. It includes measurements of both long-term (five years) and short-term (one year) employment and salary growth. Four measurements of technology output growth are also included because of the crucial role technology often has in regional economic growth.
The 2008 list of small cities contains 124 cities, compared to 174 last year following funding cuts permitting The Bureau of Labor and Statistics to collect data on fewer small metro areas. The decrease in the number of cities ranked resulted in a significant gains in year-over-year ranking for some metros. In 2007, the Barnstable, MA MSA for example ranked 137.
The technology sector advanced several newcomers to the top 10 in the annual ranking of where America’s jobs are being created and sustained, and metros that are highly dependent on export-intensive industries also showed success.
“This year’s rankings demonstrate that entrepreneurs continue to be the economic engine of choice for job growth, even in the face of national and global economic challenges,” said Ross DeVol, author of the report and director of Regional Economics at the Milken Institute. “We’ve seen energy, housing and even catastrophic events such as Hurricane Katrina impact a specific year, but consistently, those metros dedicated to growing their technology base and human capital beat the short-term shifts in the economy.”
Strong national economic downturns in housing and construction brought down last year’s top-ranked cities, with Florida and California metros being some of the hardest hit.
Several past leading cities fell due to the national decline in housing and construction markets, and metros that remain concentrated in manufacturing continue lag in the rankings. Rising energy prices have hindered the performance of cities where industries with high energy use are the key drivers, while benefiting those regions with significant oil and gas production and exploration activities.