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Milken Institute Ranks DC Metro Area No. 5 Best-Performing City

Thursday, January 17, 2013

Milken Institute Ranks DC Metro Area No. 5 Best-Performing City

Region Jumps 12 Spots from Last Year’s Index Ranking


(Washington, DC) –Today, Mayor Vincent C. Gray received word from the Milken Institute that Washington, DC– including the surrounding metropolitan area – was named the fifth-best-performing metro region in the Institute’s annual index of Best-Performing American Cities. The DC area was 17th in last year’s rankings.
The index shows that tech is back, driving growth and innovation in the top-performing cities. Other leading metropolitan areas with strong tech sectors include San Jose, Calif., the capital of Silicon Valley (No. 1); Austin, Texas (No. 2); Raleigh, NC (No. 3) and Cambridge, Mass. (No. 8).
“The Milken Institute ranking affirms what we have known for some time now: that the District is at the heart of a growing tech hub,” said Mayor Gray. “We have invested heavily in the local tech sector, exemplified by our successful efforts to keep LivingSocial headquartered in the District. Under my Five-Year Economic Development Strategy, we will continue to support local innovation to create the largest technology center on the East Coast.”
The index uses measures of job, wage and technology performance to rank the nation’s 200 largest metropolitan areas and 179 smaller metros. Unlike other “best places” rankings, it does not use quality-of-life metrics, such as commute times or housing costs. In the Institute’s index, employment growth is weighted most heavily due to its critical importance to community vitality. Wage and salary growth measures the quality of jobs created and sustained.
The Miliken Institute is a nonprofit, nonpartisan think tank with a stated mission to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital and enhance health.