Consider a Destination’s Economic Performance Next Time You Travel

The economic well-being and sustainability of a city might not be the first ideas that come to mind in regards to travel. But if you’re an investor like Andrew Rivkin, you find yourself unconsciously considering the economic aspects of the areas which are visited; whether on leisure or business travel. The latest survey conducted by the Milken Institue, which is a nonprofit economic research group, has revealed the top performing cities in the United States. The survey has been conducted since 1999 and provides useful insight that can be used to gauge a city’s present circumstances as well as its future. Unlike most travel reviews, this Andrew Rivkin report won’t focus on quality of life in a city, and it doesn’t take into consideration the weather, number of resorts or healthcare facilities, but instead on an area’s economic growth and potential for advancement through innovation.

By considering job, wage and technology metrics over a five-year period the institute is able to take a glimpse into the structural elements of America’s “Best-Performing Cities of 2012” index, which provides a comprehensive measure of economic strength across metropolitan areas based on gathered data. Each year the study reveals not only which cities are prospering and which are struggling, but what it takes for a city to prosper in an advancing world. In 2012, not surprisingly, it was found that communities and industries that embrace technological innovation have a clear advantage, and the survey also highlights that both tech and manufacturing are on the rise. Here are the top five Large Performing Metro Areas of 2012:

  1. San Jose, California, which was the Best Performing Large city in 2001 reclaimed its position at the top after jumping up on the list by fifty spots. San Jose, according to Ross DeVol, the CRO at Milken “continues to have the top regional innovation ecosystem,” and shows that technology know-how continues to expand beyond Silicon Valley.
  2. Austin, Texas ranks number two on the list, even though future rankings are in jeopardy due in part to the slowing of natural gas and oil production.
  3. Raleigh, North Carolina has really been booming over the last decade and we don’t expect this city to drop down the list any time soon.
  4. As with Austin, Houston, Texas tops the list as a prospering city, but with an economy that relies heavily on natural gas and oil production.
  5. The nation’s capital, Washington, D.C. comes in as number five.

In signing off, the Andrew Rivkin Travel Review will leave you with the Top 5 Small Performing Metros:

  1. Logan, UT
  2. Morgantown, WV
  3. Bismarck, ND
  4. Odessa, TX
  5. Fargo, ND