The Milken Institute, a Santa Monica, Calif.-based economic think tank, has named the Dallas-Plano-Irving area its No. 3 best-performing city in the country.
Dallas climbed two places in Milken’s annual rankings, which were published on January 10, since last year. Utah’s Provo-Orem area and Raleigh, North Carolina held the top spots.
Milken reported its index uses metrics like job creation, wage gains and technological advances to gauge a city’s economic performance. It noted increases to the Metroplex’s population in recent years as well as an influx of energy, telecoms and banking companies that have relocated or opened headquarters in Dallas.
From 2011-16, Dallas added more than 50,000 jobs in the “high-skill professional, scientific and technical service industry,” Milken reported. The region’s insurance carriers added more jobs in Milken’s one- and five-year study periods than in any other large metropolitan area.
Approximately 58,000 more people moved into the Dallas-Plano-Irving area than left it in 2016, Milken reported, noting the region’s overall population grew by 10.6 percent from 2011-16.
Despite the gains, Milken reported rising housing affordability – existing single-family home prices jumped 57 percent from 2011 to 2016 – could be concerning as other parts of the state recover from last year’s Hurricane Harvey.
Aside from Dallas-Plano-Irving and the San Antonio-New Braunfels area, all Texas regions named in Milken’s 2016 Top 100 Best-Performing Cities list fell in 2017’s ranking.