Phoenix cracks top 5 in prestigious US city performance rankings

Downtown Phoenix
Posted at 9:31 AM, Mar 29, 2022
and last updated 2022-03-29 12:31:56-04

PHOENIX — Maintaining a trend from recent years, the Phoenix metro climbed three spots to crack the top five on the Milken Institute’s prestigious 2022 Best-Performing Cities list, which ranks cities on a variety of metrics, including job creation, wage growth, and output growth.

Phoenix landed at No. 4 in the rankings, which the Santa Monica, California-based economic research nonprofit has produced since 1999. That’s part of a steady climb for Arizona's capital, up from No. 7 in 2021 and No. 12 in 2020.

The institute’s report cited the Phoenix metro’s No. 16 ranking in job growth and No. 17 ranking in wage growth, as well as growth in its tech industry as key factors.

“The Valley of the Sun is becoming a major player in high-tech sectors as multiple companies have either expanded or relocated to the area in the past two years,” the report said. “Looking to capitalize on a business-friendly environment, expansive talent pool, and quality of life, companies such as Nikola Motor Co., Microsoft, Uber, DoubleDutch, and Gainsight have increased the size of their local footprint.”

Read more of this story from the Phoenix Business Journal.