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April 15, 2024 at 04:48 PM
Metropolitan areas drive the U.S. economy. They reflect the economic relationships between counties and the central city of 50,000 or more residents, such as commuting and supply chain relationships, according to the Most Dynamic Metro 2023 rankings, recently released by Heartland Forward, a nonprofit think tank.
Metro areas are home to 86% of the nation’s population, 87% of its gross domestic product and most of its innovation activity.
The new report ranks 382 metros by eight metrics that collectively summarize a region’s vitality against its recent past. Data points include one- and five-year trends in employment, wages and gross domestic product. Young-firm metrics and per capita personal income provide a glimpse into a metro’s near future.
The report identified several familiar themes powering these cities’ performance. Oil and gas again is the driving asset among high-performing metros, in part because of higher natural gas prices and conflict in petroleum-producing regions.
Information technology, while a familiar category, plays a distinct role in this year’s rankings, in that communities growing most in tech employment are not the historic stalwarts. Indeed, San Jose-Santa Clara-Sunnyvale, California, which held the top spot for the past two years, plunged to 29th in the new rankings. This owed in part to major tech layoffs in 2022, according to the report.
Another popular theme is advanced manufacturing, such as electric vehicles and components, aerospace and defense, and in support of oil, gas and other mining operations.
And the apparent retreat of the pandemic has helped tourism titans roar back among top performers.
See the accompanying gallery for the 12 most dynamic metropolitan areas in 2023, according to Heartland Forward.
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