Peoria, Ill. — Peoria comes in at #62 on Milken Institute’s Best Performing Cities List for 2012. That’s up from #68 last year and #87 in 2010. The study compares job, wage, and technology performance metrics over a five-year period to capture the structural elements of the region. Greater Peoria experienced an increase in GDP Growth compared to last year, while job growth and wages/salaries remained relatively unchanged from 2011.
Greater Peoria is the second best performing community among large U.S. cities in comparison to our peer and aspirational (*) communities recognized in the 2012 Greater Peoria Economic Scorecard.
The study indicates that technology is back. The United States' best-performing metro area is San Jose, the capital of Silicon Valley. Other cities with strong exposure to technological innovation scored high in the new ranking. Greater Peoria was recently ranked #3 for High Tech Job Growth according to Technology Works, a West Coast technology advocacy group indicating the technology sector is growing in this region.
Milken researchers say a less expected highlight of this year's rankings is the national resurgence in manufacturing, particularly autos and heavy capital goods like mining equipment and excavators. This is reflected in economies of the upper Midwest like Holland-Grand Haven, Mich., which jumped 108 places to No. 40. According to another study done by Enterprising States, Illinois was the fifth fastest growing state in manufacturing job gains 2010-12.
This Milken study pinpoints where employment is stable and expanding, wages and salaries are increasing, and economies and businesses are thriving. This information allows us to better assess, monitor and gain insight into our own and our competitors’ performance. To learn more about the study visit http://bestcities.milkeninstitute.org/best-performing-cities-about.html.