The Milken Institute has named the San Diego-Carlsbad-San Marcos region as one of the "Best Performing Cities 2014." The region is number 22 in the annual index that measures areas in the United States where jobs are created and sustained.
The area gained 21 spots to be placed among the Top 25 areas based on "robust job and wage growth," according to the study, which cited strong research and development clusters that attract skilled employees as the area's top asset, but the high cost of doing business as one of the area's tops liabilities.
San Francisco took the top spot, lifted, like most of the areas on the list and most of the U.S., by its technology sector.
Our area, however, was one of two metro areas in the Top 25 that underperformed the national average for high-tech growth, attracting only $765 million in venture capital in 2013, the lowest level in 10 years. However, "it did better the first two quarters of 2014, attracting more capital compared with the same period in 2013."
The area's established biotech cluster was named as one of its strengths, according to the report, which stated that in 2013, 125,000 people were employed in the professional, scientific and technical services sector, which added 3,588 jobs that year and took employment back to levels set in 2008.
"2014 was a banner year for employment growth in the United States. During the year all 8.7 million jobs lost during the Great Recession were recovered, and then some," says Ross DeVol, chief research officer of the Milken Institute and one of the report's authors. "Yet our country's significant financial and social challenges remain, and are best addressed by developing local strategies to foster high-quality jobs. Our Best-Performing Cities are showing the way."
The index has been published in the last 15 years.
The area gained 21 spots to be placed among the Top 25 areas based on "robust job and wage growth," according to the study, which cited strong research and development clusters that attract skilled employees as the area's top asset, but the high cost of doing business as one of the area's tops liabilities.
San Francisco took the top spot, lifted, like most of the areas on the list and most of the U.S., by its technology sector.
Our area, however, was one of two metro areas in the Top 25 that underperformed the national average for high-tech growth, attracting only $765 million in venture capital in 2013, the lowest level in 10 years. However, "it did better the first two quarters of 2014, attracting more capital compared with the same period in 2013."
The area's established biotech cluster was named as one of its strengths, according to the report, which stated that in 2013, 125,000 people were employed in the professional, scientific and technical services sector, which added 3,588 jobs that year and took employment back to levels set in 2008.
"2014 was a banner year for employment growth in the United States. During the year all 8.7 million jobs lost during the Great Recession were recovered, and then some," says Ross DeVol, chief research officer of the Milken Institute and one of the report's authors. "Yet our country's significant financial and social challenges remain, and are best addressed by developing local strategies to foster high-quality jobs. Our Best-Performing Cities are showing the way."
The index has been published in the last 15 years.