Thursday, November 13, 2008

Economy: Albuquerque Tech Performance

Metro Albuquerque probably should count it a victory to have kept 31st place for 2008 in the Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index of 200 cities. The Milken Web site says the index "ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth."
The solace in Albuquerque's no change from the 31st place rank in 2007 comes from the turmoil in the rankings. El Paso climbed 85 spots for a 35th place rank in 2008. The losers were led by an 112 place drop by the Vallejo-Fairfield, California, metro area north across San Francisco Bay from Oakland. The rank-dropping leaders appeared to be cities hit by real estate disasters. They are in California and Florida and include Las Vegas, Nevada. Phoenix went from fourth in 2007 to 32nd in 2008.
Provo, Utah, led the 2008 pack with a seven-place climb from 2007, followed by Raleigh, NC, which jumped eight spots.
Albuquerque's rank comes from being fifth in relative high-tech GDP growth from 2002 to 2007 and from having a relatively large high tech sector in the local economy.
Albuquerque did less well in overall job performance, ranking 54th in five-year job growth, 89th in one-year job growth, 70th in five-year job growth and 53rd in one-year job growth.
The index is found at

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