Fox and Hounds reports on the Milken Institute’s report on the 2014 Best Performing Cities, Where American’s Jobs are Created and Sustained.
California metropolitan areas scored well in the 2014 index. The San Francisco-San Mateo-Redwood City scored at the top of list nationwide (the top 10 listed below), on the rankings combining percentage job growth and wage/salary growth. Three other California metros were in the top 25 list: San Jose-Sunnyvale-Santa Clara at number four, San Diego-Carlsbad-San Marcos at twenty-two and San Luis Obispo-Paso Robles at twenty-four.
[Ross DeVol, chief research officer at the Milken Institute] aptly summarized the San Francisco metro job and wage growth as “fueled by the entrepreneurial ecosystem in social media and mobile apps, cloud-based software and storage, computer systems design, Internet publishing, clean tech biotechnology and medical research—in short the creative and scientific economy.”
The ERC needs to take this entrepreneurial message seriously. The majority of the jobs came from new companies creating new products, that grew rapidly to campture a market segment. Local government must to do it’s part in the entrepreneurial process by supporting the entrepreneurs needs.
One question that arose involved the role of local government in these results. DeVol offered the following explanation: On the role of government in the fast growing cities, entrepreneurship is a key determinate of growth, so that policies that support entrepreneurial efforts are most important. Asking entrepreneurs what they need from government, and building policies from specific needs is criticial.
It will be interesting to see what message comes out of the ERC’s Second Annual Economic Summit on the 29th of January. I am hoping the Panel Message is the same as the Milkin Institute Report.
The Milkin Institute Report can be downloaded here:best-performing-cities-report-2014