Myrtle Beach remains a strong contender in the Milken Institute’s Best Performing Cities 2024 index, securing the spot No. 19 among large cities. While it slipped a few spots from its previous position at No. 12, it's important to understand the context behind this change.
This year's index prioritizes metrics related to high-tech industries, where other cities currently have a stronger presence. Myrtle Beach, for example, ranks No. 153 in high-tech concentration. This shift in emphasis naturally influenced its standing, but it doesn't diminish its impressive climb from No. 101 in 2022.
Moreover, annual rankings often reflect temporary economic adjustments rather than long-term trends. Myrtle Beach's consistent presence within the top 20 underscores its resilient and vibrant economy, regardless of its specific placement this year.
Austin Takes the Crown, Highlighting Key Drivers of Success
The 2024 index saw a change at the top, with Austin, Texas, claiming the number one spot among large metropolitan areas. Austin's ascent can be attributed to several key factors:
- Booming Job Market: Austin experienced remarkable job growth of 22.1% from 2017 to 2022, creating a thriving economy and attracting a diverse talent pool.
- Significant Wage Increases: Wages in Austin rose sharply by 73.1% during the same period, mirroring the job boom and strengthening residents' financial well-being.
- Thriving High-Tech Ecosystem: The report highlights Austin's flourishing high-tech sector, which has positioned the city at the forefront of innovation and drawn major tech firms and skilled professionals.
Lessons for Other Cities: Embracing Diversification and Innovation
Austin's success in diversifying its economy, particularly by fostering a thriving tech sector, offers valuable lessons for Myrtle Beach. The Grand Strand's commitment to projects such as DC BLOX, a state-of-the-art data center, demonstrates its understanding that attracting top talent in this field is key to achieving long-term, sustainable growth. By emulating Austin's focus on specific industries and highlighting the career opportunities created by DC BLOX, Myrtle Beach can position itself as a magnet for skilled professionals and unlock its full economic potential.
