Oakland ranks higher than SF and San Jose
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| By chris_d on Wednesday, June 25, 2003 - 01:34 pm:|
Article Last Updated: Wednesday, June 25, 2003 - 3:59:08 AM PST
Oakland ranks 30th on Milken list
City's economy diverse enough to withstand bust
By Alec Rosenberg, BUSINESS WRITER
Oakland's diverse economy has helped it withstand the dot-com bust better than Silicon Valley, according to the Milken Institute's annual Best Performing Cities index released today.
The Oakland metro area, which includes Alameda and Contra Costa counties, did drop in the survey's 2003 rankings, falling to 30 from 8. But tech-heavy neighbors fared worse.
San Jose, No. 1 in 2001, fell to 61 last year and 147 this year. San Francisco, also hurt by a drop in tourism, fell from No. 3 in 2001 to 54 last year and to 134 this year. The San Francisco metro area includes San Mateo and Marin counties. Santa Cruz plunged to 144 from 38.
The survey ranks nearly 300 of America's large metro areas by job, wage and technology growth during one- and five-year periods.
The top city was Fayetteville, Ark., home to world's biggest retailer Wal-Mart Stores, followed by Las Vegas and the Florida cities of Fort Myers, a growing retirement community, and West Palm Beach, a travel destination.
"You look at how far San Francisco, San Jose and Santa Cruz dropped, for Oakland to go from only 8 to 30 is quite an accomplishment," said index author Ross DeVol, director of regional economics for the nonprofit Milken Institute. "Oakland has a high-tech base, but it also has something that Silicon Valley doesn't have much of -- state and local government employment. The University of California helps provide a lot of stability. Also, you have the health services such as Kaiser that provide a lot of stability."
| By eyleenn on Thursday, June 26, 2003 - 12:33 pm:|
Where's that CDB byline???