Where the Money Is ... POLICOM Announces America's Strongest Local Economies for 2024

PALM CITY, Fla., Feb. 27, 2024 /PRNewswire/ -- The Salt Lake City, UT MSA is ranked the strongest Metropolitan Area in POLICOM's annual community "Economic Strength Rankings." The area has been in the "top ten" nine of the last ten years according to William H. Fruth, President of POLICOM.

Economic Strength is the long-term tendency for an area to consistently grow in both size and quality. POLICOM considers twenty-three economic factors over a 20-year period to determine the strength of an area.

Manufacturing is the most dominate contributory industry in the Salt Lake City area. With more than 65,000 people employed in Manufacturing, earning $5.8 billion, this sector accounts for about 31% of the contributory wealth in the area.

Among the top ten Metropolitan Areas, all but Jacksonville, FL routinely appear on the list. The Jacksonville Metro has become Florida's "strongest economy." Ten years ago, Jacksonville ranked 157^th and has steadily improved since.

There are 384 Metropolitan Statistical Areas (OMB Bulletin 20-01).

2024       Ten Strongest Metropolitan Areas (384 Areas)

For the rankings for all 384 Metropolitan and 543 Micropolitan Areas along with the methodology, please go to: www.policom.com.

Bozeman, MT is ranked the #1 Micropolitan Area for the seventh straight year. It has grown in size and quality in a consistent manner for many years. However, this will be the last year Bozeman will be the #1 Micropolitan Area, as beginning next year it becomes designated as a Metropolitan Area.

Micropolitan Statistical Areas are "quasi-rural," smaller areas. A Micropolitan area must have a city of at least 10,000 people, but fewer than 50,000 people. There are 543 Micropolitan Statistical Areas (OMB Bulletin 20-01).

2024       Ten Strongest Micropolitan Areas (543 Areas)

The formulas used to create the rankings are designed to measure local, contained economies and cannot be applied to states. However, states do have tendencies or trends.

The chart provides a summary of the "improvement" the statistical areas have made in the rankings between 2024 and 2019 in the ten largest populated states.

The Metropolitan and Micropolitan Areas in Florida and North Carolina have significantly improved in economic strength since the 2019 rankings. Of the 68 statistical areas in these two states, only 3 declined from their ranking in 2019.

California and Pennsylvania unfortunately present the opposite condition. Of the 69 statistical areas in the two states, 65 declined in the rankings over the last five years.

POLICOM has created economic strength rankings for the Metropolitan and Micropolitan Areas using the same methodology for more than twenty years.

SOURCE POLICOM