LOGAN – The Logan metro has been recently recognized as a best-performing city by the Milken Institute, a nonprofit, nonpartisan think tank that tracked the economic performance of approximately 400 U.S. metropolitan areas. Logan was ranked 2nd among Tier 1 Small Cities in the institute’s annual ranking of best performing cities across the country, listed behind Idaho Falls, Idaho who is the number one small metro in America.
Other regional neighbors to Logan also fared well in the annual publication. Provo-Orem received top honors among Tier 1 Large Cities with Salt Lake City ranked 4th and Ogden-Clearfield ranked 9th. St. George finished 4th among Tier 1 Small Cities.
“Logan, Utah continues to ascend the Best-Performing Small Cities index, improving one place to finish second,” the report states. “The Cache Valley, reaching into Idaho, is home to a host of high-tech medical manufacturing industries, for instance, pharmaceutical and medical equipment manufacturing. It ranks fifth overall in high-tech industry diversity.”
The Logan economy was highlighted for its versatility and ability to withstand an otherwise difficult 2020.
“Notably, Logan is one of the few metros in both our large and small cities with positive short-term job growth (ninth). Unemployment peaked at 6.1 percent in April 2020, but since then, it has hovered around 3 percent.”
Cache Valley was also recognized in December on cable channel CNBC for its “bulletproof” economy during the pandemic.
Logan ranks 5th among small cities in the number of high-tech industries, 7th in wage growth between 2018-2019, 9th in short term job growth between Oct. 2019 – Oct. 2020, 12th in wage growth between 2014-2019, 12th in high-tech Gross Domestic Product concentration in 2019, and 19th in job growth between 2014-2019.
One disadvantage for the Logan area is a very tight labor market, making it difficult for some industries to hire enough qualified employees.
“The Logan metro is also home to numerous food manufacturing firms, which are experiencing a host of pandemic-related challenges,” the report adds, “including decreased dairy demand due to school closures and COVID-19 outbreaks in food production plants. These challenges highlight the importance of controlling coronavirus outbreaks to ensure continued economic success in the medium-term.”
The Logan area also does not fair well when it comes to affordable housing. The metro area ranks 110th in the category of households with affordable housing costs between 2014-2019, and 126th in households with affordable housing costs in 2019.
See the institute announce their top 5 Best-Performing Cities for 2021 below: