Tyler ranked No. 7 in “best-performing cities” in small metro areas

by Daily You Newswire

Texas cities fared well overall in the Milken Institute index, dominating 11 of the top 25 spots among large metro areas and five of the top 25 spots among small metro areas.

TYLER — For the second consecutive year, Tyler has landed in the top ten of Milken Institute’s Best-Performing Cities Index. This year Tyler is listed at No. 7 among the 179 small metropolitan areas that made the rankings.

According to the Milken Institute, an independent economic think-tank based in California, cities with the highest rankings were best able to minimize job loss and economic dislocations associated with the national recession. Specific factors include job, salary and wage growth; workforce quality; access to capital; concentration of high-tech industries; and housing/utility costs.

“The ranking demonstrates Tyler’s resiliency during a difficult economic climate,” said Mayor Barbara Bass. “It also underscores that the strategy we’re implementing through the Industry Growth Initiative is a sound one.”

The Industry Growth Initiative (IGI) is a 20-year strategy for diversifying the economy, generating higher-paying employment and improving the standard of living. Over the last several years, city planners have been investing in Tyler’s infrastructure to spur private investment and revitalization. Recent successes include:

Heart Hospital – Trinity Mother Frances Hospitals recently announced construction of a new seven-story Heart Hospital expected to open in 2012. The project will create short- and long-term construction and medical-related jobs. The health care industry is already the area’s largest employer with 7,300 workers.
Lake View Apartment Homes project – This month, developers broke ground on a 140-unit, 405-acre low-income senior community. The project is expected to be completed by November 2011. The city spent $1.8 million to put sewer and water lines in the areas and provide developers with tax credits.

“The back-to-back high rankings by the Milken Institute show the diversity of Tyler’s economy,” said Rea Boudreaux, chairman of the Tyler Economic Development Council. “We must continue to promote a variety of economic ‘drivers’ to keep our business community healthy.”

Texas cities fared well overall in the Milken Institute index, dominating 11 of the top 25 spots among large metro areas and five of the top 25 spots among small metro areas.

Source: City of Tyler