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Killeen-Temple-Fort Hood ranks No. 2 economy in nation

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Posted: 11/12/2009
Author: Staff
PRESS RELEASE
Greater Killeen Chamber of Commerce
November 12, 2009
Contact: John Crutchfield or Jonathan Packer @ 254.526.9551
 
The Killeen-Temple-Fort Hood Metropolitan Statistical Area (MSA) is the No. 2 best performing economy in the nation, according to a recent study by the Milken Institute. 
 
The Milken Institute Best Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary and technology growth. The full report can be found at bestcities.milkeninstitute.org.
 
The Killeen-Temple-Fort Hood MSA posted far more good rankings than bad. The MSA ranked in the top 10 in 4 of the 9 categories ranked in the study, including two No. 1 rankings. The MSA ranked No. 1 in 1-year Job Growth (2007-2008) and Job Growth (March 2008-March 2009). “Killeen had the highest job growth in the country in 2008 and continues to maintain that pace in 2009 in terms of monthly year-over-year gains,” said the full report. The lowest rankings were in the high-tech categories, but the MSA still ranked in the top 40 percent of the nation.
 
Texas cities led the top of the rankings. Austin ranked No. 1, McAllen-Edinburgh-Mission ranked No. 4, and Houston ranked No. 5.
 
Last year, the MSA ranked the 13th best, and in 2007, ranked 30th. “The momentum demonstrated by these rankings sends a powerful signal to the investment community. And, that is that the strength and growth of our economy makes this a great investment opportunity - even in challenging times,” said John Crutchfield, President and CEO of the Chamber.
 
Top 10 Best Performing Cities – 200 Largest Metros
Milken Institute
 
2009 Rank
2008 Rank
Metropolitan Area
1
4
Austin-Round Rock, TX MSA
2
13
Killeen-Temple-Fort Hood, TX MSA
3
3
Salt Lake City, UT MSA
4
7
McAllen-Edinburg-Mission, TX MSA
5
16
Houston-Sugar Land-Baytown, TX MSA
6
21
Durham, NC MSA
7
9
Olympia, WA MSA
8
5
Huntsville, AL MSA
9
14
Lafayette, LA MSA
10
2
Raleigh-Cary, NC MSA
 
Killeen-Temple-Fort Hood MSA Rankings
 
 
Score
Rank
5-yr Job Growth (2003-2008)[1]
108.23
18
1-yr Job Growth (2007-2008)[2]
104.15
1
5-yr Wages & Salaries Growth (2002-2007)[3]
117.43
4
1-yr Wages & Salaries Growth (2007-2007)[4]
101.62
28
Job Growth (Mar08-Mar09)[5]
1.81%
1
5-yr Relative HT GDP Growth (2003-2008)[6]
139.23
6
1-yr Relative HT GDP Growth (2007-2008)[7]
98.91
73
High Tech GDP LQ – 2008[8]
0.85
75
# of HT GDP LQs Over 1 - 2008[9]
6.0
78
 
 


[1] Metropolitan area job growth relative to the United States average between 2003 and 2008. U.S. average = 100.0
[2] Metropolitan area job growth relative to the United States average between 2007 and 2008. U.S. average = 100.0
[3] Salary and Wage disbusements growth relative to the United States average between 2002 and 2007. U.S. average = 100.0
[4] Salary and Wage disbusements growth relative to the United States average between 2006 and 2007. U.S. average = 100.0
[5] Job Growth/decline between March 2008 and March 2009 percentage.
[6] High tech sector output growth relative to the United States average between 2003 and 2008. U.S. average = 100.0
[7] High tech sector output growth relative to the United States average between 2007 and 2008. U.S. average = 100.0
[8] Combined Metropolitan area high tech location quotient during 2008. Location Quotient (LQ) is a measure of high tech concentration (U.S. = 1.0). A metro with an LQ higher than 1.0 is said to be more concentrated than the United States and vice versa.
[9] Measures the number of high technology industries with a location quotient (LQ) about the U.S. average of 1.0 during 2008.