The Milken Institute report has indicated that Provo, Utah ranked the best-performing economy in 2017 among large metro areas in the United States. Provo is the 3rd largest city in Utah, located about 64.3km (40 miles) south of Salt Lake City. The city showed 3% job growth in 2011 and ranked 3rd position in the United States. Therefore, the crime rate in the city declined and ranked 10th in the lowest crime.
The Brigham Young University has shown a remarkable presence to their economy. So, this university is the 3rd largest private college according to enrolment in the U.S, just behind the University of Utah and the Massachusetts Institute of Technology. The University consequently had thirteen start-up businesses in the year 2010.
Brigham Young University is providing a massive workforce of workers and start-ups. The university has originated various tech projects, including enterprise software firm Qualtrics with a value at $2.5 billion.
Job Growth in the City
The Provo city consists of the high-tech sector, in contrast with a significant amount of wage growth. The city has the 2nd largest metropolitan area in Utah after Salt Lake City. 5 Provo-based companies are the fastest increasing private companies in the United States.
The Nu Skin Enterprises is a multi-level marketing company for skin care items. The company generated 82% revenues from the markets in Asia, at more than $1.5 billion. Provo city has at least 100 restaurants, including more than 60 in the downtown area. The city has a couple of shopping centers, including Provo Towne Centre and The Shops at Riverwoods shopping malls.
Provo region offered 5,500 high-tech jobs between 2011 and 2016. California-based Adobe digital marketing firm provided 1,200 jobs. The company said in 2017 that a 2nd facility will be constructed due to employing more 1,250 professionals. It is important that 2 cities in the region, South Jordan and Lehi are among the 10 rapidly growing cities in the United States.