Each year, California-based nonprofit think tank Milken Institute measures U.S. metro cities on their economic performance, and Philadelphia made the biggest jump from the most recent rankings, writes Jenna Martin and Ryan Mulligan for the Philadelphia Business Journal. 

Philadelphia jumped 130 spots from 182nd to 52nd on the list. 

According to Maggie Switek, senior director of the non-profit’s research department and co-author of the report, it marks Philly’s highest ranking since 2012.

She credits the significant rise mainly to a strong recovery in jobs and wages, adding that the region’s recovery “accelerated” in 2022 and 2023.

“Unlike other large cities that experienced a large gain in this year’s rankings, Philadelphia’s recovery has not been driven exclusively by its leisure and hospitality industry but rather has included the professional and business services and high-tech sectors,” Switek said.

The Milken Institute uses a total of 13 metrics to determine the rankings, which are divided into three categories: labor market performance, high-tech impact, and access to economic opportunities. 

Here’s how Philadelphia performs in some of the metrics:

Job growth (2021-22)

• Rank: 16th

Wage growth (2021-22)

• Rank: 33rd

Short-term job growth (August 2022-August 2023)

• Rank: 39th

High-tech GDP growth (2021-22)

• Rank: 2nd

Read more about how Philadelphia’s economic performance fares among other large U.S. cities at the Philadelphia Business Journal. 

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