The Silicon Valley Was Ranked The Top US Metro Area Before It Collapsed

In spite of Silicon Valley Bank's collapse, the company remains a leader in the high tech industry.

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A report released Wednesday by the think tank Heartland Forward puts the broader San Jose-Sunnyvale-Santa Clara area of California at the top of its rankings for 2022 for the second time in a row, based on the latest rankings of metropolitan areas in the country.

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This ranking is despite the fact that the following innovation hubs in Ohio, Illinois, Colorado, and the Midwest considered themselves to be more dynamic than most large metropolitan areas. This is despite the advent of working from home, as well as the shift away from major cities as a result of the pandemic.

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According to the report, Silicon Valley received one out of every three venture capital dollars invested in the nation. It is said that the report ranks metros based on factors such as wages, employment, education levels, and gross domestic product. As time passes, it will be interesting to see how the failure of its namesake bank affects the area.

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There are also a number of tech hubs that made the top 25 list, including Austin, Texas and Seattle. Because Elkhart-Goshen, Indiana manufactures 80% of the world's recreational vehicles, it soared in popularity last year from #356 in 2020 to #2 due to its reputation as the RV capital. In the aftermath of the pandemic, RV demand surged significantly.

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Because of their position in the manufacturing of parts for motor vehicles, Springfield, Ohio; Columbus, Indiana and Morristown, Tennessee did well during the pandemic due to the severe shortage of semiconductors and other auto components.

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As a result of the post-Covid recovery in tourism and outdoor recreation, many of the top 25 localities are benefiting from the increase in tourists and outdoor recreation. These include places like Ocean City, New Jersey; Punta Gorda, North Port, Sarasota, and Bradenton in Florida, as well as a couple of places in Utah.

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Additionally, other highly ranked areas such as Midland and Odessa, Texas, and Greeley, Colorado, rose to the top of the rankings as a result of strong employment in oil and gas extraction and high prices for gasoline. The Bureau of Economic Analysis reports that Midland has the highest real per-capita personal income in the nation, as well as having some of the worst inflation rates in the country.

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A report published by Heartland Forward examines the economic performance of the 20 states in the middle of the country. On a national scale, 382 metro areas were ranked according to their economic performance.