The Milken Institute has released its ranking of 200 large and 118 small best performing cities for 2004. The report also includes the 2003 ranking as an indicator of momentum. The rankings are based on criteria that measure outcomes (jobs, wages and GMP, gross metro product, growth) of metro economies. The report includes ideas for communities working to improve their ranking. Suggestions focus on entrepreneurs as key to a sustainable economy. Creating the environment to nurture innovation should be a part of every community’s strategy to prosper in a knowledge-based economy.

“A region’s most important source of competitive advantage is the knowledge embedded in its people. The knowledge, skills, experience and innovative potential of talented individuals have greater value than capital equipment. A successful enterprise accesses, creates and utilizes knowledge to sustain competitive advantage. A successful metro will develop, nurture and support a growing knowledge-based economy.”

Check out the report by Ross DeVol and Lorna Wallace, Best Performing Cities: Where Americas Jobs are Created and Sustained.