April 02, 2015
POLICOM annually ranks the 381 Metropolitan Statistical Areas and 536 Micropolitan Statistical Areas in the United States for “economic strength” to enable the independent Florida research firm to study the characteristics of strong and weak economies across the country. POLICOM has named Sioux Falls one of the Top Ten strongest economies in the U.S. for four of the past five years.
“This is the most meaningful metric of how local economies are functioning,” said Slater Barr, president of the Sioux Falls Development Foundation. “The POLICOM rankings are not a survey, but a comprehensive analysis of key economic measurements that accurately reflect an area’s strength.”
POLICOM specializes in analyzing local and state economies and annually ranks them for the long-term tendency for an area to consistently grow in size and quality. The rankings look at whether metros have solid economic standings and not quick spurts or downturns in growth. POLICOM takes into account 23 different economic factors over a 20-year period to create the rankings, which address the condition of an economy from the viewpoint of its impact upon the “standard of living” of the people who live and work in that area.
The Washington, DC metropolitan area ranked first in the 2015 study. Regionally, the Des Moines and Omaha metros joined Sioux Falls in the Top Ten on this year’s POLICOM list.
“The POLICOM study looks at a variety of vital factors and balances the pluses and minuses mathematically,” Barr said. “This balanced approach gives us a more accurate portrayal of our regional economy and its potential to sustain the growth we have seen. It’s a great tool for us in our economic development efforts.”