Lakeland is gaining national recognition once again for its growing economy. The Milken Institute, a nonprofit think tank, has included the Lakeland-Winter Haven area in its 2024 Best-Performing Cities list. The list ranks 400+ US cities based on 13 economic factors, dividing the list by ranking tiers and small vs. large cities.
So, how did Lakeland fare on this year’s list? Short answer: very well. Lakeland-Winter Haven ranked No. 30 out of 200 large cities, outranking places like Las Vegas and Philadelphia. It gained six spots after ranking No. 36 last year. Let’s break down a few of the economic indicators that contributed to the ranking, by the numbers. (Spoiler: Lakeland saw increases in every category.)
Employment
The report considers wage and job increases as part of a city’s labor market performance. Lakeland-Winter Haven ranked No. 4 for medium-term job growth this year, up from No. 6 in the 2023 report.
- Job growth, 2017-2022: No. 4 — 20.1% increase
- Wage growth, 2017-2022: No. 13 — 49.2% increase
Polk County produced $200 million in GDP from its tech sector in 2020.
Rendering by HOK
High-tech impact
When it comes to economic growth, the high-tech sector can’t be underestimated. The Milken Institute measured high-tech concentration and gross domestic product (GDP), which is the total of goods + services produced by a local high-tech industry.
- High-tech GDP growth, 2017-2022: No. 13 — 56.9% increase
- High-tech GDP growth, 2021-2022: No. 25 — 11.3% increase
Economic opportunity
This category looked at the economic well-being of community members, including how factors like housing and income inequality impact their access to economic opportunities.
- Households with affordable housing: No. 125 — 67.5%
- Households with broadband internet: No. 124 — 91%
Learn more about how rankings were decided, and see the results of 400+ more cities on this interactive map.
