Las Vegas gets mediocre rating from Forbes
Wednesday, May 19, 1999 | 12:02 p.m.
Las Vegas leads the nation in growth, but turned in a below-average showing in Forbes magazine's "Top Places for Business and Careers" list.
The study in Forbes' May 31 issue ranks Las Vegas 105th out of 162 metro areas. Las Vegas topped all other areas in job growth from 1993 to 1998, but was hurt by the study's focus on growth of high-technology companies. Sluggish wage growth also hurt the city; Las Vegas' wage growth from 1993 to 1997 ranked 132nd in the nation.
Forbes argued that technology companies were the basis of the "new economy." The formula used to rank the cities was devised by the Milken Institute of Santa Monica, Calif., and Los Angeles economist David Friedman.
Seattle topped the listing, followed by Austin, Texas; Dallas; Ventura, Calif.; Oakland; Middlesex-Somerset-Hunterdon, N.J.; Denver; San Jose; Houston and Atlanta. Nearby, San Diego ranked 12th, Phoenix 20th, Salt Lake City 38th, Los Angeles 62nd and Reno 134th.
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