US tech hubs dominate list of America's best-performing cities

CALIFORNIA - Technology hubs in the United States have emerged as America's best performing cities, in rankings compiled by US think tank the Milken Institute.

Two of the cities that topped the list for 2015 - San Jose and San Francisco - came from the state of California, the home of Silicon Valley, where hundreds of start-ups and global technology giants are based.

According to the report that accompanied the rankings, the findings showed how technology and oil played significant roles in regional economies, even as the two industries faced vastly different fortunes.

"The nation's tech centres are prominent among the index's top performers, as are cities that have experienced high technology growth rates," it said. " Conversely, the slashing of oil prices has undercut the economic performance of several metros whose fortunes are tied to shale-oil extraction."

San Jose reclaimed the top spot,which it previously held in 2012, after having placed fourth for two years in a row in 2013 and 2014.

The report noted that San Jose's tech boom was set to continue unabated, with its red-hot economy demonstrating "how an innovation-fuelled ecosystem can overcome the high costs of doing business and restrictive stateregulations."

Runner-up San Francisco fell off the top spot from a year ago, but the report noted that the city's economy remained one of the most vibrant in the nation. It added that the city's tech-fuelled growth was drawing young knowledge workers from around the country and the world.

In all, California secured six of the top 25 slots among the large cities, with four of them based in the tech-driven San Francisco Bay Area.

Other cities that topped the list included Utah's Provo as well as the Texas cities of Austin and Dallas.

The Milken Institute, which publishes the rankings annually, is an independent economic think tank based in Santa Monica.