San Francisco is no longer the best performing city in the US, according to an annual economic ranking

San Francisco is no longer the best performing city in the US, according to an annual economic ranking

San Francisco has plummeted from its spot as the "best performing" city in the US as the coronavirus pandemic wreaks havoc on tech-centric regions.

In the Milken Institute's annual report, released Wednesday, the Bay Area tech hub fell 23 spots due to a lack of short-term job growth opportunities paired with its notoriously high cost of living.

"The pandemic has an outsized impact on cities where the economic effects of the current recession are exacerbated by high housing costs," the think tank's executive director, Kevin Klowden, said in a press release.

The rankings “” which take into account job creation, wages, and cost of living “” found the highest performing and most economically viable cities have shifted from traditionally dominant coastal locations like California and Massachusetts to Southern and Intermountain West cities.

Smaller cities outside of the traditional technology hubs saw the biggest gains in 2020, according to Milken's rankings. Palm Bay, Florida and Austin, Texas took the second and third spots on the list. Salt Lake City rose 21 spots to fourth place, and Provo-Orem, Utah “” a location that has recently attracted tech giants including Qualtrics, Vivint, and SmartCitizen “” supplanted San Francisco as the top performing city this year.

Remote work has