SAN DIEGO - San Diego received the number one ranking for 2002 in the Forbes/Milken Institute study of the Best Places for Business and Careers in the nation, detailed in the May 27 edition of Forbes Magazine. According to Forbes, San Diego "has the most diversified high-tech economy in the United States," making it home to a broad range of technology companies including QUALCOMM, Sempra Energy and IDEC Pharmaceuticals.

The annual ranking measures the 200 largest metro areas based on employment and wage growth, critical shifts in the technology sector including gross tech output, technology as a percentage of the economy and diversity within tech industries. It also assesses how each area is faring in the current economy.

Forbes reported that San Diego's rise from the number eight ranking last year to number one was because of its "mix of strong companies within a broad technology base." According to Forbes, the companies further benefit from "a vast talent pool to choose from, including 200,000 students from nearby colleges and universities."

Characterized as "Technology's Perfect Climate," the region has a diverse, high-tech economy with the third largest concentration of biotech firms in the U.S., the fourth largest concentration of communications firms, plus major concentrations of software, Internet, information technology, and electronic manufacturing firms.

San Diego also benefits from its educated workforce, its gateway to international trade at the US/Mexico border, and its unrivaled quality of life, combining its climate and open spaces with high quality culture, arts, and entertainment. Furthermore, the City of San Diego is known for its commitment to help businesses prosper. For these high tech entrepreneurs to succeed, they needed a positive business environment for business development. Civic leaders undertook an affirmative effort to restructure San Diego's economy and specifically addressed issues such as taxes, fees, permits and business assistance programs.

Now, the City of San Diego has the lowest combined taxes of the nation's 10 largest cities and operates several comprehensive business assistance programs, including a Business Expansion and Retention Program, Enterprise Zones, and an Office of Small Business (the first and one of the few major metropolitan offices dedicated to small businesses). The City of San Diego has also built strong relationships with local and regional economic development partners by funding programs and leveraging resources in the community.

For further information on the Best Places for Business and Careers, the May 27 issue of Forbes Magazine is available online at www.forbes.com/bestplaces. For more information on the business incentives offered by the City of San Diego, contact the Community and Economic Development Department at (619) 533-4233 or visit the City of San Diego's web site at www.sandiego.gov.

With an emphasis on the City's urban core neighborhoods and low and moderate income residents, the Community and Economic Development Department strives to improve the quality of life and ensure a healthy economy in San Diego through job development, business development, neighborhood revitalization, public improvements, redevelopment, social services, and revenue enhancement.