Okaloosa and Bay counties cities were recently named among the 2005 top small metropolitan areas for economic growth by the Milken Institute.

The Milken Institute, an independent economic think tank, ranked 379 U.S metropolitan areas based on their economic performance and their ability to create, as well as keep, the greatest number of jobs in the nation. The small metropolitan areas rated all had a population of less than 220,000.

The Fort Walton Beach, Crestview and Destin area was rated number one, rising from 16th place in 2004. The Panama City/Lynn Haven area took fourth place, up from 50th in the previous year.

The Institute looks at job, wage and salary growth over five- and one-year periods, as well as the concentration of technology growth in each region.

The top positions in the 2005 index were dominated by Florida metros, which hold not only the index’s top three large city slots, but five of its top six and 12 of its top 30. Palm Bay-Melbourne-Titusville is number one, followed by last year’s top scorer, Cape Coral-Fort Myers in second and Naples-Marco Island in third place.

The 2005 winners have similar characteristics: strong and growing service sectors, a robust recovery in tourism, growing populations and an increase in the number of retirees.