Is it 2000 all over again?
The Best Performing Cities Index from the Milken Institute may have a familiar ring to it.
The country's top metro area in 2012—based on jobs, pay and technology—is San Jose, Calif.
"Silicon Valley is Back!" the report's cover page declared. It has been over a decade since the region ranked first on the index. Last year San Jose ranked 50th out of 200 large metropolitan areas.
(Read More: Most Affordable U.S. Cities.)
The Milken Institute reported that for every job added to the tech sector, five outside jobs were created.
Coming in second place on the index is Austin, Texas, another hub for tech innovation. The Institute said Texas metro areas remained strong performers in 2012, "but did not dominate as much as they did in recent years." It claimed a few regions in the Lone Star state lost ground for, among other reasons, "softness in the natural gas boom."