The “Fourth Economy Community (FEC) Index” was released today listing the nation’s top 10 small-sized Fourth Economy Communities. This category features counties with between 100,000 to 150,000 residents that are ideally positioned to attract modern investment and managed economic growth.

“The ‘fourth economy’ defines our nation’s current economy, reflecting a combination of the previous three: agrarian, industrial, and technological,” said Rich Overmoyer, Fourth Economy President and CEO. “This new index is intended to serve as a dashboard for community stakeholders to gauge their capacity to attract and retain modern investment.”

“In the midst of many economic challenges, interest is growing rapidly in communities and economic development organizations across the country that are effectively responding to the new economic reality,” said Overmoyer. “We continue to build upon these experiences and were eager to launch this next listing of Fourth Economy Community Index.”

“It is not surprising once again to see the leading fourth economy counties blend both rural and urban character, offering their residents diverse living and working options,” said Stephen McKnight, Fourth Economy Consulting Vice President of Community and Market Assessments.

“Like we witnessed with the inaugural mid-sized listing announced at the end of 2011, a common attribute among the smaller communities is a geographic association with institutions of higher education, which are the modern engines in the fourth economy. As a result, these communities can provide the talent and place-based strategies that address housing, recreation and amenities for smaller, high-value businesses to thrive,” McKnight added.

#1 Clark County, Georgia

• FEC Index Score: 4.37
• Innovation Capacity: B
• Population: 116,714

If there is a theme to this year’s small category listing, it is a community relationship and commitment to education and growing diverse economies. Home to the City of Athens and the University of Georgia, Clarke County’s economic base includes higher education, manufacturing, healthcare, the arts, and entrepreneurism. A vibrant 24-hour downtown scene brings it all together for the County.

“The University’s international reputation attracts students, researchers, faculty, and business partners from around the world – with particularly noted strengths in bio-medical, environmental design, ecology, international law & public affairs, health sciences, agriculture, veterinary, business, and mass communication,” noted Mac Brown, President of the Economic Development Foundation of Athens-Clarke County.”

“Research and technology transfer are a large part of the university’s economic impact in Athens and beyond. About $330 million in research funds flow annually into the Athens economy, and this research has resulted in the University’s ranking in the top three among all universities for most licenses issued,” Brown added.

Athens is a regional center for healthcare, and its influence in healthcare is undergoing significant growth – both general health services and highly specialized care. In 2011, Georgia Trend magazine rated all hospitals in the state in several categories of care. Athens’ two major medical centers are rated in the top ten listing in thirteen out of the seventeen categories including cardiology, neurology, orthopedics, and critical care. In addition, the area has achieved a major milestone in the healthcare arena: the Medical College of Georgia has opened a new campus at the University of Georgia, and it is now in its first year of classes. This development holds tremendous potential for the future of Georgia’s biotech/biomedicine sector as well as improved access to healthcare.

It’s not all-serious business that is created here. Athens is nationally famous for its music scene with the likes of REM, Widespread Panic, the B-52’s, and Drive-by Truckers calling the area home. Livability.com has just declared the Athens music scene America’s #1, outside of Los Angeles, New York, and Nashville. The area hosts numerous widely known music festivals and boasts music clubs and record stores that have been praised by Rolling Stone and Paste Magazine.