Tuesday, November 30, 2010

Detroit Metro Area Rated 7th in US in Economic Growth From 2009 to 2010

This was surprising, considering the time frame. The Michigan unemployment rate hit its peak in December of 2009, and yet at the same time apparently Detroit was starting to experience a return in economic growth as well. Or, at least was doing a lot better than other metropolitan areas across the world. Check these numbers - and then stop and think about how important manufacturing is.

The Detroit metropolitan area was rated seventh among U.S. metro areas in economic growth from 2009 to 2010, according to a new global study by the Washington-based Brookings Institution.

Ranked 46th in the world in the study, Detroit was mentioned as a metro area undergoing a recovery based on a rise in U.S. manufacturing.

Detroit ranked 146 out of 150 during the recession and 147th prior to it.

The study was done by Brookings in conjunction with the London School of Economics. It examined the global economy based on the performance of the world’s largest metropolitan areas prior to the recession, during the recession and during the current recovery period.

The study reports that overall the US is lagging in growth, especially when compared with China, and that there are only a few metro areas in the US that are starting to see significant recovery - but Detroit is definitely one of them.

Detroit was rated 147 out of 150 during the “pre-recession” period from 1993 to 2007, then rated 146 during the “recession” period from 2007 to 2010.

In the “recovery period” from 2009 to 2010, Detroit was rated 46, and trailed just six other U.S. cities.

The dates of the recovery and recession periods overlap because many areas are still in the midst of the recession while others are emerging, the study reported.

Detroit and 11 other U.S. metro areas were classified as being in a road to full recovery, while only San Antonio, Texas, was rated as having a full recovery. Most cities are either still early in a recovery or still in decline.

Not sure what they qualify as "full recovery", but whatever it is, we are on the way there. Let's hope the trend continues.