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Knoxville, Dallas and Pittsburgh only THREE major U.S. cities showing signs of economic recovery, study shows
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| Parent(s) |
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| Contributor | Scott³ |
| Last Edited | Scott³ Dec 26, 2012 12:42pm |
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| Category | News |
| Author | Reuters |
| Media | Newspaper - Daily Mail |
| News Date | Friday, November 30, 2012 06:00:00 PM UTC0:0 |
| Description | "Knoxville, Dallas and Pittsburgh are the only three major U.S. metropolitan areas that have experienced an economic recovery in the three and a half years since the 2007-09 economic recession ended, according to the Brookings Institution.
The Washington-based research group determined that these three cities were among the few metropolitan areas experiencing growth, after analyzing their employment levels and gross domestic product per capita.
The United States has the most major metropolitan economies of all countries - 76 - according to an annual report on the 300 largest metropolitan economies worldwide that Brookings released on Friday.
'It was still better than last year when the U.S. had no metro recoveries,' Brookings Associate Fellow Emilia Istrate said.
Istrate said the three cities had two features in common: strong local services such as healthcare, and business and financial services that cater to specific industries.
The recession came late to many city budgets. Their primary revenue source - property taxes - took time to fall because of lags in real estate valuations. By the time they dropped, cities were also contending with falling sales and income taxes resulting from job losses." |
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