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Building Momentum: Four Metros Rising from Recessionary Flames
Based on change in Gross Metropolitan Product (GMP), four of the nation's top 100 metro areas are beginning to rebound sharply, moving from the worst impacted by the Great Recession to some of the fastest growing for the most recent quarter: Oxnard-Thousand Oaks-Ventura, CA; Cleveland-Elyria-Mentor, OH; Bradenton-Sarasota-Venice, FL; and Phoenix-Mesa-Glendale, AZ. These upbeat conclusions, drawn from Brookings' latest quarterly MetroMonitor, are coupled with troubling signs for many metro areas across the country.
Cleveland-Elyria-Mentor, OH, and Bradenton-Sarasota-Venice, FL - two more metro areas among the 20 that experienced the worst effects of the Great Recession - moved up three quintiles by the most recent quarter to be among the second strongest 20 metro areas for GMP. Only one other metro area jumped three quintiles between maps: Phoenix-Mesa-Glendale, AZ, moved from the second overall weakest 20 metro areas to be the nineteenth fastest growing area in the most recent quarter.
The maps point out other compelling regional trends: the resiliency of the economies closest to the national capital, for instance, enjoying the least negative impact from the recession and some of the fastest growth rates during the most recent quarter.
There are also strong indicators that the worst is not over for some metro areas that are seeing little to no growth as the country slowly creeps out of the recession. These areas, indicated by red circles on both maps include:
- Cape Coral-Fort Myers, FL
- Las Vegas-Paradise, NV
- Portland-Vancouver-Hillsborough, OR-WA
- Riverside-San Bernadino-Ontario, CA
- Palm Bay-Melbourne-Titusville, FL
Brookings' MetroMonitor is available at: http://www.brookings.edu/metro/MetroMonitor.aspx.