Metro Regions to Spur Growth Through 2020
DALLAS -- U.S. metropolitan regions will continue to lead the way in stimulating the economy, propelling it to achieve its growth potential of more than 3%, a rate not reached since 2004, a new report has found. By 2016, nearly three-quarters of all metros included in the study (269) will have unemployment rates lower than 6%.
The projected growth rate of the Youngstown-Warren Ohio-Pennsylvania metro region, however, is among the lowest, with a rate of a negative 0.4%.
The report, released during the 82nd annual meeting of the United States Conference of Mayors, also indicates that in 2013, metropolitan areas were home to 84% of Americans, 86% of total nonfarm employment, 87% of total real income, 90% of new housing starts, and 90% of the economy. These factors grew: total metropolitan employment climbed 1.9%, real gross product increased 2.1%, and metropolitan area population rose 0.9%, each growth rate rising faster than that of the United States.
The report projects the economic growth of U.S. metro economies will accelerate next year, driving the United States to real GDP gains of 3.2%.
The report also finds that eight of the 40 highest producing economies in the world are U.S. metro areas. The economy of New York City would rank 13th if it were a nation, ahead of Spain, South Korea and Mexico.
Other categories and the rank of the Youngstown-Warren, Ohio-Mercer County, Pa. metro and the state of Ohio include:
- Ranked 126th in 2013 at in gross metropolitan product at $17.7 billion; in 2015, it will be $18.9 billion.
- GMP by state: Ohio as a whole ranks 11th among states in at $519.7 billion. Pennsylvania is eighth with $615 billion.
- The local metro has 2.7% of Ohio's gross state product at $13.85 billion this year.
- The local metro ranks 124th in employment growth rates with none last year, 0.8% this year and 1.2% next year.
- In terms of annual average growth from 2013-2020, the local metro is projected to rank 337th, with $14.9 billion this year.
Published by The Business Journal, Youngstown, Ohio.
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