The Greensboro area is running a bit ahead of Charlotte, but behind Durham and Raleigh when it comes to current economic performance. However, all four metros have yet to fully recover from the recession, according to data compiled by The Brookings Institution for its latest Global Metro Monitor report.
Out of 300 metropolitan areas worldwide, the Greensboro-High Point metropolitan statistical area ranks No. 146 in terms of employment and gross domestic product per capita as of 2012 reports The Business Journal. Raleigh was the highest-ranking metro in North Carolina by that measure in the report at No. 109, followed by Durham at No. 118. Charlotte ranked No. 168.
All four North Carolina metros were categorized as “major recession, partial recovery” meaning that both employment and GDP had declined in at least one year between 2007 and 2011 and weren’t back up to their previous peaks, but were growing in both indicators this year.
North Carolina was by no means alone in lagging other parts of the world in economic recovery. Only three metros out of 76 ranked in the U.S. had fully recovered from the recession: Dallas, Knoxville, TN., and Pittsburgh.
Report author Emilia Istrate said that while developing countries are seeing the strongest growth now, local economies in theU.S.are still critical to overall global economic health. That means the debate going on in Washington,D.C. right now about how to avert the so-called “fiscal cliff” and the subsequent impact on job growth is critically important.
“Despite their challenges, U.S.metro economies are helping to power the global recovery,” she said. “If upcoming debates over the fiscal cliff and long-term solvency derail their progress, it could severely threaten not only the U.S., but also the broader global recovery.” Read More.