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U.S. Metro Economies – The Engines of America's GrowthPrepared by Global Insight for:The United States Conference of Mayors and the Council for the New American City June 2008 There is no question that the metropolitan areas of the United States are the driving forces of the U.S. economy, responsible for more than 85% of jobs, 90% of wage income and production, and 92% of the country's real GDP growth in 2007. It is also clear, however, that with the economy on the cusp of recession, many metros have fallen on hard times, a result of the housing/credit crisis, higher oil/food prices, and manufacturing cuts. Global Insight forecasts that job growth in 2008 will be tepid at best and unemployment will surge, while real GMP gains slow and nearly 10% of metro areas actually have output declines. Of significant concern is a group of metro areas, nearly one in five, that are likely to experience no job growth for the entire decade. To access the full report, click here. Questions/Comments? Please contact: David Iaia david.iaia@globalinsight.com +1.781.301.9033 |
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