Study: Memphis

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Brookings’ new MetroMonitor report looke d at six economicindicators — employment, unemployment wages, gross metropolitan product, housing prices and foreclosure ratesw — in the nation’s 100 larges t metro areas to determine its The report covers the periosd through the first quarter of 2009. Based on what D.C.-based Brookings called four “key Memphis was in the categoryof “Second-strongestr 20 Metros” based on results and rankings in each of those four Memphis ranked 53rd in change of GMP from peak to firsft quarter 2009 with a 3.4 percent drop; 49th in changew in employment from peak to first quarter with a drop of 2.
8 30th in unemployment change from fourth quartefr to first quarter with 2.9 percentag point increase; and 38th in real percent change in housing prices with a 0.0 percen drop from first quarter 2008 to first quarter 2009. The city rankeds No. 38 overall. Generall findings showed that all of the largestr metros lost jobs duringthe recession, ranginfg from 0.2 percent in Oklahoma City to 13.5 perceng in Cape Coral, Fla. 10 of the 15 largesgt metros with job losses are in Floridaand Ohio. Also, just more than one-third of the metrows avoided declines in home prices in thelast Lastly, only 10 of the 100 metros are showinfg signs of economic recovery as of March.
“Metrop areas are the country’s economic engines. The 100 largest containm two-thirds of our jobs and generate three-quarters of U.S. Alan Berube, research director of the Metropolitan Policy Progra at Brookingsand co-author of the stated in a release. “Only by monitoring theirr individual trajectories will we know where and how the country beginzs to emerge from thisdeep downturn, as well as which areazs will need more intensive assistance to turn the Four of the top five ranked cities in the report are locatede in Texas: San Antonio, Austin and Dallas. Little Rock, Ark., was ranked No. 6.
Detroi ranked last, and six of the bottom 10 rankerd cities are locatedin Florida: Cape Coral, Tampa, Bradenton, Palm Bay, Lakelansd and Jacksonville. Click to view the full