The Top 10 US Metros For Economic Growth; Phoenix 5th

A new report from the Brookings Institute shows Phoenix has the fifth-strongest economy in the nation, buoyed by a recovering housing market.

The latest Metro Monitor Report from Brookings, which looks at 2012 first-quarter data, shows Phoenix moved up from a No. 9 ranking in the previous quarter. The report tracks the economic progress of the country’s 100 largest metro areas.

Phoenix ranked second in the nation for housing prices, even though the report indicated prices fell 0.9 percent in the most recent quarter. That was a much stronger performance than the national average, however: a decline of 2.1 percent.

Among the 100 metro areas in the report, only two — Syracuse and Buffalo, N.Y. — posted gains, with home prices in each metro area appreciating by just 0.3 percent.

The Brookings Institution ranked the Top 100 U.S. metros for economic growth in the first quarter of 2012. Youngstown, Ohio ranked 10th.

Phoenix ranked 20th among the 100 top metros for its unemployment rate, which fell slightly to 7.6 percent in the first quarter.

The Phoenix area ranked poorly for gross metropolitan output in the first quarter, placing 90th in the nation.

The cities in the Mountain West, which includes Phoenix, performed better than most of the rest of the nation.

#9: San Jose, Calif. 

“Amid a patchy and still anemic recovery nationwide, the Mountain West’s metropolitan areas performed somewhat better than the rest of the country in the first quarter of 2012,” said Mark Muro, a senior fellow and the policy director of the Metro Program at Brookings and the Washington co-director of Brookings Mountain West. “While there is definite variation, the region continued its steady recovery in the early months of the year.”

Click here for Phoenix-specific numbers.

Click here for the full report.

Source: http://www.bizjournals.com/phoenix/news/2012/06/27/the-top-10-us-metros-for-economic.html

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