The Great Metro Reset

More

Cities drive our economy, but they won't be returning to full employment anytime soon

Florida_Cities_6-20_banner.jpg

Cities and metros power the US economy and are key to economic recovery. But while some metros have bounced back--including resource-based economies like Houston and Oklahoma City, and those with high levels of human capital and public spending like Austin, TX and Washington, DC--recovery is a long way off in many others.

According to this this newly released report from the United States Conference of Mayors, US metro economies accounted for "89.8% of the nation's gross domestic product and wage income and 85.7% of all jobs."

Florida_Cities_6-20_chart.jpg

New York's, Los Angeles', and Chicago's output each ranked higher than that of 44 individual states; the combined production of the 10 highest-grossing metros (see chart above) is larger than the output of the 36 smallest states combined. Some more jaw-dropping factoids:

  • The greater New York metro's economy is the 13th largest in the world (ahead of India and Mexico). Los Angeles' ranks 18th and Chicago's 21st.
  • 37 of the 100 largest economies in the world belong to US metropolitan areas.
  • The 20 largest US metros each grosses more than the separate economies of Australia, Mexico, Turkey, South Korea, or the Netherlands.

All that said, the report's key take-away is sobering. It predicts that job growth in 2011 will reach just 1.2%, with unemployment at 8.6% by year's end. Unemployment will remain above 8% through most of 2013.

 

Florida_Cities_6-20_map.jpgThe above map from the report projects the US's various metro's returns to the peak levels of employment. It's not a pretty picture. The report notes that "only in the first half of 2014 will employment in the US match its previous peak level from early 2008." Job recovery for many metros will take longer than that with some taking until 2021 to regain their lost jobs.

 

Photo Credit: Wikimedia Commons

Jump to comments
Presented by

Richard Florida is Co-founder and Editor at Large of CityLab.com and Senior Editor at The Atlantic. He is director of the Martin Prosperity Institute at the University of Toronto and Global Research Professor at NYU. More

Florida is author of The Rise of the Creative ClassWho's Your City?, and The Great Reset. He's also the founder of the Creative Class Group, and a list of his current clients can be found here
Get Today's Top Stories in Your Inbox (preview)

The Time JFK Called the Air Force to Complain About a 'Silly Bastard'

51 years ago, President John F. Kennedy made a very angry phone call.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Adventures in Legal Weed

Colorado is now well into its first year as the first state to legalize recreational marijuana. How's it going? James Hamblin visits Aspen.

Video

What Makes a Story Great?

The storytellers behind House of CardsandThis American Life reflect on the creative process.

Video

Tracing Sriracha's Origin to Thailand

Ever wonder how the wildly popular hot sauce got its name? It all started in Si Racha.

Video

Where Confiscated Wildlife Ends Up

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.

Video

Is Wine Healthy?

James Hamblin prepares to impress his date with knowledge about the health benefits of wine.

Video

The World's Largest Balloon Festival

Nine days, more than 700 balloons, and a whole lot of hot air

Writers

Up
Down

More in National

From This Author

Just In