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For some of the country's largest cities, last year was a good one for growth. None less than the technology hub otherwise known as San Jose.
Metropolitan economies grew by 2.5 percent last year, measured by gross domestic product, according to recent statistics from the Bureau of Economic Analysis. And while that growth makes up for a decline of that same percentage one year prior, some most certainly expanded quite a bit more than others.
Indeed, nearly all of the country's fifty largest metro areas experienced economic growth of some form last year, and manufacturing may have been the most widespread driver. Some cities, however, have other industries to thank for their economic expansion. San Jose, located in the heart of Silicon Valley, saw some of the strongest GDP growth thanks much in part to the information industry that surrounds it. Indeed, 3.6 percent of its 13.4 percent growth is attributed to the tech sector.
It remains to be seen if metro areas can sustain the same level of growth through the end of this year, especially with the manufacturing industry stalling, and national GDP expanding by just one worrisome annual percentage point in the second quarter of the year. Perhaps the country will look back on last year with some form of nostalgia.
No shock to me regarding the top 3. They are all high tech towns with excellent higher education credentials.
To the OP, I am in Paris now…enjoying your wonderful city!!!
The interesting thing about this list is that it is dominated by older, established cities. With a couple of exceptions, the supposedly fast growth, emblematic of the new America sun belt cities are not represented. Where's Houston, where's Atlanta, where's Phoenix?
The interesting thing about this list is that it is dominated by older, established cities. With a couple of exceptions, the supposedly fast growth, emblematic of the new America sun belt cities are not represented. Where's Houston, where's Atlanta, where's Phoenix?
San Jose, Austin and Raleigh are the top three and are all Sunbelt cities. Raleigh and Austin are two fastest growing metros in the nation and are projected to be so for the coming decade+. I don't see your point.
The interesting thing about this list is that it is dominated by older, established cities. With a couple of exceptions, the supposedly fast growth, emblematic of the new America sun belt cities are not represented. Where's Houston, where's Atlanta, where's Phoenix?
Well, to be fair this is just data for one year during a period of great economic uncertainty.
I think under a normal circumstances, places that are fast growing will have the faster GDP growth rates if for no other reason, increased activity due to the influx of new residents.
San Jose, Austin and Raleigh are the top three and are all Sunbelt cities. Raleigh and Austin are two fastest growing metros in the nation and are projected to be so for the coming decade+. I don't see your point.
I said it was with a couple of exceptions. I'm not sure that I consider San Jose to be sun belt, but I can see the case can be made.
Quote:
Originally Posted by 18Montclair
Well, to be fair this is just data for one year during a period of great economic uncertainty.
I think under a normal circumstances, places that are fast growing will have the faster GDP growth rates if for no other reason, increased activity due to the influx of new residents.
But you do make a good point!
Exactly what I was going for -- this is an unexpected result, particularly if you listen to Gov. Perry talk up the "Texas miracle." Another way to analyze the list would be to note that the cities making the top 10 are for the most part not deriving economic growth from residential expansion or commodity processing. They are thriving by knowledge creation. That's probably less vulnerable to the business cycle.
I know that the City of Denver has lost a signficant percentage of its residents. I don't know if that's good or bad, but it's certainly interesting considering the fact that so many of these cities on this list are considered "peer cities."
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