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2016-09-30 17:54:25
These large metros are seeing the fastest growth

Source: 'These large metros are seeing the fastest growth' www.cnbc.com Author: John W. Schoen Published on September 20, 2016 at https://www.cnbc.com/2016/09/20/these-large-metros-are-seeing-the-fastest-growth.html 

These large metros are seeing the fastest growth

The U.S. economy may be stuck in low gear, but there are plenty of cities across the country that are booming.

Still, many smaller cities are getting left behind, according to the latest government data released Tuesday.

The numbers show that economies of most major American metro areas have fully recovered, but many smaller cities are still struggling to shake off the lingering impact of the Great Recession.

Of the 382 metro areas tracked by the Bureau of Economic Analysis, some 292 saw their local economies grow last year.

Among the largest local economies, San Jose, California, showed the strongest growth at 8.9 percent, led by the continued boom in information technology in the region.

Despite the recent recession in the oil patch brought by the collapse in oil prices, Texas cities continue to fare well. Houston saw its metro economy grow by 4.6 percent, roughly double the national pace.

Among cities with population of more than 2 million, San Antonio (5.9 percent) and Austin (5.0 percent) were among the fastest growing. Dallas was up by 3.6 percent.

Among large metros, Washington, D.C., was among the slowest growing economies, expanding by just 1.3 percent last year.

The biggest lift for most cities came from growth in professional and business services, which added more than a percentage point to growth in 25 metropolitan areas.

Trade added more than a point to growth in 20 metropolitan areas, and finance, insurance and real estate add a percentage point in 48 metros.

Despite the wider urban recovery, the economies of 90 metros contracted last year. Some of them had begun halting recoveries that have not been sustainable.

Bloomington, Illinois, suffered the deepest reversal, contracting by 8 percent in 2015, after a mixed record since 2011. Odessa, Texas, which had enjoyed four boom years driven by oil and gas exploration, saw its economy shrink by 7.8 percent last year.



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