For most areas of the country, recovery from the Great Recession will be long and slow, but some metro markets are coming out of the doldrums faster than others.
Unfortunately, Knoxville is not among the fast movers. Knoxville is where it usually is — smack in the middle, according to the Brookings Institution’s March MetroMonitor report.
To illustrate, K-town ranks 45th in unemplopyment rate, 50th in percentage point change in the jobless rate from a year ago and 63rd in change of Gross Metropolitan Product from the peak in 2008 second quarter.
In the Brookings rankings, a rank of 1 is the best and 100 is the worst.
Check out Brookings’ Knoxville profile here.
A couple of highlights show the mixed nature of the national recovery:
— All of the 100 largest metropolitan areas saw growth in output in the fourth quarter.
“The number of metropolitan areas that had a quarter-to-quarter gain in output rose from 19 in the second quarter of 2009 to 89 in the third quarter to 100 in the final quarter. With only two exceptions, once output began to increase it continued to increase in subsequent quarters.”
— A majority of the largest metros “lost a greater share of jobs eight quarters after the start of the Great Recession (the fourth quarter of 2007) than they did during the first eight quarters after the start of any of the previous three national recessions.”
Read the full report here.
Check out Brookings interactive metro maps here.