Knoxville economy 15th on metro recovery index

Knoxville’s economy continues to recover faster than most other metropolitan areas across the country, despite slipping slightly in the latest Brookings Institution rankings released today.

Metropolitan Knoxville’s recovery performance ranks 15th on Brookings’ most recent MetroMonitor index of economic recovery – down from 12th in the previous quarterly index.

The MetroMonitor report ranks the pace of recovery in the 100 largest metro economies based on job creation, unemployment rate, metro economic output and housing prices.

Among Tennessee cities, Nashville ranks higher at 11th, but Chattanooga  — 28th — and Memphis — 70th — trail Knoxville’s recovery pace.

Knoxville’s strongest categories are employment – 7th best in the country – and unemployment – 11th. The region ranks 21st in output and 28th in housing prices.

Nationwide the recovery has been slow and uneven, Brookings reports.

“The economic news varies widely, depending on where you live,” Alec Friedhoff, a research analyst with the Metropolitan Policy Program and lead developer of the MetroMonitor, said in a news release. “Texas metros weren’t hit as hard in the recession, and their recovery remains stronger. Certain high-tech regions, manufacturing centers, and places in the Mountain West have rebounded recently. But parts of the West and Florida, and regions where government employment was important, are struggling due to a fragile housing market and public sector job cuts.”

Brookings is a nonprofit think tank based in Washington, D.C.,

Click here for the full MetroMonitor report.