Tennessee’s economy is moving forward, but progress remains painfully slow, according to a University of Tennessee report released today.
After “exceptionally strong rates of economic expansion” in the first quarter, the state economy slowed sharply in the second quarter as effects of the debt crisis in Europe rippled across the globe, says the fall 2012 Business and Economic Outlook.
However, UT economists see the state and national economies posting modest gains through the first half of 2013.
Significant economic improvement is still a year or two away, according to the study prepared by the university’s Center for Business and Economic Research.
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.
Metropolitan Knoxville rose to 92nd on the Milken Institute’s 2010 list of the best-performing cities in America, up 27 spots from 119th last year.
The regional economy regained some momentum with a slight improvement in job growth — a 0.59 percent increase from April 2009 to April 2010 — and a better-than-average performance in wages and salaries growth.
That’s a mighty slender increase in job growth, but it’s a better showing than most other metro economies.
UPDATE: Knoxville Chamber president’s comments added.
Metropolitan Knoxville dropped to No. 56 on Forbes’ 2010 list of the Best Places for Business and Careers.
That’s down from No. 43 on the 2009 list and a high-riding No. 10 in 2008.
Plummeting 46 spots in two years, that’s the bad news. The good news is that Knoxville still ranks higher than 144 of the 200 largest metros in the country.
It’s all relative.