Job creation remains sluggish and housing prices continue to fall, but Knoxville’s regional economy is in better shape than most of the 100 largest metropolitan areas in the country, according to a Brookings Institution report released today.
Knoxville ranks 22nd in unemployment rate — 7.3 percent in the fourth quarter of 2010 — and 24th in employment rate change — 0.3 percent growth — from the third to the fourth quarter, according to Brookings March 2011 MetroMonitor.
Metro Knoxville’s gross metropolitan product has grown 4.8 percent since the second quarter of 2009 (the official end of the recession), good for a 45th ranking. However, Knoxville’s 1 percent GMP growth in the fourth quarter ranked 27th in the country.
The nation’s economic recovery is “running out of steam,” but Knoxville is doing better than most other metropolitan markets when it comes to job creation and production, according to study released this week by The Brookings Institution.
Knoxville was one of only 19 metro areas that saw faster output growth in the second quarter than in the first quarter, Brookings reports in the quarterly MetroMonitor, which analyzes the health of the nation’s 100 largest metro economies.