In the global economic recovery so far, the strongest metropolitan performers have tended to be lower-income areas, reflecting an increasing flow of capital to emerging economies. The Brookings Institution, a public-policy think tank based in Washington D.C., recently ranked 150 global metros in income and employment growth during the 2009-2010 recovery period. The majority of metro areas across the globe continued to lose employment, while income began to grow again, at a 1.7% annual rate on average. But growth differed markedly across countries and continents. Of the top 30 metros, 29 were located outside the United States and Europe, with China and India accounting for 10 spots and Latin American another seven. In the U.S., the top performers tended to be metros with strong concentrations in stable sectors such as government, education, health and other business services, while metros with large construction sectors under-performed. What this all means for ULI members is that emerging economies continue to offer strong opportunities for foreign investment. Below are Top 10 lists of Brookings’ strongest metros outside the U.S. and inside the U.S.:
Top 10 global metro areas in economic performance during 2009-2010 recovery | |||
Brookings ranking | Metro | Income annual % chng. | Employment annual % chng. |
1 | Istanbul, Turkey | 5.5% | 7.3% |
2 | Shenzhen, China | 5.9% | 5.9% |
3 | Lima, Peru | 5.6% | 5.7% |
4 | Singapore, Republic of Singapore | 6.6% | 4.6% |
5 | Santiago, Chili | 4.3% | 6.2% |
6 | Shanghai, China | 7.5% | 3.1% |
7 | Guangzhou, China | 7.4% | 2.5% |
8 | Beijing, China | 5.4% | 3.9% |
9 | Manila, Philippines | 5.3% | 4.0% |
10 | Rio de Janeiro, Brazil | 6.2% | 3.2% |
(Source: Brookings Institution Global Metro Monitor, December 2010.)
Top 10 U.S metro areas in economic performance during 2009-2010 recovery | |||
Brookings ranking | Metro | Income annual % chng. | Employment annual % chng. |
1 | Austin, TX | 2.7% | 3.2% |
2 | Virginia Beach-Norfolk, VA | 5.8% | -0.7% |
3 | Washington D.C. | 5.2% | -0.3% |
4 | Dallas, TX | 2.7% | 1.7% |
5 | Baltimore, MD | 7.0% | -1.8% |
6 | Minneapolis-St. Paul, MN | 2.5% | 1.5% |
7 | Detroit, MI | 3.2% | 0.6% |
8 | Nashville, TN | 1.8% | 1.7% |
9 | Cleveland, OH | 4.1% | -0.1% |
10 | Seattle, WA | 3.9% | -0.1% |
(Source: Brookings Institution Global Metro Monitor, December 2010.)
