Economists Rank Detroit Area Recovery Among Nation's Best (Seriously)
December 29th, 2012, 11:06 AM
Now for something completely different about Detroit's economic status: upbeat news.
The city's statistical region, which includes Warren and Livonia, has the ninth-best economic recovery from the recession among the 100 largest U.S. metropolitan areas, according to the Brookings Institution.
That may seem like a head-scratcher, but data doesn't lie -- and the Detroit area had slipped so far that its comeback in employment, home values and economic activity outpaces 91 other large regions in percentage terms.
The Washington-based policy center measured each metro area’s performance since hitting bottom in 2009.
Here's what Brookings says about Detroit and the two suburbs in its latest Metro Monitor, which covers the third quarter of 2012 (July-September) :
* Unemployment decreased by 5.2 percentage points since the third quarter of 2009, the second-largest reduction nationally in percentage terms.
* Employment growth ranks 17th overall, rising 5 percent since the third quarter of 2009.
* Economic output growth ranks 20th, rising 9.6 percent since the third quarter of 2009.
* Housing prices rose 1.9 percent since the second quarter of 2012, 23rd best in the U.S.