GRAND RAPIDS, MI – Michigan’s two largest metropolitan areas – Detroit and Grand Rapids – can be found on an elite list of cities that are enjoying the best economic recoveries in the wake of the Great Recession, according to the Brookings Institution.
Grand Rapids’ comeback was ranked 8th in the nation while Detroit’s recovery was ranked 9th, according to the Metro Monitor survey released this week.
The survey measured each of the nation’s top 100 metropolitan area’s performance since hitting bottom in 2009.
In Grand Rapids, unemployment showed the 3rd best drop in the nation, falling 4.9 percentage points since the fourth quarter of 2009.
Meanwhile, employment growth was ranked 13th overall, climbing 5.9 percent since third quarter of 2009. Output was ranked 12th, rising 12.4 percent since third quarter of 2009.
In the Detroit area, unemployment fell at the 2nd highest rate in the U.S., falling 5.2 percentage points since the third quarter of 2009.
Detroit’s employment growth was ranked 17th overall, rising 5 percent since the third quarter of 2009. Detroit’s output growth was ranked 20th, rising 9.6 percent since the third quarter of 2009.
Housing prices in the Detroit area rose 1.9 percent since the second quarter of 2012, 23rd best in the U.S. In Grand Rapids, housing prices are up 1 percent, 50th best in the country.
The Toledo area was ranked 18th in the list of best recoveries and showed the best recovery for all U.S. cities in the unemployment category.
The Brookings Institution’s survey included the nation’s 100 largest metropolitan areas. New Orleans showed the strongest growth in the survey.
The survey’s worst recoveries included cities that did not crash as hard during the Great Recession and have underperformed since. Cities in the northeast took nine out of 11 of the spots on this list.
Jim Harger, MLive.