A study released this week by the Brookings Institute reveals that the Charlotte/Mecklenburg metropolitan area is one of 24 worldwide regions that is experiencing a solid rebound despite suffering a greater decline than most over the last three years.
The report, titled Global Metro Monitor: The Path to Economic Recovery, is produced in conjunction with the Brookings Institution and the London School of Economics and Political Science, and gives an overview of 150 metropolitan economies in the wake of what many have termed The Great Recession. It lists metropolitan Charlotte as #53 in its economic performance over the last year, ahead of cities such as Boston, Houston, Cincinnati and Tampa.
A few American metros achieved strong turnarounds, moving from about the bottom third to the top third in the rankings between the recession and recovery periods, including Charlotte, Cleveland, Detroit, and Minneapolis, the report states. Their experiences are consistent with stronger performance in the U.S. banking, manufacturing, and business services sectors in 2010.
The report also reveals that Charlotte fell to 141st place during the depths of the recession, down from an initial pre-recession rank of 65. Charlotte/Mecklenburg experienced one of the most significant fluctuations in its economic ranking, indicating that although the recession hit hard, this region’s economy has demonstrated enviable resilience.
The Brookings Institution findings are good news for Charlotte-Mecklenburg, and support the fact that the Charlotte region continues to be competitive in the global economy, said Jennifer Roberts, chairman of the Mecklenburg Board of County Commissioners. Most importantly, it reveals that even after one of the worst economic declines in history, the region is poised for a strong recovery.
Roberts serves on the Brookings Metropolitan Partners board and has presented the Charlotte/Mecklenburg perspective at Brookings conferences and panels over the past year.
The report concludes that most of the winners emerging from the recent global downturn are metropolitan areas in developing regions of the world. Charlotte/Mecklenburg is one of 12 US cities that Brookings says are on the road to full recovery, along with Austin, Texas; Dallas; and Minneapolis, among a field of global cities in this category. The rest of the world’s metro areas are either experiencing continued challenges in the recession, or are still in decline, according to the report.
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C.
