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.
