05 Jul 2017 Fastest Growing Large Metro Economies Of 2016 Are Grand Rapids, Orlando, Nashville; Slowest Are Oklahoma, Houston, New Orleans
Recently released data from the U.S. Bureau of Labor Statistics illuminates which large metros have the fastest growing economies. Growth is measured by the percentage change in employment between the annual average of 2015 and 2016. Headlight Data ranks employment growth for the 53 largest metros (1,000,000+ people) in the U.S.
In 2016, U.S. employment grew 1.7%. Among large metros, the highest growth is found in Grand Rapids (4.4%), Orlando (4.2%). Nashville (4%), Charlotte (3.7%) and Salt Lake City (3.7%) follow. Other large metros with rapidly growing economies are Riverside, Raleigh and Jacksonville.
Four large metros have shrinking economies. The greatest employment decline is found in Oklahoma City (-0.8%). Houston (-0.3%), New Orleans (0.2%) and Pittsburgh (0.1%) follow.
Since 2015, the U.S. growth rate has decreased 0.4 percentage points. The large metros showing the most improvement (with the greatest increase in the annual growth rate) are Nashville (+1.8 pts.), Grand Rapids (+0.9 pts.) and Tucson (+0.7 pts.). Philadelphia, Seattle and Salt Lake City also experienced a substantial improvement.
Nearly 3 out of 4 metros have slowed since 2015. The large metros with the largest declines in growth rate are Oklahoma City (2.3 pts. decrease), Houston (-2.2 pts.) and New Orleans (-2 pts.). Other metros with a large declining growth rate since 2015 are San Jose, Austin and Richmond.
Research, analysis and content developed by Headlight Data. Original data from the U.S. Bureau of Labor Statistics.
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