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Grand Rapids' economic recovery is eighth best in nation
This city loves a comeback.
Grand Rapids has officially been ranked as the eighth best economic recovery comeback city in the United States in the third quarter of 2012, according to the Metro Monitor report by the nonprofit Brookings Institution.
The city was ranked 13th in employment, third in unemployment, 12th in output (GDP) and 50th in housing prices.
Detroit slipped in one spot behind Grand Rapids, ranking ninth overall in recovery. Detroit, the largest city in Michigan, was ranked 17th in employment, second in unemployment, 20th in output (GDP) and 23rd in housing prices.
“The overall pace of economic recovery was strong in a handful of areas, including Texas, where the recession was less severe and oil and gas have boomed; in western Florida and parts of California and the intermountain west where the housing and labor markets are rebounding; in some Midwestern manufacturing centers like Detroit, Grand Rapids and Toledo; and in the Pacific Northwest,” according to the Brookings report.
“By contrast, the recovery has proceeded more slowly in the Northeast where many metro areas had relatively minor recessions when compared with faster-recovering markets. As a result, they are closer to pre-recession levels of jobs, output and home prices than many harder hit places.”