Mpls. Post-Recession Economy Among Best in U.S.
The Twin Cities' post-recession economy is on the road to recovery, according to a report released Tuesday by the Brookings Institution and the London School of Economics and Political Science.
According the report, which examined 150 of the world's largest metropolitan economies, the Twin Cities' post-recession economy ranks 44th in the world and sixth in the United States-behind Austin, Texas; Virginia Beach, Virginia; Washington, DC; Dallas; and Baltimore.
The report, called the Global MetroMonitor, examines data on economic output and employment in 150 of the world's largest metropolitan economies, located in 53 countries, from 1993 to 2010.
Minneapolis was among the few American metro achieved strong turnarounds, moving from about the bottom third to the top third in the rankings between the recession and recovery period, which includes 2009 and 2010. The report said that the areas that achieved turnarounds fared well in the banking, manufacturing, and business services sectors in 2010.
The Twin Cities' economy ranked 98th worldwide during the pre-recession period, which spanned from 1993 to 2007, and it ranked 102nd during the recession period, which spanned from 2007 to 2009.
Istanbul, Turkey, claimed the top spot during the recovery period. Shenzhen, China; Lima, Peru; Singapore; and Santiago, Chile, rounded out the top five during the period. Dublin, Ireland, and Dubai, United Arab Emirates, had the worst economies during the recovery period, according to the report.
Metropolitan areas in China claimed the top five spots during the recession period- Beijing, Guangzhou, Shanghai, Shenzhen, and Tianjin, respectively-while Moscow and Tallinn, Estonia, claimed the bottom two spots.
During the pre-recession period, Shenzhen had the best economy, followed by Dubai and Guangzhou.
The Brookings Institution, which was founded in 1916, is a nonprofit public policy research organization based in Washington, DC.