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This article is continued
from the January 2010 CarolinaLiving.com
eBrief.
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Carolina Strong!
Business Week recently announced the 40 strongest Metro areas in the US as compiled by the Brookings Institute.
Their criteria included job growth, gross metro product, and unemployment change.
The Carolinas had four areas on the list.
#14 Columbia, SC
#17 Virginia Beach-Norfolk-Newport News, VA-NC
#23 Augusta-Richmond County, GA-SC
#30 Raleigh-Cary, NC
Want to know more?
Here’s what they said about each area:
# 14 Columbia, SC
Columbia, the state capital and home to the University of South Carolina, has a relatively strong economy. Employment in the Columbia metro peaked in the third quarter of 2007. Gross metropolitan product in the second quarter was down just 2.7% from the peak in the third quarter of last year. Home prices grew 3.5% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 9.8%, up 3.9 points from a year earlier.
Job growth (since peak) rank: 17
Gross Metro Product (since peak) rank: 23
Unemployment change (year over year) rank: 54
#17 Virginia Beach-Norfolk-Newport News, VA-NC
Virginia Beach is a resort town in the Hampton Roads area, which includes Norfolk Naval Base. Employment in the Virginia Beach metro peaked in the third quarter of 2007. Gross metropolitan product in the second quarter was down just 0.8% from the peak in the third quarter of last year. Home prices grew 2.1% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 7.4%, up 3.2 points from a year earlier.
Job growth (since peak) rank: 16
Gross Metro Product (since peak) rank: 6
Unemployment change (year over year) rank: 36
Home price change (year over year) rank: 57
#23 Augusta-Richmond County, GA-SC
Augusta, about 150 miles east of Atlanta, is a hub for military, manufacturing, and medicine. The city's educational institutions include Augusta State University, Augusta Technical College, Georgia Military College at Augusta, and the Medical College of Georgia. Employment in the Augusta metro peaked in the second quarter of last year. Gross metropolitan product in the second quarter was down just 2.9% from the peak in the second quarter of last year. Home prices grew 2.5% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 10.2%, up 3.9 points from a year earlier.
Job growth (since peak) rank: 55
Gross Metro Product (since peak) rank: 55
Unemployment change (year over year) rank: 54
Home price change (year over year) rank: 19
#30 Raleigh-Cary, NC
Raleigh, the state capital and home of North Carolina State University, has been somewhat buffered from the recession because of its university, health-care, and government jobs. Employment in Raleigh-Cary peaked in the first quarter of last year. Gross metropolitan product in the second quarter was down just 1.2% from the peak in the third quarter of last year. Home prices grew 1.1% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 9.1%, up 4.1 points from a year earlier.
Job growth (since peak) rank: 53
Gross Metro Product (since peak) rank: 7
Unemployment change (year over year) rank: 59
Home price change (year over year) rank: 34
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