Dallas Business Journal - by Debbie Bolles
Wednesday, December 1, 2010
The greater Dallas area has been ranked as having the 39th best economic recovery worldwide, the fourth-highest rank of all major U.S. cities, according to a report released this week by the Washington, D.C.-based Brooking Institution.
The analysis ranked 150 cities according to three main indicators between 1993 and 2010: employment growth, per-capita gross value added and income per person. The group said Dallas employment has grown 1.7 percent between 2009 and this year, while income has escalated about 2.7 percent.
The Dallas metro area came in No. 75 for growth between 2007 and 2009, based on a 1.4 percent decline in employment and a 45 percent decline in income during that time span. From 1993 to 2007, Dallas ranked 71st in growth worldwide with a 1.9 percent employment gain and a 2.3 percent spike in income.
The metro’s population grew 43.5 percent from 1993 to 2007, coming in at 6.59 million for 2010.
The top-rated U.S. city for recovery was Austin, which ranked as having the 26th best economic recovery in the world with 3.2 percent employment growth and a 2.7 percent income gain from 2009 to 2010. Two other U.S. cities ranked as having quicker economic recoveries than Dallas: Virginia Beach, Va., ranked 36, and Washington, D.C., ranked 37th.
Worldwide, the city ranked with the best economic recovery was Istanbul, Turkey.