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Old Posted Mar 23, 2014, 5:04 PM
New Brisavoine New Brisavoine is offline
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GDP growth in the US and European metro areas since the start of the global crisis

I'm creating a dedicated for these figures that I posted in the London thread.

Let's compare how the European and US metro areas have fared in the global crisis that started in 2008.

European regional GDP figures are published by Eurostat, the statistical agency of the European Union. Last month, Eurostat published the 2011 GDP figures for the European regions (it takes longer to calculate regional GDP than national GDP, because of complex allocations of production on a regional basis, so we always have a 3 year lag). The comparisons in this thread will be between 2007 (the peak year before the crisis started) and 2011 (the last available year).

US regional GDP figures are published by the US Department of Commerce. Last September, the US Department of Commerce published the 2012 GDP figures for the metropolitan areas of the United States, but in this thread I will use the 2011 and 2007 figures to make comparisons with the European metropolitan areas based on the same time period.

Eurostat source: http://epp.eurostat.ec.europa.eu/por.../data/database
US Department of Commerce source: http://www.bea.gov/newsreleases/regi...ewsrelease.htm

These are the (few) metro areas for which I have made calculations so far (it's real GDP growth, i.e. after inflation has been deflated). I will add more metropolitan areas later.

Real GDP growth from 2007 to 2011:
- Paris Region: +7.3%
- Berlin metro area: +7.2%

- Washington-Baltimore CSA: +6.5%
- San Francisco Bay Area CSA: +0.4%
- London + 6 home counties: +0.2%
- New York CSA: +0.2%
- Chicago CSA: -2.1%
- Los Angeles CSA: -5.9%


Details below.

Real GDP growth from 2007 to 2011:
- Greater London: +2.6%
- Buckinghamshire: +2.2%
- Kent: -2.1%
- Berkshire: -3.6%
- Surrey: -5.3%
- Essex: -5.8%
- Hertfordshire: -5.9%
TOTAL London + 6 home counties: +0.2%

For comparison, these are the figures for the Paris and Berlin metro areas.

Real GDP growth from 2007 to 2011:
- Val-de-Marne: +13.8%
- Seine-et-Marne: +8.0%
- Hauts-de-Seine: +7.5%
- City of Paris: +7.3%
- Seine-Saint-Denis: +6.7%
- Essonne: +5.8%
- Val-d'Oise: +4.9%
- Yvelines: +4.2%
TOTAL Paris Region: +7.3%

Real GDP growth from 2007 to 2011:
- Teltow-Fläming: +14.4%
- City of Potsdam: +14.2%
- Barnim: +10.2%
- City-State of Berlin: +7.7%
- Potsdam-Mittelmark: +6.7%
- Dahme-Spreewald: +3.8%
- Havelland: 2.7%
- Märkisch-Oderland: +2.5%
- Oberhavel: -1.0%
- Oder-Spree: -2.5%
TOTAL Berlin metro area: +7.2%

Real GDP growth from 2007 to 2011:
- Trenton, NJ (MSA): +4.3%
- New York-Newark-Jersey City, NY-NJ-PA (MSA): +0.5%
- Allentown-Bethlehem-Easton, PA-NJ (MSA): -0.1%
- Bridgeport-Stamford-Norwalk, CT (MSA): -2.6%
- Kingston, NY (MSA): -2.7%
- East Stroudsburg, PA (MSA): -5.2%
- New Haven-Milford, CT (MSA): -5.5%
TOTAL New York CSA: +0.2%

Real GDP growth from 2007 to 2011:
- California-Lexington Park, MD (MSA): +17.7%
- Washington-Arlington-Alexandria, DC-VA-MD-WV (MSA): +7.2%
- Baltimore-Columbia-Towson, MD (MSA): +4.8%
- Winchester, VA-WV (MSA): +3.1%
- Hagerstown-Martinsburg, MD-WV (MSA): +0.7%
- Chambersburg-Waynesboro, PA (MSA): -4.5%
TOTAL Washington-Baltimore CSA: +6.5%

Real GDP growth from 2007 to 2011:
- Kankakee, IL (MSA): -0.3%
- Michigan City-La Porte, IN (MSA): -1.7%
- Chicago-Naperville-Elgin, IL-IN-WI (MSA): -2.1%
TOTAL Chicago CSA: -2.1%

Real GDP growth from 2007 to 2011:
- Oxnard-Thousand Oaks-Ventura, CA (MSA): -1.6%
- Los Angeles-Long Beach-Anaheim, CA (MSA): -5.5%
- Riverside-San Bernardino-Ontario, CA (MSA): -10.5%
TOTAL Los Angeles CSA: -5.9%

Real GDP growth from 2007 to 2011:
- San Jose-Sunnyvale-Santa Clara, CA (MSA): +12.2%
- San Francisco-Oakland-Hayward, CA (MSA): -3.4%
- Santa Rosa, CA (MSA): -6.5%
- Vallejo-Fairfield, CA (MSA): -8.3%
- Stockton-Lodi, CA (MSA): -8.7%
- Napa, CA (MSA): -10.2%
- Santa Cruz-Watsonville, CA (MSA): -13.6%
TOTAL San Francisco Bay Area CSA: +0.4%
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Old Posted Mar 23, 2014, 5:34 PM
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+ German metro areas.

Real GDP growth from 2007 to 2011:
- Paris Region: +7.3%
- Berlin metro area: +7.2%

- Washington-Baltimore CSA: +6.5%
- Rhine-Ruhr metro area (Cologne-Düsseldorf-Essen): +2.4%
- Munich metro area: +0.7%

- San Francisco Bay Area CSA: +0.4%
- London + 6 home counties: +0.2%
- Hamburg metro area: +0.2%

- New York CSA: +0.2%
- Stuttgart metropolitan area: -0.6%
- Rhine-Main metropolitan area (Frankfurt-Wiesbaden-Mainz): -1.2%

- Chicago CSA: -2.1%
- Los Angeles CSA: -5.9%


Details below.

Real GDP growth from 2007 to 2011:
- City of Essen: +12.9%
- Recklinghausen District: +11.9%
- Wesel District: +10.3%
- City of Bonn: +10.2%
- City of Oberhausen: +9.0%
- Rhein-Sieg District: +8.2%
- City of Bochum: +7.5%
- City of Hamm: +6.9%
- City of Herne: +5.0%
- City of Bottrop: +4.4%
- City of Gelsenkirchen: +2.6%
- City of Dortmund: +2.1%
- Unna District: +2.0%
- City of Duisburg: +2.0%
- Mettmann District: +1.8%
- Ennepe-Ruhr District: +1.6%
- Rhein-Erft District: +1.5%
- Viersen District: +1.0%
- City of Wuppertal: +0.7%
- City of Düsseldorf: +0.4%
- Märkischer District: +0.2%
- Rhein-Kreis Neuss District: +0.1%
- City of Mönchengladbach: -1.6%
- Rheinisch-Bergischer District: -1.8%
- City of Cologne: -2.0%
- City of Hagen: -2.1%
- City of Leverkusen: -2.5%
- City of Mülheim an der Ruhr: -2.9%
- City of Remscheid: -4.3%
- City of Solingen: -8.4%
- City of Krefeld: -9.3%
TOTAL Rhine-Ruhr metro area: +2.4%

Real GDP growth from 2007 to 2011:
- Segeberg: +3.8%
- Harburg: +3.2%
- Stormarn: +1.9%
- Stade: +1.7%
- Pinneberg: +0.6%
- City-State of Hamburg: +0.5%
- Duchy of Lauenburg: -19.4%
TOTAL Hamburg metropolitan area: +0.2%

Real GDP growth from 2007 to 2011:
- Mainz-Bingen District: +12.9%
- City of Mainz (Mayence): +5.2%
- Main-Kinzig District: +2.7%
- City of Darmstadt: +2.4%
- Rheingau-Taunus District: +1.5%
- Groß-Gerau District: +1.3%
- Darmstadt-Dieburg District: +1.0%
- City of Frankfurt am Main: +0.6%
- Wetteraukreis District: +0.3%
- City of Aschaffenburg: -0.3%
- Offenbach District: -2.3%
- Aschaffenburg District: -3.3%
- City of Offenbach am Main: -4.1%
- Main-Taunus District: -4.5%
- City of Wiesbaden: -6.2%
- Hochtaunuskreis District: -17.8%
TOTAL Rhine-Main metropolitan area: -1.2%

Real GDP growth from 2007 to 2011:
- Erding: +8.3%
- Fürstenfeldbruck: +7.8%
- Dachau: +4.9%
- City of Munich: +2.5%
- Ebersberg: +0.2%
- Freising: -2.5%
- Munich suburban district: -3.8%
- Starnberg: -10.2%
TOTAL Munich metropolitan area: +0.7%

Real GDP growth from 2007 to 2011:
- Böblingen: +5.8%
- Rems-Murr-Kreis: +1,5%
- Ludwigsburg: +1,2%
- Göppingen: +0,8%
- Esslingen: +0.3%
- City of Stuttgart: -5.3%
TOTAL Stuttgart metropolitan area: -0.6%
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Old Posted Mar 23, 2014, 5:48 PM
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....if only the US wasn't spending so much money on defense and war. A big sigh...
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Old Posted Mar 23, 2014, 5:49 PM
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London was hit by the financial crisis post 2007. However as I have stated in previous posts in recent years London has bounced back, has had relatively good growth levels and is projected to have further increased growth.

The UK had 1.9% GDP growth last year, with much of the growth being led by London. Furthermore forecasts predict 2.7% growth in 2014 and even stronger long term growth. The British economy is even predicted to overtake the German economy by 2030, by which time London's population is predicted to have grown to over 10 million.

London's Economy Today

London’s astonishing boom can lift the whole of Britain

It's generally recognised that London's economy is doing very well, and that even the UK Economy is managing significant growth despite the fact that some other regions are struggling when compared to London.
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Old Posted Mar 23, 2014, 5:50 PM
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LA would probably benefit from MORE spending on defense, specifically aerospace.

How does the North of England fare? or Canadian cities?
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Old Posted Mar 23, 2014, 5:52 PM
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Quote:
Originally Posted by the urban politician View Post
....if only the US wasn't spending so much money on defense and war. A big sigh...
The UK has also spent a considerable amount but no where near the US figure.
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Old Posted Mar 23, 2014, 5:53 PM
New Brisavoine New Brisavoine is offline
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+ southern US metro areas.

Real GDP growth from 2007 to 2011:
- Paris Region: +7.3%
- Berlin metro area: +7.2%

- Houston MSA: +6.6%
- Washington-Baltimore CSA: +6.5%
- Dallas-Fort Worth CSA: +4.9%
- Rhine-Ruhr metro area (Cologne-Düsseldorf-Essen): +2.4%
- Munich metro area: +0.7%

- San Francisco Bay Area CSA: +0.4%
- London + 6 home counties: +0.2%
- Hamburg metro area: +0.2%

- New York CSA: +0.2%
- Charlotte MSA: -0.3%
- Stuttgart metropolitan area: -0.6%
- Rhine-Main metropolitan area (Frankfurt-Wiesbaden-Mainz): -1.2%

- Chicago CSA: -2.1%
- Atlanta CSA: -2.9%
- Los Angeles CSA: -5.9%
- Miami CSA: -8.0%


Details below. Houston and Charlotte CSA are made up of only one MSA, so no details.

Real GDP growth from 2007 to 2011:
- Sherman-Denison, TX (MSA): +7.6%
- Dallas-Fort Worth-Arlington, TX (MSA): +4.8%
TOTAL Dallas-Fort Worth CSA: +4.9%

Real GDP growth from 2007 to 2011:
- Athens-Clarke County, GA (MSA): +0.1%
- Gainesville, FL (MSA): -2.8%
- Atlanta-Sandy Springs-Roswell, GA (MSA): -3.0%
TOTAL Atlanta CSA: -2.9%

Real GDP growth from 2007 to 2011:
- Miami-Fort Lauderdale-West Palm Beach, FL (MSA): -7.5%
- Port St. Lucie, FL (MSA): -14.1%
- Sebastian-Vero Beach, FL (MSA): -16.3%
TOTAL Miami CSA: -8.0%
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Old Posted Mar 23, 2014, 6:02 PM
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Assuming these numbers are correct, and apples-to-apples, they are not what I would expect, that's for sure. Great news for Paris, though. Why are the economic numbers for France relatively weak if Paris, which is a huge proportion of the economy, has such strong numbers? Are other metro areas lagging?

One thing, at least for Germany, is that the economy was awful from 2000 to 2007 or so. So it may be that German cities have fantastic growth from 2008 to present, but if you move back a few years, you could come to very different conclusions. Germany pre-Merkel, and pre export-boom was considered an economic basket case, at least for postwar German standards.

Crazy as it sounds now, there were articles back in 2006 claiming that Germany was the "sick man" of Europe, and that one day places like Spain would surpass Germany. Oh how times have changed. Now Germany has never been more dominant since WWII.
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Old Posted Mar 23, 2014, 6:47 PM
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Quote:
Originally Posted by Crawford View Post
Great news for Paris, though. Why are the economic numbers for France relatively weak if Paris, which is a huge proportion of the economy, has such strong numbers? Are other metro areas lagging?
The numbers for France are not particularly weak. They are in the middle-tier. Between 2007 and 2011, the real GDP growth of the entire countries were like this:
- Canada: +4.3%
- Germany: +2.7%
- United States: +1.2%
- Netherlands: +0.5%
- France: +0.4%
- Japan: -2.7%
- Spain: -3.1%
- United Kingdom: -3.3%
- Italy: -4.6%

It was thought that Paris had fared worse than the rest of France in this crisis, due to its higher international exposure, but INSEE revised all the regional French GDP figures last year (which are then transmitted to Eurostat), and the picture was completely changed: Paris has greatly outperformed the rest of France.

The other large French metro areas didn't fare too bad (I'll post the figures later, but they had GDP growth more or less like London, SF, Munich). What really brought the French GDP down are the smaller regions with no large metro areas, in particular the industrial ones like Lorraine, Franche-Comté, Upper Normandy. They've experienced a big economic crisis.
Quote:
Originally Posted by Crawford View Post
One thing, at least for Germany, is that the economy was awful from 2000 to 2007 or so. So it may be that German cities have fantastic growth from 2008 to present, but if you move back a few years, you could come to very different conclusions. Germany pre-Merkel, and pre export-boom was considered an economic basket case, at least for postwar German standards.
The figures I've listed start with GDP growth in 2008, so it's the Germany after the Schröder reforms which allowed the country to grow again. As you can see, the entire Germany grew by +2.7% from 2007 to 2011 (i.e. cumulative 2008, 2009, 2010, and 2011 growth rates). When looking at the list, it may seem bizarre that all German metro areas except Berlin are under the national average. I was surprised by that too (in particular Munich, I would have expected Munich had had high growth, since Bavaria grew almost as much as the Paris Region between 2007 and 2011).

But then there is an explanation for that: Germany's good economic growth in this crisis is due essentially to smaller cities and small industrial regions scattered all across the country (it's the exact opposite of France). Munich underperformed Bavaria by 5% (Bavaria grew by +5.9% while Munich metro area grew by only +0.7%), but many small Bavarian towns had sky-high GDP growth. Several small towns and districts had real GDP growth rates of +25%, or even +50% between 2007 and 2011, but these places are mostly unknown to the rest of the world. For example the district of Pfaffenhofen an der Ilm grew by +43.1% between 2007 and 2011. The city of Wolfsburg, which hosts the headquarters of Volkswagen, grew by +29.4%. 'World-famous' Neumarkt in der Oberpfalz grew by +26.3%. Etc. That's where the engine of German growth is located, not in the big metro areas (except Berlin, where government services skew statistics).

That's an industrial zone in Neumarkt in der Oberpfalz, courtesy of the German Wikipedia:

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Old Posted Mar 23, 2014, 8:11 PM
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Quote:
Originally Posted by dc_denizen View Post
How does the North of England fare?
+ UK metro areas.

Real GDP growth from 2007 to 2011:
- Paris Region: +7.3%
- Berlin metro area: +7.2%

- Houston MSA: +6.6%
- Washington-Baltimore CSA: +6.5%
- Dallas-Fort Worth CSA: +4.9%
- Rhine-Ruhr metro area (Cologne-Düsseldorf-Essen): +2.4%
- Munich metro area: +0.7%
- Bristol metro area: +0.6%

- San Francisco Bay Area CSA: +0.4%
- London + 6 home counties: +0.2%
- Hamburg metro area: +0.2%

- New York CSA: +0.2%
- Charlotte MSA: -0.3%
- Stuttgart metro area: -0.6%
- Rhine-Main metro area (Frankfurt-Wiesbaden-Mainz): -1.2%
- Liverpool metro area: -2.0%

- Chicago CSA: -2.1%
- Atlanta CSA: -2.9%
- Glasgow metro area: -5.1%
- Los Angeles CSA: -5.9%
- Edinburgh metro area: -6.3%
- West Yorkshire metro area (Leeds-Bradford): -6.3%
- Birmingham metro area: -6.5%
- Manchester metro area: -6.7%

- Miami CSA: -8.0%


Details below.

Real GDP growth from 2007 to 2011:
- City of Manchester, Salford, Stockport, Tameside, Trafford: -5.3%
- Warrington: -7.5%
- Bolton, Bury, Oldham, Rochdale, Wigan: -9.2%
TOTAL Manchester metro area: -6.7%

Real GDP growth from 2007 to 2011:
- Walsall: -1.7%
- Wolverhampton: -2.9%
- City of Birmingham: -3.2%
- Sandwell: -5.6%
- Coventry: -7.9%
- Solihull: -14.2%
- Dudley: -18.7%
TOTAL Birmingham metro area: -6.5%

Real GDP growth from 2007 to 2011:
- Knowsley, St Helens and Halton: +0.7%
- City of Liverpool : -0.4%
- Wirral: -2.8%
- Sefton: -10.5%
TOTAL Liverpool metro area: -2.0%

Real GDP growth from 2007 to 2011:
- City of Glasgow: -1.5%
- Inverclyde, East Renfrewshire and Renfrewshire: -5.4%
- East Dunbartonshire, West Dunbartonshire and Helensburgh & Lomond: -7.5%
- North Lanarkshire: -8.7%
- South Lanarkshire: -11.9%
TOTAL Glasgow metro area: -5.1%

Real GDP growth from 2007 to 2011:
- Wakefield: +1.5%
- Calderdale and Kirklees: -2.7%
- Bradford: -8.5%
- Leeds: -9.2%
TOTAL West Yorkshire metro area: -6.3%

Real GDP growth from 2007 to 2011:
- Bath and North East Somerset, North Somerset and South Gloucestershire: +3.4%
- City of Bristol: -2.7%
TOTAL Bristol metro area: +0.6%

Real GDP growth from 2007 to 2011:
- West Lothian: -5.0%
- City of Edinburgh: -6.2%
- East Lothian and Midlothian: -8.9%
TOTAL Edinburgh metro area: -6.3%
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Old Posted Mar 23, 2014, 8:51 PM
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Interesting stats.

Obviously, the last three years have seen an economic boom in the Bay Area, and I would be greatly surprised if most of the big US metros have not also seen growth since 2011.
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Old Posted Mar 23, 2014, 8:55 PM
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Originally Posted by fflint View Post
Obviously, the last three years have seen an economic boom in the Bay Area, and I would be greatly surprised if most of the big US metros have not also seen growth since 2011.
There have only been 2 years since the figures that I'm listing here: 2012 and 2013. The growth figures listed here are inclusive of GDP growth in 2011.
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Old Posted Mar 23, 2014, 9:00 PM
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Quote:
Originally Posted by dc_denizen View Post
Canadian cities?
We only have the growth rates for the metro areas of Québec, thanks to the Institut de la Statistique du Québec. Statcan (the federal statistical office) unfortunately does not calculate GDP figures for the Canadian metro areas, so I can only give you figures for Québec.

I'm adding the Montréal CMA (Census Metropolitan Area) and the Québec City CMA in the list. Both the Montréal CMA and the Québec City CMA outperformed the rest of Canada between 2007 and 2011 (Canada grew by +4.3% during those 4 years, whereas the Province of Québec grew by +5.4%, and as for Montréal and Québec City, look below).

Real GDP growth from 2007 to 2011:
- Paris Region: +7.3%
- Berlin metro area: +7.2%

- Houston MSA: +6.6%
- Washington-Baltimore CSA: +6.5%
- Québec City CMA: +5.7%
- Montréal CMA: +5.0%
- Dallas-Fort Worth CSA: +4.9%
- Rhine-Ruhr metro area (Cologne-Düsseldorf-Essen): +2.4%
- Munich metro area: +0.7%
- Bristol metro area: +0.6%

- San Francisco Bay Area CSA: +0.4%
- London + 6 home counties: +0.2%
- Hamburg metro area: +0.2%

- New York CSA: +0.2%
- Charlotte MSA: -0.3%
- Stuttgart metro area: -0.6%
- Rhine-Main metro area (Frankfurt-Wiesbaden-Mainz): -1.2%
- Liverpool metro area: -2.0%

- Chicago CSA: -2.1%
- Atlanta CSA: -2.9%
- Glasgow metro area: -5.1%
- Los Angeles CSA: -5.9%
- Edinburgh metro area: -6.3%
- West Yorkshire metro area (Leeds-Bradford): -6.3%
- Birmingham metro area: -6.5%
- Manchester metro area: -6.7%

- Miami CSA: -8.0%
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Old Posted Mar 24, 2014, 2:45 AM
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+ northeastern US metro areas.

Real GDP growth from 2007 to 2011:
- Paris Region: +7.3%
- Berlin metro area: +7.2%

- Houston MSA: +6.6%
- Washington-Baltimore CSA: +6.5% (Washington MSA: +7.2%)
- Québec City CMA: +5.7%
- Montréal CMA: +5.0%
- Dallas-Fort Worth CSA: +4.9%
- Boston-Providence CSA: +3.5% (Boston MSA: +5.2%)
- Rhine-Ruhr metro area (Cologne-Düsseldorf-Essen): +2.4%
- Pittsburgh CSA: +2.1%
- Munich metro area: +0.7%
- Bristol metro area: +0.6%

- San Francisco Bay Area CSA: +0.4%
- London + 6 home counties: +0.2%
- Hamburg metro area: +0.2%

- New York CSA: +0.2%
- Philadelphia CSA: -0.3% (Philadelphia MSA: +0.4%)
- Charlotte MSA: -0.3%
- Stuttgart metro area: -0.6%
- Rhine-Main metro area (Frankfurt-Wiesbaden-Mainz): -1.2%
- Liverpool metro area: -2.0%

- Chicago CSA: -2.1%
- Atlanta CSA: -2.9%
- Cleveland-Akron CSA: -3.6%
- Glasgow metro area: -5.1%
- Los Angeles CSA: -5.9%
- Edinburgh metro area: -6.3%
- West Yorkshire metro area (Leeds-Bradford): -6.3%
- Birmingham metro area: -6.5%
- Manchester metro area: -6.7%

- Miami CSA: -8.0%
- Detroit CSA: -8.4%


Real GDP growth from 2007 to 2011:
- Manchester-Nashua, NH (MSA): +5.2%
- Boston-Cambridge-Newton, MA-NH (MSA): +5.2%
- Worcester, MA-CT (MSA): +0.6%
- Providence-Warwick, RI-MA (MSA): -2.0%
- Barnstable Town, MA (MSA): -4.7%
TOTAL Boston-Providence CSA: +3.5%

Real GDP growth from 2007 to 2011:
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (MSA): +0.4%
- Vineland-Bridgeton, NJ (MSA): -0.2%
- Ocean City, NJ (MSA): -0.2%
- Dover, DE (MSA): -2.5%
- Reading, PA (MSA): -4.3%
- Atlantic City-Hammonton, NJ (MSA): -10.5%
TOTAL Philadelphia CSA: -0.3%

Real GDP growth from 2007 to 2011:
- Pittsburgh, PA (MSA): +2.4%
- Weirton-Steubenville, WV-OH (MSA): -8.6%
TOTAL Pittsburgh CSA: +2.1%

Real GDP growth from 2007 to 2011:
- Ann Arbor, MI (MSA): -4.8%
- Detroit-Warren-Dearborn, MI (MSA): -8.5%
- Monroe, MI (MSA): -8.8%
- Flint, MI (MSA): -12.5%
TOTAL Detroit CSA: -8.4%

Real GDP growth from 2007 to 2011:
- Cleveland-Elyria, OH (MSA): -3.4%
- Akron, OH (MSA): -4.1%
- Canton-Massillon, OH (MSA): -4.5%
TOTAL Cleveland-Akron CSA: -3.6%
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  #15  
Old Posted Mar 24, 2014, 2:54 AM
Onn Onn is offline
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....if only the US wasn't spending so much money on defense and war. A big sigh...
Dude, why do you start out with such a boneheaded statement? We have BY FAR the largest economy in the world. That doesn't just come from city spending but government spending, and specifically, military spending.
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  #16  
Old Posted Mar 24, 2014, 3:34 AM
Ragnar Ragnar is offline
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A % change of GDP over a randomly selected time period doesn't really tell you much about anything.
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  #17  
Old Posted Mar 24, 2014, 4:34 AM
rellott rellott is offline
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2007 is seen as the economic peak before the crisis in '08 and I guess 2011 is deemed as the year we've recovered? I apologize in advance, but I'm just guessing as to why these years were chosen.
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  #18  
Old Posted Mar 24, 2014, 2:40 PM
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MayorOfChicago MayorOfChicago is offline
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Originally Posted by rellott View Post
2007 is seen as the economic peak before the crisis in '08 and I guess 2011 is deemed as the year we've recovered? I apologize in advance, but I'm just guessing as to why these years were chosen.
No, not at all as far as 2011, it wasn't a full recovery then for most areas.

Chicago, Real GDP and Cumulative Change:

2007: 487,969
2008: 478,442 (-2.0%)
2009: 458,739 (-6.0%)
2010: 468,440 (-4.0%)
2011: 477,692 (-2.1%)
2012: 488,974 (0.2%)
2013: 494,312 (1.3%)
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Last edited by MayorOfChicago; Mar 24, 2014 at 3:02 PM.
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  #19  
Old Posted Mar 24, 2014, 3:08 PM
isaidso isaidso is offline
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Calgary, Edmonton and a number of other CMAs would have all grown much faster than Montreal or Quebec City 2007-2011. Those 2 Alberta cities are sure to be well into the double digits % growth.
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  #20  
Old Posted Mar 24, 2014, 3:21 PM
mthd mthd is offline
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the selection of 2007-2011 seems designed specifically to measure the depth of the recession - not the recovery since. in that sense, it tells a particular story.

on the other hand, it's not a meaningful story at all.

how about 2000 through 2013? (this century)
or 2003 through 2013? (the last 10 years)
or 2007 through 2013? (recession to present)

the numbers would be very different.
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