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American Recovery and Reinvestment: The Role of Metro AreasPrepared by IHS Global Insight for:The United States Conference of Mayors and the Council for the New American City January 2009 The U.S. economy is now in a deep recession. The recession began in December 2007 and is expected to last 18–24 months—the longest in the post–World War II era, with the second-largest peak-to-trough drop in real output. A return to solid growth is at least a year away. Forecasted declines will push one-third of the nation's metropolitan areas below their year 2000 employment levels by the end of 2009. There is no question that the metropolitan areas of the United States are the driving forces of the U.S. economy, responsible for more than 85% of jobs, 90% of wage income and production, and 92% of the country's real GDP growth in 2007. Thus, it is crucial to examine what role metro areas can play in the nation's recovery. In this report, IHS Global Insight examines the current state and fate of metro economies and determines which factors policy-makers should consider in their recovery plans. Dramatic action by the federal government is required to halt the recessionary losses and re-invigorate the economy, and metro economies need to be at the forefront of the strategy. Metro economies are suffering, and they must reallocate their productive resources and understand where public investment is necessary to get back on track. To access the full report, click here. If you have questions or comments regarding the report, please contact: James Diffley IHS Global Insight james.diffley@ihsglobalinsight.com Tel: +1 610 490 2642 |
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