Report: One-Third Of U.S. Metros Experienced Flat or Negative Growth in 2013
A report released Monday by the United States Conference of Mayors (USCM) finds that nearly one-third of the nations's 363 metropolitan areas experienced stagnant or declining economies in 2013, a significant increase from 2012 when one-fifth registered no growth.
"Cities and their metro economies account for over 90% of Gross Domestic Product (GDP); nearly 86% of the nation's population; and almost 86% of all jobs. So if our metro areas aren't doing well, the entire country suffers," said USCM President, Mesa (AZ) Mayor Scott Smith.
The report found that while 244 U.S. metro areas will experience some measure of economic expansion in 2013, nearly 40% will grow just 1% or less.
"The nation's cities are struggling more economically in 2013 than they did in 2012," said the USCM.