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 NWREporter July 2010
Seattle tops charts for “strongest economy” in America
Seattle’s metropolitan area is the strongest local economy in the nation according to Policom Corp., an independent economic research firm that specializes in analyzing local and state economies.
Using an analysis of 23 different economic factors, Policom compared the nation’s 366 metropolitan statistical areas and 576 micropolitan areas. (Editor’s note: The Office of Management and Budget, as a result of the 2000 census, redefined Metropolitan Statistical Areas and established Micropolitan Areas.)
In capturing the top ranking, the Seattle-Tacoma-Bellevue area improved on its 12th place position in 2009. In 2006, it ranked No. 51 in the country.
Rounding out the list of top five strongest economies for 2010 were:
- Washington-Arlington-Alexandria,
- Denver-Aurora-Broomfield, CO
- Houston-Sugar Land-Baytown, TX
- Sacramento-Arden-Arcade-Roseville, CA
“The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time,” William H. Fruth, President of Florida-based Policom.
“The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation,” Fruth continued. “While most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
In contrast, the lowest ranked areas have been in volatile decline for an extended period of time. Policom ranked Danville, Ill last on the list of Metro areas. Also in the bottom five were Muncie, Ind., (No. 365); Anderson, Ind. (No. 364), Danville, Va. (No. 363) and Springville, Ohio (No. 362).
Four other metro areas in Washington finished in the top 50: Olympia (No. 14), Portland-Vancouver-Hillsboro (24th), Bellingham (42nd) and Mount Vernon-Anacortes (47th).
Among micropolitans, first-place honors went to Edwards, Colo. Ellensburg, ranked No. 26, was the only “micro” in Washington to be listed among the top 50 strongest micropolitan economies.
Metropolitan Statistical Areas have at least one urbanized area with a population of at least 50,000, plus adjacent territory (counties) which have a high degree of social and economic integration with the core as measured by commuting ties. They must have at minimum one county but most often include several counties.
The Micropolitan Statistical Areas designation was created in 2003. Once looked upon as quasi rural areas, a Micropolitan Statistical Area must have an urbanized area (city) with a population of at least 10,000 but fewer than 50,000. The OMB has identified 576 MICROS in the United States for 2010.
Policom’s study measures 23 different economic factors over a twenty-year period to create the rankings. The formulas determine how an economy has behaved over an extended period of time. Data stretching from 1989 to 2008 was used for this study. The firm (policom.com) has created economic strength rankings since 1996.
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