The Metro Monitor by the Brookings Institute measures the performance of the nation’s major metropolitan economies in three critical areas for economic development: growth, prosperity, and inclusion. Great news for San Antonio as the City achieves a top 5 ranking for Prosperity.
Successful economic development should put a metropolitan economy on a higher trajectory of long-run growth (growth) by improving the productivity of individuals and firms in order to raise local standards of living (prosperity) for all people (inclusion). The Metro Monitor examines indicators within each of these categories that help assess metropolitan areas’ progress toward shaping an advanced economy that works for all.
In a review of the 100 largest metro areas over the last year, San Antonio-New Braunfels ranked high in the overall standings.
Here is the annual percentage of change in major categories:
Jobs +3.2% (ranked 20th)
GMP +4.8% (ranked 6th)
AGG Wages +5.4% (ranked 12th)
GMP/Cap +2.7% (ranked 6th)
GMP/Job +1.6% (ranked 3rd)
To gain a better understanding of the data, here are the Category Definitions:
Growth indicators capture change in the total size of a metropolitan area’s economy.
Prosperity refers to the wealth and income produced by an economy on a per-capita or per-worker basis.
Jobs: Total full- and part-time jobs. Source: Moody’s Analytics
Gross metropolitan product (GMP): Total value of goods and services produced in a metropolitan economy. Source: Moody’s Analytics
Aggregate wages: Total value of wages, salaries, and benefits paid to all workers. Source: Moody’s Analytics
GMP per job: A measure of productivity equal to GMP divided by total jobs. Source: Moody’s Analytics
Average annual wage: Aggregate wages divided by total jobs. Source: Moody’s Analytics
GMP per capita: A measure of living standards equal to GMP divided by total population. Source: Moody’s Analytics and the U.S. Census Bureau
Metro Monitor Link, click here.