economic strength rankings for many Tenn. cities... (Memphis, Nashville-Davidson: insurance, taxes)

[kamoshika]

I stumbled across a very interesting website yesterday that ranks all of the nation's Metropolitan Statistical Areas (METROs) and Micropolitan Statistical Areas (MICROs) by economic strength.

A METRO is defined as having "at least one urbanized area (city) 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." Approximately 82% of the nation's population reside in a METRO.

2007 METRO Economic Strength Rankings for Tennessee
(state & national ranking out of all 363 METROs)

1. Nashville-Davidson-Murfreesboro-Franklin: 4
2. Memphis, TN-MS-AR: 17
3. Knoxville: 74
4. Chattanooga, TN-GA: 75
5. Jackson: 129
6. Clarksville, TN-KY: 165
7. Kingsport-Bristol-Bristol, TN-VA: 248
8. Johnson City: 277
9. Morristown: 286
10. Cleveland: 287
METRO RANK

A MICRO is "an urbanized area (city) with a population of at least 10,000 but less than 50,000 population." Approximately 11% of the nation's population live in a MICRO.

2007 MICRO Economic Strength Rankings for Tennessee
(state & national ranking out of all 576 MICROs)

1. Tullahoma: 44
2. Cookeville: 48
3. Sevierville: 76
4. Greeneville: 89
5. McMinnville: 157
6. Shelbyville: 171
7. Dyersburg: 183
8. Athens: 187
9. Crossville: 209
10. Columbia: 240
11. Harriman: 241
12. LaFollette: 285
13. Lewisburg: 319
14. Union City, TN-KY: 327
15. Paris: 349
16. Humboldt: 368
17. Lawrenceburg: 382
18. Martin: 421
19. Brownsville: 552
20. Newport: 556
MICRO RANK

Here's more on the methodology: POLICOM addresses the condition of an economy from the viewpoint of its impact upon the "standard of living" of the people who live and work in an area.

The economic strength rankings are created so POLICOM can study the characteristics of strong and weak economies. The highest ranked areas have had rapid, consistent growth in both size and quality for an extended period of time. The lowest ranked areas have been in volatile decline for an extended period of time.
Econ Strength

These two maps show the areas covered by every Tennessee METRO and MICRO:
http://www.policom.com/PDF%20MET-MICRO/TNMETMICRO.pdf

[LauraC]

Originally Posted by kamoshika

I stumbled across a very interesting website yesterday that ranks all of the nation's Metropolitan Statistical Areas (METROs) and Micropolitan Statistical Areas (MICROs) by economic strength.

A METRO is defined as having "at least one urbanized area (city) 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." Approximately 82% of the nation's population reside in a METRO.

2007 METRO Economic Strength Rankings for Tennessee
(state & national ranking out of all 363 METROs)

1. Nashville-Davidson-Murfreesboro-Franklin: 4
2. Memphis, TN-MS-AR: 17
3. Knoxville: 74
4. Chattanooga, TN-GA: 75
5. Jackson: 129
6. Clarksville, TN-KY: 165
7. Kingsport-Bristol-Bristol, TN-VA: 248
8. Johnson City: 277
9. Morristown: 286
10. Cleveland: 287
METRO RANK

A MICRO is "an urbanized area (city) with a population of at least 10,000 but less than 50,000 population." Approximately 11% of the nation's population live in a MICRO.

2007 MICRO Economic Strength Rankings for Tennessee
(state & national ranking out of all 576 MICROs)

1. Tullahoma: 44
2. Cookeville: 48
3. Sevierville: 76
4. Greeneville: 89
5. McMinnville: 157
6. Shelbyville: 171
7. Dyersburg: 183
8. Athens: 187
9. Crossville: 209
10. Columbia: 240
11. Harriman: 241
12. LaFollette: 285
13. Lewisburg: 319
14. Union City, TN-KY: 327
15. Paris: 349
16. Humboldt: 368
17. Lawrenceburg: 382
18. Martin: 421
19. Brownsville: 552
20. Newport: 556
MICRO RANK

Here's more on the methodology: POLICOM addresses the condition of an economy from the viewpoint of its impact upon the "standard of living" of the people who live and work in an area.

The economic strength rankings are created so POLICOM can study the characteristics of strong and weak economies. The highest ranked areas have had rapid, consistent growth in both size and quality for an extended period of time. The lowest ranked areas have been in volatile decline for an extended period of time.
Econ Strength

These two maps show the areas covered by every Tennessee METRO and MICRO:
http://www.policom.com/PDF%20MET-MICRO/TNMETMICRO.pdf

Good info in the post - my eyes can't read the tiny print on the website, though.

[hiknapster]

The problem with this data is, although it says 2007, it is actually based on data that ends in 2005. For example, it has Cape Coral/Fort Myers, Florida as ranked 48th. Probably true in 2005. However, the economy there has since tanked.

[BarbG]

The map shows Knoxville in Blount County.

Thanks for sharing the info.

[kamoshika]

Originally Posted by hiknapster

The problem with this data is, although it says 2007, it is actually based on data that ends in 2005. For example, it has Cape Coral/Fort Myers, Florida as ranked 48th. Probably true in 2005. However, the economy there has since tanked.

True, there is a significant time lag in the data. As they note, "2005 data was released by the Bureau of Economic Analysis in May of 2007," so perhaps they'll update their rankings sometime over the next few months.

Clearly, caution is due when looking at economic strength rankings for areas especially hard hit by the recent housing downturn (i.e., Detroit, Las Vegas, much of California & Florida, etc.), but I think the rankings are especially useful for assessing the relative econ. strength of Tenn. municipalities over a period of time.

[kamoshika]

Originally Posted by BarbG

The map shows Knoxville in Blount County.

Thanks for sharing the info.

Glad to. FWIW, the lines on the map just point to particular areas (like Knoxville's 5-county METRO) rather than specific cities.

[hiknapster]

Originally Posted by kamoshika

True, there is a significant time lag in the data. As they note, "2005 data was released by the Bureau of Economic Analysis in May of 2007," so perhaps they'll update their rankings sometime over the next few months.

Clearly, caution is due when looking at economic strength rankings for areas especially hard hit by the recent housing downturn (i.e., Detroit, Las Vegas, much of California & Florida, etc.), but I think the rankings are especially useful for assessing the relative econ. strength of Tenn. municipalities over a period of time.

Oh, I agree.

But here's what I find interesting about lists and economic data: it's always changing and may not reflect one's own experience.

If I were to look at that data in 2005, which didn't exist, by the way, it would tell me that Fort Myers was in much better shape than Knoxville. Probably true.

However, at the time I lived in Fort Myers and knew that, first of all, the majority of those jobs were low-paying service jobs. I also knew that the housing market had gone sky-high and was about to bust. How? Because those low-paying jobs could not support those housing prices and insurance and taxes were about to scare away the retirees.

Sometimes you just have to play out scenarios in your head. Doesn't always work but we moved to Knoxville, and it did in my case.

So, what does this mean for us in Tennessee? Well, it very well could mean that we are higher on the list. I suspect that some other states may have climbed higher while others, most assuredly have fallen.

There is nothing quite like boots on the ground. That's why this forum is so invaluable.

The problem with statistics is that by the time the information is gathered, there is a whole new set. That's why the feds unveil the fact that we are in a recession after we are already out of it. Well, that and they are lying weasels.

Anyway, thanks for the stats, I love reading them, even if they are in hindsight.