Knoxville, TN -- The Brookings Institution, a private nonprofit group that conducts independent research, has released a report today that found Knoxville to be one of three cities in the country to have fully recovered from the recession.
The report, called “Global MetroMonitor 2012 Slowdown, Recovery, and Interdependence,” identified seven world regions, including 76 U.S. metro areas. In addition to Knoxville, Brookings found that Pittsburgh and Dallas have also recovered.
The report analyzed 2011-2012 data on Gross Domestic Product (GDP) per capita and employment change, among other factors. There were 300 metropolitan areas worldwide that were examined.
“This is a great indicator of how Knoxville is doing when compared to other cities nationwide,” said Knoxville Mayor Madeline Rogero. “While we are elated about the findings of the report, we know there is still work to be done to grow and attract quality jobs to our area and we are working hard with our many partners to accomplish that.”
The recognition comes on the heels of several recent expansion announcements by Innovation Valley companies including ADT, CSL Plasma, and BHS Corrugated North America. Between July 2011 and July 2012 over 7,600 jobs were created throughout the region, as reported by the US Bureau of Labor Statistics.
“We are pleased to see that the efforts to leverage our regional assets have positioned us well for opportunities that are emerging as the national economy shifts back into gear,” said Dr. Thom Mason, director of Oak Ridge National Laboratory and chairman of the Innovation Valley board of directors.
Innovation Valley is a regional economic development initiative led by the Knoxville Chamber and consists of six partner agencies including the Blount County Chamber of Commerce, the Loudon County Economic Development Agency, the Oak Ridge Economic Partnership, the Roane Alliance, and the Tellico Reservoir Development Agency. The organization is charged with developing and guiding the business recruitment, retention, and expansion efforts for the communities within its footprint.
The entire report can be viewed here: