America’s top 10 metropolitan centers for economic production

The foundation of America’s robust economy is upheld by its metropolitan centers. As communities emerge from the pandemic and confront the possibility of a near-future recession, city economies are well positioned to guide the nation through whatever comes next.

A new report from the U.S. Conference of Mayors, the 2022 Metro Economies Report, details the economic situation and outlook for metropolitan areas in the United States. The data shows that cities are the dominant drivers of economic activity in the nation and are responsible for the overwhelming share of the growth in the U.S. economy over the last year.

“The pandemic tested American cities, but they have proven resilient and are now leading the nation back to economic strength. It’s clear from this data that the health of the nation is tied to the health of metro economies,” said Andrew Ginther, mayor of Columbus, Ohio and chair of the U.S. Conference of Mayors’ Council on Metro Economies and the New American City. “Metro areas remain the powerhouse of the American economy, and this report validates the work mayors have been doing locally and the investment made by our partners at the federal level. Real economic challenges remain, but the future looks increasingly bright for American families and businesses.”

The findings were released as part of the organization’s 90th annual meeting, which took place June 3 through 6 in Reno, Nev. 

Last year, American cities accounted for 94 percent of the nation’s gross domestic product (GDP) growth, and a little more than 90 percent of employment growth. Other notable findings in the report include documentation of an uptick in the contribution to the economy by southern metro centers for the eight consecutive year, adding 5.9 million jobs in 2021. 

With experts predicting a potential downturn later this year, the economy has just about recovered from its historic low. Rebounding from the sharpest economic decline ever recorded in 2020, the nation rebounded with its largest increase ever in 2021. 

“Consumer spending surged, buoyed by federal stimulus and large gains in wealth in the stock market, and in housing,” the report says. “This year, 2022, has seen full employment return, and wages rise with very tight labor markets across the country.”

As of April, the labor market had recovered 20.8 million of the 22 million jobs that were lost at the pandemic’s onset. (Government employment is notably still down by nearly 1 million jobs.) Currently, the nation’s unemployment rate sits at around 3.6 percent, approaching the 50-year-low rate of 3.5 percent at the beginning of 2020.

In a visual representation of just how strong the nation’s economy is, the report compares the economic output of American metro centers with nations—37 U.S. metropolitan centers ranked among the world’s largest economies. 

“New York would rank ninth, Los Angeles 18th and Chicago 24th,” the report says. And closer to home, “The combined economic output of the top ten performing U.S. metros, exceeded the combined economies of 37 U.S. states in 2021.”

For a list of the top 10 performing metro economies last year, click through the attached gallery.