U.S. Conference of Mayors Releases Comprehensive Economic Report Revealing Strength of Metro Economies & More News Here

New Data Finds Cities Driving Economic Recovery, Job Growth

RENO, Nev., June 3, 2022 /PRNewswire/ — Today the United States Conference of Mayors (USCM) launched its 2022 Metro Economies Report, which particulars the financial scenario and outlook for each metropolitan space in the United States. This new information, revealed through the USCM’s ninetieth Annual Meeting going down in Reno, Nevada, reveals that cities are the dominant drivers of financial exercise in America and are chargeable for the overwhelming share of the expansion within the U.S. financial system during the last yr. The Metro Economies Report, ready by IHS Markit, additionally initiatives {that a} majority of American cities will see employment return to pre-pandemic ranges by the top of this yr, and that inflation will gradual significantly within the coming two years.

The full report, which incorporates information for each U.S. metro space, may be discovered right here. With the discharge of the info, Columbus Mayor Andrew Ginther, the chairman of the USCM Council on Metro Economies and the New American City, launched the next assertion:

“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. 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.”

Key Findings from the Metro Economies Report:

• U.S. metro economies’ contribution to nationwide revenue and financial development elevated for the eighth consecutive yr in 2021.
• US metro economies accounted for 90.0% of actual gross home product in 2021.
• In 2021 metro economies accounted for 94.1% ($0.97 trillion) of GDP development and 90.7% of employment development.
• Wages earned in metro economies represented 91.8% of all US wage and wage revenue, and 88.1% of US jobs.
• U.S. metro economies added 5.9 million jobs in 2021
• Report initiatives 3.6 million jobs will likely be created in 2022 nationally.
• Inflation projections: 6.8% for 2022, 2.8% in 2023 and 1.9% in 2024.

About the United States Conference of Mayors — The U.S. Conference of Mayors is the official nonpartisan group of cities with populations of 30,000 or extra. There are greater than 1,400 such cities within the nation immediately, and every metropolis is represented within the Conference by its chief elected official, the mayor. Like us on Facebook or observe us on Twitter.

SOURCE U.S. Conference of Mayors

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