Knoxville, Tennessee (PRWEB) September 20, 2012
The latest report from Brookings MetroMonitor shines favorably on the Innovation Valley economy. The report, released September 18th, named the Knoxville metropolitan area the 12th strongest overall metro area in economic recovery.
The ranking was up two spots from the 14th overall rating Brookings recognized Knoxville with last quarter.
See Knoxville’s complete ranking here:
Brookings found Knoxville to be among the top 20 metro areas in several economic categories including employment, output, and housing prices. The Knoxville metropolitan area has consistently ranked among the best in Tennessee in unemployment rate.
"We continue to enjoy steady growth in a number of industry segments," Rhonda Rice, executive vice president of the Knoxville Chamber said. "We believe the infrastructure is in place to continue strong growth in the Innovation Valley for a number of years to come."
The think-tank’s study found government jobs have decreased in the Knoxville area while the fastest growing sectors are construction and mining.
Home to several world-class organizations and headquarters, Knoxville outperformed all other Tennessee metropolitan areas in the think-tank's study, with the exception of Nashville, which finished one-spot higher in overall ranking at 11th.
In the latest quarter, output in the Knoxville metropolitan area actually jumped ahead of pre-recession levels. Other indicators, such as employment are now very close (less than 1%) to where they were at the start of 2008.
Innovation Valley Inc. is a regional economic development initiative centered on a 25-mile Technology Corridor with world-class resources in science, technology, and business. Experience shows that a regional approach to economic development offers the most advantages to businesses planning a corporate relocation or expansion and the communities involved.