PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked No. 71 among the 100 largest metros in the nation for economic growth from 2015 to 2016, No. 36 for prosperity and No. 49 for inclusion, according the Brookings Institution’s 2018 Metro Monitor report released in February.
Although the Providence metro didn’t rank in the top 20 for any category, it was one of 11 metro areas that achieved inclusive economic growth and prosperity by posting improvements in each three categories of the Brookings Institution’s Inclusive Growth Index, according to the report.
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The report measured a metro area’s economic growth by reporting the shift in jobs added or lost, the change in the gross metropolitan product, and jobs added or lost at young firms. The Providence metro job numbers grew 1.2 percent from 2015 to 2016, which ranked No. 72 in the United States. The GMP grew 1.6 percent in that time, which ranked No. 63 in the U.S. Jobs at young firms grew faster than the overall job growth, rising 2.5 percent year over year, which ranked No. 53 among the largest metro areas in the U.S. Combining all three resulted in the region’s No. 71 overall rank for growth.
Inclusion was measured in 3 metrics, median wage, relative poverty and the metro’s employment rate. The Providence metro’s 0.1 percent increase in median wage year over year to 2016 earned it a No. 71 ranking. The area’s relative poverty declined 6.6 percent year over year, ranking No. 12 in the nation for largest decline. The employment rate in the metro area rose 0.5 percent year over year to 2016, ranking No. 64 in the U.S., with all three rankings contributing to the overall inclusion rank of No. 49.
Brooking Institution measured prosperity as a combination of the shifts in productivity, standard of living and the change in average annual wage. The Providence metro area’s 0.4 percent growth in productivity earned a No. 23 ranking. The standard of living in the area rose 1.5 percent year over year, which was 33rd the nation. Average annual wage growth ranked less well, rising 0.7 percent year over year, a rate that ranked No. 58 in the nation. The overall rank for prosperity was No. 36.
In the report, Spokane-Spokane Valley, Wash., ranked No. 1 for inclusion from 2015-2016. The San Jose-Sunnyvale-Santa Clara, Calif., metro area ranked No. 1 for prosperity growth and Provo, Utah, ranked No. 1 for economic growth from 2015 to 2016.
The report also measured the five-year and 10-year growth of the top 100 largest metro areas in the U.S.
The Providence metro’s five-year rankings (2011-2016) and their constituent parts:
Growth: No. 74
- Jobs: No. 74 (6.6 percent)
- GMP: No. 81 (4.4 percent)
- Jobs at young firms: No. 52 (7.4)
Prosperity: No. 62
- Productivity: No. 77 (-2.1 percent)
- Standard of living: No. 69 (3.5 percent)
- Average annual wage: No. 28 (6.2 percent)
Inclusion: No. 64
- Median wage: No. 54 (4.4 percent)
- Relative poverty: No. 32 (-5.8 percent)
- Employment rate: No. 85 (2.5 percent)
The Providence metro’s 10-year rankings (2006-2016):
Growth: N/A: data incomplete
- Jobs: No. 85 (0.3 percent)
- GMP: No. 89 (0.1 percent)
- Jobs at young firms: N/A
Prosperity: No. 57
- Productivity: No. 82 (-0.2 percent)
- Standard of living: No. 62 (-0.3 percent)
- Average annual wage: No. 24 (9.4 percent)
Inclusion: No. 48
- Median wage: No. 40 (3 percent)
- Relative poverty: No. 33 (-3.4 percent)
- Employment rate: No. 67 (-1 percent)
Chris Bergenheim is the PBN web editor.
