California is home to 11 of the 100 largest metro areas in the United States and all, save for one, ranked at the bottom of the Brookings Overall Performance Index. Only the San Diego-Carlsbad-San Marcos metro area showed mediocre performance.
The Brookings Overall Performance Index uses four key indicators to assess the level of recession and recovery in a metro area:
- Percent employment change from peak quarter to fourth quarter 2009.
- Percent point change in unemployment rate from December 2008 to December 2009.
- Percent gross metropolitan product change from peak quarter to fourth quarter 2009.
- Percent change in house price index from fourth quarter 2008 to fouth quarter 2009.
"The MetroMonitor, an interactive barometer of the health of America’s metropolitan economies, looks "beneath the hood" of national economic statistics to portray the diverse metropolitan landscape of recession and recovery across the country," according to the post.
After analyzing the rankings, Brookings concludes that, "Overall, the economic indicators for the nation’s 100 largest metropolitan areas reinforce the national story of a weak, tentative, and jobless recovery."
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