Three Virginia metro areas rank well in survey

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Three Virginia regions ranked among the top 42 metropolitan areas in the country in economic performance during the second quarter, according to a study by the Brookings Institution.

The Washington-based organization’s MetroMonitor measures the economic health of the nation’s 100 largest metropolitan areas. It found that the Washington, D.C., area (including Northern Virginia) was among the “strongest-performing 20 metros” in overall economic performance. The Richmond and Hampton Roads areas were among the “second-strongest 22 metros.”

The metro areas were not assigned individual ranks in these categories, which reflected combined results on indicators such as employment, gross metropolitan product and housing prices.

Those indicators showed the following change from the first to the second quarter in each of the Virginia metro areas:
• Change in real gross metropolitan product: Washington and Richmond, up 0.5 percent, tied for 54th; Hampton Roads, 0.4, 69th.
• Change in employment: Washington, 1.2 percent, tied for fifth; Richmond, 0.5 percent, tied for 47th; Hampton Roads, 0.2 percent, tied for 67th.
• Change in real housing price index: Washington, down 0.7 percent, tied for 20th; Hampton Roads, down 1.8 percent, tied for 61st; and Richmond, down 2.3 percent, tied for 77th.

In addition, the ranking for the lowest unemployment for June 2010 showed: Washington, 6.3 percent, fourth; Hampton Roads, 7.6 percent, tied for 16th; Richmond, 7.9 percent, tied for 22nd.

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