PALM CITY, Fla., Jan. 31, 2019 /PRNewswire/ -- The greater Nashville, Tennessee area ranks as the strongest Metropolitan area economy in the United States in POLICOM's annual community "economic strength" rankings. With a diversified economy, the area has enjoyed consistent economic growth for a very long time.
For the second year in a row, Bozeman, Montana ranked number one among the Micropolitan areas, which are smaller economies, as a result of rapid growth in professional services and manufacturing.
POLICOM annually ranks the 383 Metropolitan Statistical Areas and 551 Micropolitan Statistical Areas in the United States for "economic strength" which is the long-term tendency for an area to consistently grow in both size and quality.
"The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time," William H. Fruth, President of POLICOM.
"The rankings do not reflect the latest 'hotspot' or boom town, but the areas which have the best economic foundation," Fruth continued.
POLICOM analyzes local economies across the nation. It determines if an area is growing or declining, identifies what is causing this to happen, and offers solutions and ideas to communities on how to improve their local economies. Over the last twenty years, POLICOM has evaluated communities in forty states.
The economic strength study measures twenty-three different economic factors over a sixteen-year period. The formulas determine how an economy has behaved over an extended period of time. Data stretching from 2001 to 2017 was used. POLICOM has created this study each year since 1997.
According to Fruth, the rankings reflect "how" an area has behaved, but not "why." Each community has its own economic characteristics and can grow or decline for different reasons.
When asked "How can a community improve its economy?" Fruth responded, "A local economy will grow and expand in direct proportion to the amount of money flowing into the area. For the most part, money is imported to a community by way of the business activity of the primary or contributory industries. These enterprises sell their goods or services outside the area, thus importing wealth to the economy."
Fruth continued, "A vast, vast majority of the businesses in the community such as retailing, healthcare, most services, and even local government, are dependent upon the money being imported to the area by the primary industries. The strongest economies have caused their primary businesses to grow and expand, causing quality economic growth. Unfortunately, in the weakest areas, the primary businesses have faltered causing the economy to decline."
Defined by the Federal government, a Metropolitan area must be at least one county and have a city with a population of at least 50,000. Most are composed of multiple counties.
Micropolitan areas are smaller areas. They must include at least one county and must have an urban center of at least 10,000 but fewer than 50,000 people.
The following are the ten strongest Metropolitan and Micropolitan areas. For the economic strength rankings for all 934 areas, go to www.policom.com.
383 Metropolitan Areas
2019 Ten Strongest Metropolitan Areas
- Nashville, TN (MSA)
- Seattle, WA (MSA)
- Austin, TX (MSA)
- San Jose, CA (MSA)
- Napa, CA (MSA)
- Salt Lake City, UT (MSA)
- San Diego, CA (MSA)
- Indianapolis, IN (MSA)
- Raleigh, NC (MSA)
- Atlanta, GA (MSA)
551 Micropolitan Areas
2019 Ten Strongest Micropolitan Areas
- Bozeman, MT (McrSA)
- Summit Park, UT (McrSA)
- Lewisburg, PA (McrSA)
- Hood River, OR (McrSA)
- Wooster, OH (McrSA)
- Breckenridge, CO (McrSA)
- Edwards, CO (McrSA)
- Eureka, CA (McrSA)
- Oxford, MS (McrSA)
- Ellensburg, WA (McrSA)
SOURCE POLICOM Corporation