The fastest growing economies in the past year as well as the fastest shrinking economies have been calculated by 24/7 Wall St. and reported upon by Yahoo! News on Thursday. In spite of a very slow economic recovery over the past several years, experts believe the nation’s economy to improve in future years in the United States.
If projections are correct, the nation’s economy should grow by 2.7 percent this year, and it should grow by yet another 3.2 percent next year. Reportedly, in the past year – throughout 2013 – the economy has grown by some 1.9 percent.
The energy boom in the United States is given credit for improving the economies that did improve in the past year. Trade is a bonus to a metro area’s growth as well. The trade can be with other countries or simply other locations in the United States. Most often, metros that grow economically are also areas that have job growth in the United States', otherwise, down job market.
While the data from 24/7 Wall St. lists the metro areas in the United States that shrunk the most economically, their data also revealed the metro areas that grew the fastest in the past year as well.
America’s Fastest Shrinking Economies
- Shreveport-Bossier City, Louisiana
- Decatur, Illinois
- Yuma, Arizona
- Lafayette, Louisiana
- Steubenvile-Weirton, Ohio-West Virginia
- Binghamton, New York
- Salisbury, Maryland
- Pocatello, Idaho
- Charlottesville, Virginia
Leading the pack of nine for the second year in a row, Shreveport, Louisiana’s 2013 GMP change was -5.2 (negative 5.2) percent. The metro’s change in employment was -1.3 (negative 1.3) percent, and it’s unemployment for the past year was 6.9 percent.