According to Brookings Institute, “The nation’s GDP has grown in every quarter since the middle of 2009, and the labor market has added jobs in every month since September 2010. However, GDP and job growth on their own are not sufficient markers of economic health.”
In general the Brookings Metro Monitor 2020 found growth, prosperity and overall inclusion in Very Large metro areas at higher rates than Large and Midsize metro areas. How did the Spokane-Spokane Valley Metro Area, which combines Spokane, Pend Oreille, and Stevens Counties score? First, a brief explanation about Brooking’s method.
Metro Monitor Key performance indicators are:
- Growth: measuring total jobs, Gross Metropolitan Product (GMP), and number of jobs at young firms;
- Prosperity: measuring productivity, average annual wage, and the standard of living;
- Inclusion: measuring employment rate, median earnings, and the relative poverty rate;
- Racial Inclusion: measuring employment rate gap of white people and people of color, median earnings of white people and people of color, and the relative poverty rate of white people and people of color;
- Geographic Inclusion: measuring employment rate gap of the top and bottom neighborhoods, median household income in the top and bottom neighborhoods, and the relative poverty rate of the top and bottom neighborhoods.
The three different metro classes by population are:
- Very large: populations of more than 1 million residents;
- Large : 500,000 - 1 million residents - the Spokane-Spokane Valley metro area was here with an estimated 559,891 residents during 2018;
- Midsized : 250,000 - 500,000 residents.
Two different time periods were considered:
- 1-year: 2017-2018 reflecting recent changes;
- 10-years: 2008-2018 reflecting changes since the Great Recession.
Not wanting to give everything away, instead we’ll report growth or decline in key performance indicators for each time period.
The 1-year time period for the Spokane-Spokane Valley metro area primarily showed growth while the 10-year time period showed a split between key performance indicators growing and declining.
After you’ve had a look, keep scrolling down and two additional dashboards are available allowing for a direct comparison of any single indicator to any five metro areas in a line graph or map view.