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Milken Institute ranks Metro Toledo's job-growth in the toilet

Again.

Actually, nothing new here.

Municipalities in Michigan and Ohio dominated the bottom of the annual Best Performing Cities list compiled by the Milken Institute, a respected California think tank. It measured metropolitan areas' ability to create and sustain jobs, examined one-year and five-year measures of job and salary growth, and assessed technology jobs. Of the bottom 16 cities on the list, 5 are in Ohio and 8 are in Michigan. Toledo was ranked 194th, up two spots from last year.

The report rated Provo, Utah, as the best-performing city, followed by Raleigh, N.C.; Salt Lake City; Austin, Tex., and Huntsville, Ala. The Detroit metropolitan area finished last, and Canton-Massillon was last among Ohio cities, at 197th.

Asked why the area remains near the list's bottom, the research economist said the ongoing recession in the auto industry is only part of the story. "Housing has been hit harder in some metros than others, and if you look at foreclosure rates in Michigan and Ohio, they've been pretty high," Mr. Bedroussian said. "There have been job losses in the construction industry, and foreclosures because people were using these lines of credit like an ATM. It had a negative ripple effect."

Steve Weathers, chief executive of the Regional Growth Partnership, Toledo's private economic development agency, said the reason for the area's continued poor showing "is the lack of diversity in the Ohio and Michigan economy." But, he added, the RGP and its venture capital arm, Rocket Ventures, currently have 24 technology start-up companies "that we're helping get off the ground."


The September 2008 Toledo Blade story tried to provide a bright spot to the continual grim news by reporting that :

Although the Toledo area was relatively stagnant in job and wage growth, it improved in the high-tech sector, ranking 55th nationally, up from 63rd last year.

But the November 2004 Toledo Blade story about that Fall's Milken Institute report said :

Despite not having many high-tech industries, the percentage growth of the region's high-tech industries increased enough to rank the metro area 58th in that category.

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created by jr on Sep 24, 2008 at 01:17:19 pm
updated by jr on Oct 02, 2008 at 04:53:53 pm
    Comments: 0

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tags: toledo   economy   

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