The Transforming Metropolitan Economy

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THE TRANSFORMING METROPOLITAN ECONOMY Thomas M. Stanback, Jr. with Gregory Grove with the assistance of Gregory Grove Foreword by Eli Ginzberg The “new economy” has touched every city, town, and hamlet in America. Its impact on employment, earnings, and income has varied widely among places, however, affecting their outlook for prosperity. Thomas M. Stanback, professor emeritus at New York University and a veteran observer of metropolitan economies, analyzes the major transformations affecting 319 metropolitan areas across the United States during the last three decades of the twentieth century. This comprehensive analysis documents five significant trends of the 1974-to-1997 period: the pervasiveness of the new service economy; the dominance of metropolitan economies; the growing economic specialization separating metro areas; the wide-ranging differences in employment, earnings, and income growth across metro areas; and the increasing importance of nonearned income (dividends, interest, and rent and transfer payments) as a source of aggregate demand. Using the most current data available, Stanback classifies U.S. metro areas by industry and examines which economic sectors produced the fastest growth in income and employment. The analysis yields some unexpected results. This concise, thorough, and clearly written volume is essential background reading for students, practitioners, and public officials concerned with national, regional, and local economic growth and economic development.