American Cities Beefing up Exports
The American export industry has reached its highest point in ten years, according to a report released Thursday by the Brookings Institute.
Hot on the heels of the Great Recession, exports grew over 10% between 2009 and 2010, "the sort of spurt not seen since 1997." And with nigh on a million and a half export-supported jobs held among just nine large cities, the trend has been a real boon for major metropolises.
And who's responsible for all that growth? The findings point to manufacturing, which accounts for three quarters of all export growth in metro areas. In some cities – "like Milwaukee, Youngstown, Ohio and Grand Rapids, Mich. – over 90% of their manufacturing industry went toward exports."
The majority of U.S. exports (60%) belong to one of just four categories: "transportation equipment," "chemicals," "machinery," and "computer and electronic products."
Writes Bevilacqua, "Perhaps this explains why some cities have done reasonably well restoring manufacturing in their local economies."