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By PBN Staff
BOSTON – The Providence area ranked 94 out of the 102 metropolitan areas across the U.S. ranked on the American City Business Journals’ November 2012 On Numbers Economic Index.
The On Numbers Index is updated on the second Monday of each month and measures “relative economic vitality” of the 102 U.S. metro areas with populations of 500,000 or more, according to The Business Journals.
The index results are based on an 18-part formula that measures private-sector job growth, unemployment, earnings, housing-price appreciation and construction and retail activity. All data used on the index comes from the U.S. Bureau of Labor Statistics and the Federal Housing Finance Agency.
Metros were ranked based on their overall scores, and Providence received a score of 28.615, landing it No. 94 out of 102 on the list.
The index also ranked short-term scores, which are a composite of all one-year changes and current rates. Providence’s short-term score was 28.911, a slight increase from the 27.72 it received in October, and earning it the No. 91 slot on the list.
Rhode Island’s capital city ranked slightly better on its long-term score, which is a composite of all five-year changes and long-term trends. With a long-term score of 28.317, the Providence metro ranked No. 87.
The metro area saw declines in five-year private sector growth, five-year house appreciation and one-year house appreciation. Improvement in one-year private-sector growth was marginal at 0.67 percent.
During the month, the metro area’s unemployment rate was 9.8 percent, and the average worker earned $817.23 per week, a $16.03 improvement over the figures reported in October.
The Providence area saw improvement in one-year and five-year earnings growth, which increased 4.8 percent and 9.41 percent, respectively.
Among U.S. metropolitan areas with at least 500,000 residents, the Oklahoma City metro area ranked best, with a score of 90.572.
The Oklahoma City area saw improvement in its one- and five-year private-sector job growth, one- and five-year earnings growth and its one- and five-year house appreciation. The metro area also saw a low unemployment rate of 4.6 percent.
Comparatively, the Tampa-St. Petersburg, Fla. metro area ranked last on The Business Journals’ list with a score of 19.308. The metro area saw an unemployment rate of 8.7 percent during the month and had declines in all observed areas except one-year private-sector job growth, which grew 1.19 percent.