Scranton Named One of Nation’s Strongest Metros

A recently released report by the Brookings Institution’s Metropolitan Policy Program revealed what Northeastern Pennsylvania residents have known for some time – that, in the midst of a widespread economic slowdown, the Scranton/Wilkes-Barre metropolitan area has managed not only to avoid losses in jobs and housing prices but to thrive, showing signs of continued growth.

When Brookings examined the change in average wage from the fourth quarter of 2008 to the first quarter of 2009, Scranton/Wilkes-Barre ranked 15th out of 366 metropolitan areas in the United States with a growth of 1.5% in average wages.

The Scranton/Wilkes-Barre metro area also showed its stability in the housing market. Brookings measured the number bank-owned properties as an indicator of economic health and Scranton/Wilkes-Barre ranked sixth in the nation with just 0.94 real estate owned properties per 1,000 mortgageable properties. And with housing prices falling across the country, Scranton/Wilkes-Barre actually posted a 2.4% growth in housing prices from the first quarter of 2008 to the first quarter of 2009 – the 11th best change in housing prices nationwide.

In Brookings’ list of the strongest metros, measured across four key economic indicators (employment, unemployment, gross metropolitan product and housing prices), Scranton/Wilkes-Barre earned the Second Strongest 20 Metros distinction just missing the Strongest 20 Metros list to come in #22 overall.

The Scranton Plan, the industrial marketing arm of The Greater Scranton Chamber of Commerce and community leaders launched Rediscover Scranton to promote and strengthen greater Scranton’s quality of life and business assets. Through Rediscover Scranton, volunteers are identifying and contacting accomplished people with ties to greater Scranton, informing them about economic, quality of living, and growth opportunities, and encouraging them to relocate their businesses and families to the area.