Brookings: Great Lakes Metros Should Boost Exports

USA-ECONOMY/TRADE

The folks at Brookings released a report Monday on the importance of exports to the economies of Great Lakes cities.

Among the findings:

– Exports support 1.95 million jobs in Great Lakes metros

– Cities in this region have some of the highest volumes (dollar-wise) of exports and the greatest reliance on exports. Out of the nation’s top 100 metro areas, Chicago ranks third and Detroit ranks ninth in total dollar volumes of exports. Minneapolis, St. Louis, and Indianapolis all rank in the top 20, the study states.

How does your city compare?

“Now is a particularly critical time for Great Lakes areas to be smart about their export strategies,” the report’s authors write.

“There is new national attention to increasing the volume of US exports.  In his 2010 State of the Union Address, President Obama called for a doubling of US exports in the next five years.  Administration officials have also cited greater exports as a way to bolster the condition of the hard-hit manufacturing communities in the US.”

It’s part of a larger Brookings report on how the nation’s cities can lead export growth.

What conclusions should we draw?

“The metropolitan areas of the Great Lakes region are among the most globally engaged metros in the country,” says the report.

“They produce goods and offer services that are in demand around the world, particularly in rapidly emerging markets like Brazil, India, and China.  A national effort to double exports in the next fi ve years holds great promise for these metros that are already fairly export-oriented.  But this opportunity may be squandered if Great Lakes metros do not focus intensely on innovation, both in terms of expanding the range of products and services that they offer and in their specific product and service lines.  A legacy of success in exports does not guarantee future dominance, a lesson that Great Lakes metros should have learned through rough experience.”

What do you think?

-KG

1 Comment

Filed under Economic Development, Featured, Good Ideas, regionalism, U.S. Auto Industry

One response to “Brookings: Great Lakes Metros Should Boost Exports

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