In a recently released report titled "How We're Doing: An Uneven Recovery at Home and Abroad," the Brookings Institution boils down the current state of recovery thusly:
"The U.S. economy as a whole is recovering, but that recovery is not broadly shared -- at home or abroad."
Continuing, the reports says that key indicators suggest that the economic recovery in the United States continues to move forward. Output is rising, credit conditions are thawing and firms are hiring.
But the degree at which the recovery is taking place depends on where one resides. And, perhaps surprisingly, it is metropolitan areas hardest hit by the recession, like Cleveland, that are faring the best.
"The differences in the speed of recovery have been striking. Areas heavily linked to the auto industry, such as Cleveland and Detroit, have benefited from the resurgence of manufacturing activity since 2009. On average, the unemployment rates of these urban economies have fallen two percentage points in the past year - double the national decline. Conversely, metro areas that were hit hard because of their exposure to the housing bust, such as Las Vegas and Tampa, have been slow to recover, with their housing markets still facing significant structural problems. Unemployment rates in many of the areas hurt by the housing bust are little changed from a year ago."
Study the rest of the data here.