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The Empowering American Cities Difference

What happens when one of the nation's largest regional banks collaborates with a university-based think tank with a strong reputation for economic research? Together, they generate insights that extend beyond traditional banking solutions to support sustained business growth and healthy communities. Fifth Third Bank provides in-depth local knowledge that comes from 165 years of serving communities. The Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill uses proprietary statistical techniques to analyze data for microeconomies representing 88% of U.S. economic activity.

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What Powers Local Economic Engines

Unpacking 'Embedded Local Growth Characteristics' as an Indicator of Regional Economic Health

Embedded Local Growth Characteristics (or ELGC for short) measures how specific elements drive regional economic growth. The ELGC is a composite indicator that includes productivity, industry mix and demographic shifts. Just as with car engines, an economy running with all cylinders fully powered goes further, faster. But clog one cylinder and it will need more fuel to achieve the same effect. Our analysis can help identify ways to fix the engine.

Quick Takeaway: Executive Summary
Deep Dive: Full Paper
Top 5 Regions

Top 5 Regions

Microeconomies projected to grow fastest in 2024:

Austin, Texas

Austin
Texas

San Francisco Bay Area, California

San Francisco Bay Area
California

Raleigh & Durham, North Carolina

Raleigh & Durham
North Carolina

Nashville, Texas

Nashville
Tennessee

Seattle, Washington

Seattle
Washington

What's driving the fastest-growing markets? Why are others falling behind?

EMA Economic Performance - Visit Dashboard

Empowering American Cities enables you to view data visualizations and unique regional indicators to see how your city ranks among multiple growth factors.

Explore Data

Regional Economic Snapshots

Regional Economic Snapshots

Examine local context for 30 extended metropolitan areas with a regional snapshot that details drivers of growth and data-driven indicators, including labor supply, consumer demand, and embedded local growth characteristics.

View Regional Analysis

Regional Economic Snapshot Sample Regional Economic Snapshot Sample Regional Economic Snapshot Sample
Our Experts

Meet Our Experts

Our lead economists bring nearly 70 years of experience in the private and public sectors to Empowering American Cities. As authors and public speakers, they are skilled at identifying and delivering important economic trends and are frequently called upon as expert sources for national and international media outlets.

Gerald Cohen

Gerald Cohen

Chief Economist
Kenan Institute of Private Enterprise

Jeff Korzenik

Sarah Dickerson

Research Economist
Kenan Institute of Private Enterprise

Jeff Korzenik

Jeff Korzenik

Chief Economist
Fifth Third
Commercial Bank

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Contributors

Fifth Third Bank Logo
Fifth Third Bank

Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at...

www.53.com
Kenan Institute of Private Enteprise Logo
Kenan Institute of Private Enterprise

We develop and promote innovative, market-based solutions to vital economic issues. With the belief that private enterprise is the cornerstone of a prosperous and free society, we foster the entrepreneurial spirit to stimulate economic prosperity and improve the lives of people in North Carolina, across the country and around the world.

www.kenaninstitute.unc.edu

Notices & Disclosures: The opinions expressed herein are those of Fifth Third and the Kenan Institute collaboratively and may not actually come to pass. This information is current as of the date of first publication and is subject to change at any time based on market and other conditions. This information is intended for educational purposes only and does not constitute the rendering of investment advice or research, or specific recommendations on investment activities and trading.
© 2024 Fifth Third Bank, National Association. Member FDIC