Metro Economies Fuel Our Nation's Prosperity.

The Los Angeles metropolitan area is one of a number of metro economies driving the nation's current economic boom and fueling the future prosperity of the United States, according to a new report released by the National Association of Counties (NACo) and the United States Conference of Mayors (USCM).

"Metropolitan economies are the engines of America's growth," says Denver Mayor Wellingon Webb, USCM president. "Metro regions are growing, producing more and creating unprecedented levels of employment."

Compiled by Standard & Poor's DRI, the report examines the gross metropolitan product (GMP) of the nation's 317 largest metro areas in 1998, and finds impressive amounts of growth compared to 1997. In fact, the report shows that many metro economies are outperforming states and even countries.

The Los Angeles area is no exception. Comparing the gross product of the metro area with that of other nations in 1998, the region ranked 18th, ahead of countries such as Taiwan, Sweden and Switzerland. That's an improvement over the area's 19th-place ranking in 1997. Compared to other U.S. metro economies, the Los Angeles area ranks second behind New York City.

"One of the great strengths of the Los Angeles area has always been its diverse regional economy," says Ezunial Burts, president, Los Angeles Area Chamber of Commerce. "This report illustrates the vast economic power that metro areas have and is strong evidence that investment in them is key to America's economic strength."

Indeed, the report findings show just how much metro economies are contributing to the country's current prosperity:

* U.S. metro areas account for 84% of the nation's gross domestic product.

* Metro economies were responsible for 89%, or more than $2 trillion, of the nation's economic growth from 1992 to 1998.

* Metro areas are now generating 84% of the nation's employment and 88% of the nation's income.

* The GMP of the 10 largest U.S. metro areas exceeds the combined output of 31 states.