Raleigh ranks among world's 50 fastest-growing economies

Raleigh is one of just four U.S. cities whose economies rank among the world's 50 fastest-growing, according to a new report issued by the Brookings Institution.

Cities from the developing world dominate the top of the list, which was released Thursday.

Raleigh ranked No. 41 on the list - just behind Austin (No. 38) and Houston (No. 39). The other U.S. city that ranks in the top 50 is Fresno, which came in at No. 49.

The rankings are based on a blend of the growth rates for gross domestic product, on a per-capital basis, and employment.

Raleigh's per-capita GDP rose eight-tenths of a percent in 2014; its employment rose 4 percent.

The top-ranked Chinese city of Macau enjoyed an 8 percent hike in per-capita GDP and a 4.2 percent rise in employment.

The report also takes a longer-term look at metropolitan economies. Raleigh's economic performance ranked No. 112 over the past five years.

The Brookings Institution ranked the world's 300 largest metropolitan economies. These metropolitan areas account for 20 percent of the world's population but nearly half of global GDP.

Forty-eight of the 60 fastest-growing economies on the list come from the developing world.

This story was originally published January 22, 2015 at 10:50 AM with the headline "Raleigh ranks among world's 50 fastest-growing economies."