20 Cities That Have Completely Missed The Recovery And 20 Cities That Are Having An Awesome Recovery

From:
Business Insider
By Gus Lubin and Antonina Jedrzejczak

The 20 Cities That Have Completely Missed The Recovery

The Recession never ended in some cities, and the recovery has a long ways to go.

There are cities in Florida where foreclosures are still rising, blotting out any chance of recovery in home prices. The mayor of Detroit plans to demolish a quarter of the city to get a handle on his real estate problem. Homeless communities are growing on the outskirts of Sacramento.

Based on a report by the Brookings Institute, we've ranked the twenty worst cities

#20 Dayton, OH

Gross metro product since peak: -6.9%

Home prices YTD: -3.2%

Employment since peak: -8.5%

Employment YTD: +3.6%

Four Dayton autoworkers attended the Academy Awards to support a documentary that chronicled the closing of a local GM factory, according to KYPost. The documentary did not win.

Source: Brookings Institute

#19 Portland, OR

Gross metro product since peak: -4.8%

Home prices YTD: -10.4%

Employment since peak: -6.6%

Employment YTD: +2.5%

Portland shortened its school year by five days to cut costs. Subsequently, the city passed a measure to restore the days by increasing taxes, according to Oregon Live.

Source: Brookings Institute

#18 Phoenix, AZ

Gross metro product since peak: -3.3%

Home prices YTD: -17.6%

Employment since peak: -10.6%

Employment YTD: +2.1%

Phoenix will bid farewell to a major local arts organization at the end of the month due to bankruptcy, according to BizJournal.

Source: Brookings Institute

#17 Grand Rapids, MI

Gross metro product since peak: -3.4%

Home prices YTD: -8.0%

Employment since peak: -6.9%

Employment YTD: +3.2%

The Grand Rapids Press recently begged readers to support an income tax increase to pay city costs.

Source: Brookings Institute

#16 Sacramento, CA

Gross metro product since peak: -2.7%

Home prices YTD: -9.2%

Employment since peak: -8.4%

Employment YTD: +3.5%

Last year a "tent city" outside Sacramento attracted global attention. Now the land have been fenced off, but homeless remains a problem around the city, according to CBS.

Source: Brookings Institute

#15 Stockton, CA

Gross metro product since peak: -3.4%

Home prices YTD: -9.0%

Employment since peak: -5.0%

Employment YTD: +4.1%

Stockton has been named the second most miserable city in America and the most obese, according to ABC News.

Source: Brookings Institute

#14 Orlando, FL

Gross metro product since peak: -1.0%

Home prices YTD: -17.5%

Employment since peak: -7.3%

Employment YTD: +4.1%

Old Southern Bank failed last week, the first Orlando-based bank failure in 20 years, according to the Orlando Sentinel.

Source: Brookings Institute

#13 Modesto, CA

Image: Tom Hilton on flickr

Gross metro product since peak: -3.2%

Home prices YTD: -9.0%

Employment since peak: -6.8%

Employment YTD: +3.9%

Teachers at a Modesto high school joined the state-wide walkout to protest budget cuts. But students didn't participate, calling the walk out pointless, according to ABC News.

Source: Brookings Institute

#12 Lakeland, FL

Gross metro product since peak: -2.4%

Home prices YTD: -17.8%

Employment since peak: -7.0%

Employment YTD: +4.1%

Gun stores are popping up everywhere in Lakeland and across Southwest Florida, according to Florida Weekly -- a clear sign of the recession.

Source: Brookings Institute

#11 Riverside, CA

Gross metro product since peak: -3.9%

Home prices YTD: -8.4%

Employment since peak: -10.5%

Employment YTD: +3.6%

Veterinarians in the major horse-breeding town have reported a spike in the number of abandoned horses, according to the Press-Enterprise.

Source: Brookings Institute

#10 Youngtown, OH

Gross metro product since peak: -6.1%

Home prices YTD: -6.0%

Employment since peak: -11.1%

Employment YTD: +3.9%

Youngstown has been tearing down hundreds of houses a year since 2005, according to The Columbus Dispatch.

Source: Brookings Institute

#9 Miami, FL

Gross metro product since peak: -4.4%

Home prices YTD: -14.1%

Employment since peak: -6.3%

Employment YTD: +3.7%

A Miami courthouse was literally overflowing with foreclosure paperwork. Clerks had to transport the 125,000-plus files to a larger storage area, according to Miami News. The pile is still increasing.

Source: Brookings Institute

#8 Boise City, ID

Gross metro product since peak: -4.1%

Home prices YTD: -16.4%

Employment since peak: -10.7%

Employment YTD: 2.9%

An important bill for urban renewal has hit a stalemate in the Boise legislature due to concerns about financing, according to Times-News.

Source: Brookings Institute

#7 Jacksonville, FL

Gross metro product since peak: -4.9%

Home prices YTD: -13.8%

Employment since peak: -7.2%

Employment YTD: 3.9%

A property holding company just foreclosed on a set of Jacksonville apartment complexes, putting over 1,239 homes at risk, according to BizJournal.

Source: Brookings Institute

#6 Tampa, FL

Gross metro product since peak: -4.9%

Home prices YTD: -12.4%

Employment since peak: -8.9%

Employment YTD: +4.0%

Half of Tampa homeowners have underwater mortgages, according to Tampa Tribune.

Source: Brookings Institute

#5 Palm Bay, FL

Gross metro product since peak: -5.6%

Home prices YTD: -15.0%

Employment since peak: -10.2%

Employment YTD: +3.6%

After two years of staff cuts, Palm Bay officials are advertising 140 volunteer positions in government, according to Florida Today.

Source: Brookings Institute

#4 Bradenton, FL

Gross metro product since peak: -5.8%

Home prices YTD: -10.2%

Employment since peak: -14.4%

Employment YTD: +3.8%

Federal regulators gave a decree to the Horizon Bank of Bradenton: raise more capital by the end of April or prepare to be sold, according to the Herald Tribune.

Source: Brookings Institute

#3 Cape Coral, FL

Image: AP

Gross metro product since peak: -14.8%

Home prices YTD: -11.4%

Employment since peak: -17.0%

Employment YTD: +3.7%

Cape Coral has America's second highest foreclosure rate, according to RealtyTrac.

Source: Brookings Institute

#2 Las Vegas, NV

Gross metro product since peak: -4.4%

Home prices YTD: -20.8%

Employment since peak: -9.8%

Employment YTD: +4.4%

Luxury casinos and resorts in Sin City are suffering, as companies aren't shelling for office trips, according to the Las Vegas Sun.

Source: Brookings Institute

#1 Detroit, MI

Gross metro product since peak: -14.2%

Home prices YTD: -11.7%

Employment since peak: -15.6%

Employment YTD: +4.2%

Mayor Bing has a new plan to get rid of hundreds of thousands of foreclosed or vacant homes. He's going to bulldoze one quarter of the city, according to CNBC.

Source: Brookings Institute

And Now, Here Are The 20 Cities That Are Having An Awesome Recovery

The whole country was hit by the economic recession, but some stellar states are bouncing back faster than their neighbors.

Employment is up, houses are selling, and people are getting jobs. Maybe it's not happening in your back yard, but trust us, it's happening.

Based on a report by the Brookings Institute, we've ranked the twenty best cities.

#20 Jackson, MS

Employment since peak: -1.9%

Employment YTD: +2.2%

Gross metro product since peak: +0.4%

Home prices YTD: -4.0%

Source: Brookings Institute

#19 Kansas City, MO

Employment since peak: -2.7%

Employment YTD: +2.1%

Gross metro product since peak: +1.1%

Home prices YTD: -4.3%

Source: Brookings Institute

#18 Augusta, GA

Employment since peak: -2.9%

Employment YTD: +1.6%

Gross metro product since peak: +0.4%

Home prices YTD: -4.3%

Source: Brookings Institute

#17 Madison, WI

Employment since peak: -3.3%

Employment YTD: +1.6%

Gross metro product since peak: +0.2%

Home prices YTD: -3.4%

Source: Brookings Institute

#16 El Paso, TX

Employment since peak: -1.5%

Employment YTD: +2.1%

Gross metro product since peak: +1.1%

Home prices YTD: -4.7%

Source: Brookings Institute

#15 Albany, NY

Employment since peak: -3.4%

Employment YTD: +1.1%

Gross metro product since peak: -0.5%

Home prices YTD: -3.6%

Source: Brookings Institute

#14 Virginia Beach, VA

Employment since peak: -1.8%

Employment YTD: +1.5%

Gross metro product since peak: +2.9%

Home prices YTD: -7.4%

Source: Brookings Institute

#13 Washington, DC

Employment since peak: -0.9%

Employment YTD: +1.5%

Gross metro product since peak: n/a

Home prices YTD: -6.7%

Source: Brookings Institute

#12 McAllen, TX

Image: The Associated Press

Employment since peak: +0.7%

Employment YTD: +2.7%

Gross metro product since peak: +1.5%

Home prices YTD: -0.7%

Source: Brookings Institute

#11 Dallas, TX

Employment since peak: -2.1%

Employment YTD: +2.1%

Gross metro product since peak: +1.2%

Home prices YTD: -3.1%

Source: Brookings Institute

#10 Tulsa, OK

Employment since peak: -2.4%

Employment YTD: +2.2%

Gross metro product since peak: +0.8%

Home prices YTD: +0.0%

Source: Brookings Institute

#9 Omaha, NE

Employment since peak: -2.6%

Employment YTD: +0.8%

Gross metro product since peak: -0.7%

Home prices YTD: -2.7%

Source: Brookings Institute

#8 Little Rock, AR

Employment since peak: -2.1%

Employment YTD: +1.6%

Gross metro product since peak: +0.7%

Home prices YTD: -2.8%

Source: Brookings Institute

#7 Buffalo, NY

Employment since peak: -3.1%

Employment YTD: +1.3%

Gross metro product since peak: +0.1%

Home prices YTD: -0.1%

Source: Brookings Institute

#6 Baton Rouge, LA

Employment since peak: -2.7%

Employment YTD: +1.6%

Gross metro product since peak: +0.5%

Home prices YTD: -0.8%

Source: Brookings Institute

#5 Syracuse, NY

Employment since peak: -1.9%

Employment YTD: +1.4%

GMP since peak: -0.3%

Home prices YTD: -1.2%

Source: Brookings Institute

#4 Oklahoma City, OK

Employment since peak: -2.4%

Employment YTD: +1.4%

Gross metro product since peak: +0.4%

Home prices YTD: -1.8%

Source: Brookings Institute

#3 Austin, TX

Employment since peak: -0.4%

Employment YTD: +1.7%

Gross metro product since peak: +4.0%

Home prices YTD: -3.5%

Source: Brookings Institute

#2 Rochester, NY

Employment since peak: -1.7%

Employment YTD: +1.3%

Gross metro product since peak: +0.7%

Home prices YTD: -1.3%

Source: Brookings Institute

#1 San Antonio, TX

Employment since peak: -0.8%

Employment YTD: +1.5%

Gross metro product since peak: +2.3%

Home prices YTD: -2.6%

Source: Brookings Institute

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