A surprising spike in home prices in some of America's biggest cities has boosted the recovery, according to Brookings' latest report.
The MetroMonitor looks at employment, unemployment, production, and home prices. We identified the strongest economic recoveries from trough to the third quarter of 2012.
“Notably, the strongest performances over the last quarter were in parts of the country hit hardest by the housing crisis, but those are also the places with the furthest left to go,” said Alec Friedhoff, the lead developer of the report.
New Orleans ranked first for the second year since its economic trough occurred in 2005 after Hurricane Katrina, not during the recession.
11. Bakersfield, California
- Unemployment rate down -2.6% since 2010Q1
- Employment up 7.8% since 2009Q4
- Gross metro product up 6.6% since 2010Q3
- Home prices up 3.3% since 2012Q2
Data provided by the Brookings' MetroMonitor. Gross Metro Product, Unemployment rate, and Home prices are tracked from Trough to 2012Q3. Employment is tracked from Trough to 2012Q2.
10. Salt Lake City, Utah
- Unemployment rate down -2.9% since 2009Q4
- Employment up 5.9% since 2009Q4
- Gross metro product up 12.6% since 2009Q2
- Home prices up 2.6% since 2012Q2
Data provided by the Brookings' MetroMonitor. Gross Metro Product, Unemployment rate, and Home prices are tracked from Trough to 2012Q3. Employment is tracked from Trough to 2012Q2.
9. Detroit, Michigan
- Unemployment rate down -5.2% since 2009Q3
- Employment up 5.0% since 2009Q3
- Gross metro product up 9.6% since 2009Q3
- Home prices up 1.9% since 2012Q2
Data provided by the Brookings' MetroMonitor. Gross Metro Product, Unemployment rate, and Home prices are tracked from Trough to 2012Q3. Employment is tracked from Trough to 2012Q2.
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