In comparison to other cities in the United States, there are five significant cities that have improved tremendously following the Great Recession.
A study by Wallet Hub shares a list detailing post-recession growth of 150 cities.
For some, they have recovered greatly due to lucrative businesses or profitable industries that helped keep the area “afloat through the crisis.”
The study bases its findings on comparing city growth levels through the observation of new businesses, newly hired college graduates, housing prices, and unemployment rates.
Here is an overview of some of the top five cities that have made a comeback:
1. Dallas, Texas
Dallas, Texas has the second highest economic environment ranking on the list and it may be due to the real estate boom that’s occurring in the city. The median price for a home has risen by 86 percent and foreclosure rates have decreased by 64 percent. However, it ranks the lowest out of the five cities on this list because it makes position number 59 when it comes to employment and earning opportunities.
2. Denver, Colorado
This city seems to be doing very well as far as employment and earning opportunities are concerned. The area is seeing more students graduate from college and in return hiring more people with degrees. Also, Denver alone is doing better than the national average unemployment rate. The U.S. unemployment rate is 6.3 percent, where as Denver’s is 4.8 percent.
3. Fayetteville, North Carolina
This city has come a long way, but still has to make major improvement. Employment and economic rankings for Fayetteville, North Carolina is at a good standing overall. The largest issue this city faced during the recession and still faces today is its housing market. Fayetteville’s job market is still suffering, however, the city’s 8 percent unemployment rate is a major improvement from 10.9 percent in 2012.
4. Irving, Texas
Irving, Texas may be doing the best on the list economically and employment wise. Since 2010, the average housing market sale prices have increased by 50 percent. Currently, a little over 3 percent of local homeowners are delinquent on their mortgage. The city’s employment rate has also improved—dropping from 9 percent to 4.8 percent.
5. Laredo, Texas
This recovering city is number one on the list because its unemployment rate, home prices, and population growth has impressively developed since 2011. Within the past few years, home prices increased over 25 percent and unemployment fell from 9.2 percent to 6 percent. Also, Laredo’s population growth has doubled, proving that the city is doing a lot better since the recession.
While these cities are doing well post-recession, there are a few towns that are still suffering from the effects of the economic downturn.
A total of 13 boroughs, including Township, Pa., Prichard, Ala., Stockton, Calif., and even Detroit, Mich., have all filed bankruptcy.
Most cities that have witnessed little to no recovery are usually the products of additional complications involving a failing education system, excessive crime, and shrinking local leadership.
The study shows that states like California, Texas, and Florida were hit the hardest by the recession.
However, after reviewing the information above, it appears that Texas is developing exponentially and showing the best improvement.