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U.S. Metro Economies Pace of Economic Recovery: GMP and Jobs

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U.S. Metro Economies Pace of Economic Recovery: GMP and Jobs – The United States Conference of Mayors and The Council for the New American City

  • “The U.S. unemployment rate will peak in the first quarter of 2010, averaging 10.2% between January-March. This is up from a whopping 4.9% just two years earlier. The tremendous rise in unemployment over 2008 and 2009 has been felt in all metro areas, although in some much more than others. In November 2009, the latest month of available metro data, the jobless rate was up in all 363 metropolitan areas year-over-year, but by over 50% in 116 of those metros. Unemployment topped 10% in 135 metros, 12% in 74 metros, and 15% in 20 metros…metro areas in the West, Southeast, and Upper Midwest are the ones grappling with the highest unemployment rates in the country. Among the 25 metro areas with the highest jobless rates there are eleven in California, seven in Michigan, and two in both Illinois and Florida. Unemployment has skyrocketed in these areas because they have been hit particularly hard by the correction in the real estate market and/or are heavily dependent on the manufacturing sector. Conversely, the Plains and Mountain Regions were more insulated from the housing bubble and the worst of the recession, which has suppressed the upward movement of unemployment.”
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