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Old Posted Aug 14, 2019, 6:04 PM
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As U.S. 'superstar' cities thrive, weaker ones get left behind

Business News July 19, 2019 / 6:16 AM Howard Schneider 8 Min Read
Quote:
WHERE THE GROWTH IS ... AND ISN’T

The U.S. economy entered a second decade of growth this month, marking the longest expansion on record.

In many ways the country has seemingly recovered from a 2007-2009 recession that was the worst downturn since the 1930s. Unemployment is near a 50-year low, household income has been rising, and the country is at a point in the business cycle when workers typically see their most robust gains.

But a Reuters analysis of federal data shows just how unevenly the spoils of growth have been divided.

In a ranking of 378 metropolitan areas by how their share of national employment changed from 2010 to 2017, 40% of the new jobs generated during that time went to the top 20 places, along with a similar share of the additional wages.

Those cities represent only about a quarter of the country’s population and are concentrated in the fast-growing southern and coastal states. None were in the northeast, and only two were in the “rust belt” interior - Grand Rapids, Michigan, and a rebounding Detroit.

Nashville ranked 11th on the list, keeping company with other southern towns like Charlotte and Atlanta, and the usual fast-growth suspects like Seattle and San Francisco.

The drop from there is steep. The next set of 20 cities captured about 10% of the jobs created from 2010 through 2017, close to their roughly 7.5% share of the population.
https://www.reuters.com/article/us-u...-idUSKCN1UE13B



The article is long so I quoted what I thought was the biggest take away. There's some interesting stuff about Nashville and Houston so feel free to bring up what you think is important. Kinda surprised nobody else posted this here yet.
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  #2  
Old Posted Aug 14, 2019, 7:34 PM
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Delete

Last edited by jtown,man; Aug 14, 2019 at 7:35 PM. Reason: I am an idiot.
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  #3  
Old Posted Aug 14, 2019, 7:37 PM
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I wish I was cool and lived in a superstar city
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Old Posted Aug 14, 2019, 7:50 PM
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It's official, New York is dead
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  #5  
Old Posted Aug 14, 2019, 8:54 PM
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Bow down to our 2% superiority.

Only people from 2%+ cities can post here now.
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Old Posted Aug 14, 2019, 8:57 PM
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Not to be a "LA jerk"again, but LA and SF are doing better than both.
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Old Posted Aug 14, 2019, 9:01 PM
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Quote:
Originally Posted by the urban politician View Post
I wish I was cool and lived in a superstar city
The 2010-2017 one is mostly just a measure of which cities crashed the most during the recession and had the longest to go to recover.
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Old Posted Aug 15, 2019, 12:16 AM
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Maybe I'm on to something about investing in Detroit?
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Old Posted Aug 15, 2019, 12:18 AM
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Originally Posted by Obadno View Post
Bow down to our 2% superiority.

Only people from 2%+ cities can post here now.
Los Angeles and Dallas laugh at those 2%ers.
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  #10  
Old Posted Aug 15, 2019, 1:47 AM
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Originally Posted by the urban politician View Post
I wish I was cool and lived in a superstar city
Dont worry, I'm sure Libertyville will get there one day.
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Old Posted Aug 15, 2019, 2:35 AM
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Originally Posted by dave8721 View Post
The 2010-2017 one is mostly just a measure of which cities crashed the most during the recession and had the longest to go to recover.
That theory really only applies to Detroit. And if that is it, why didn't other Rust Belt cities, such as Cleveland, similarly rebound? OTOH, San Francisco, Seattle, Portland, are probably the three cities that weathered the 2008 crash the best.
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Old Posted Aug 15, 2019, 3:42 AM
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Originally Posted by the urban politician View Post
I wish I was cool and lived in a superstar city
Alabamans can brag that they're touching a high-growth (2%+!) metro.

I'm always surprised at how ridiculously enormous U.S. metropolitan areas are. (Well, I'm aware of it by now, but still, always amazes me.)
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Old Posted Aug 15, 2019, 3:45 AM
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Originally Posted by Sun Belt View Post
Maybe I'm on to something about investing in Detroit?
Actually if you're going to let this article decide for you, forget Detroit and instead choose L.A.-Long Beach-Anaheim which is at the top. More convenient for you as well... no need to move.
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  #14  
Old Posted Aug 15, 2019, 4:45 AM
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Originally Posted by lio45 View Post
Alabamans can brag that they're touching a high-growth (2%+!) metro.

I'm always surprised at how ridiculously enormous U.S. metropolitan areas are. (Well, I'm aware of it by now, but still, always amazes me.)
It's not like Canadian ones are much different.
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Old Posted Aug 15, 2019, 3:51 PM
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What is that Elkhart Indiana making an appearance in the next 20 metros? Guess they were hit pretty hard in the recession.
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Old Posted Aug 15, 2019, 4:07 PM
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Old Posted Aug 15, 2019, 4:14 PM
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Quote:
Originally Posted by iheartthed View Post
That theory really only applies to Detroit. And if that is it, why didn't other Rust Belt cities, such as Cleveland, similarly rebound? OTOH, San Francisco, Seattle, Portland, are probably the three cities that weathered the 2008 crash the best.
Austin hardly even had a recession at all.
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  #18  
Old Posted Aug 15, 2019, 4:16 PM
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Quote:
Originally Posted by lio45 View Post
Alabamans can brag that they're touching a high-growth (2%+!) metro.

I'm always surprised at how ridiculously enormous U.S. metropolitan areas are. (Well, I'm aware of it by now, but still, always amazes me.)
Its because they use counties to determine Metro and CSA borders (which is stupid in my opinion)

It works in older states with small counties but western states with massive counties look absurd like LA and Phoenix the cities themselves take up a small fraction of the "metro" borders most of that yellow space is open wilderness or farms.
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Old Posted Aug 15, 2019, 4:29 PM
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That's very true. I'm always amazed when some people say LA stretches to Arizona or Nevada, as if there are subdivisons and stripmalls to the border. It's a bunch of nothing for 90% of it.
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Old Posted Aug 15, 2019, 6:58 PM
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Unemployment for selected midwestern metros from recession to summer 2019:

Detroit:


Jun 2019: 4.5% unemployment

Chicago:


Jun 2019: 4.0% unemployment

St. Louis:


Jun 2019: 3.4% unemployment

Kansas City:


Jun 2019: 3.3% unemployment

Source: St. Louis Federal Reserve
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