New Haven, Hartford Areas Faring Better Than Most, Rankings Show
June 18, 2009
The New Haven and Hartford areas are faring better in the recession than most of the country's metropolitan areas, according to a report released Wednesday.
The Washington D.C.-based Brookings Institution, which studied the economic performance of the 100 largest metropolitan areas in the U.S., reported Wednesday that the New Haven area ranks among the Top 20 metro areas in overall economic performance. Greater Hartford ranks in the Top 40 metro areas. The report ranked regions in groups of 20, not in numerical order.
The rankings are part of the Institution's new MetroMonitor, which the nonprofit group hopes will provide a detailed look at the effects of the recession. The report is scheduled to be released quarterly.
"All metropolitan areas are feeling the effects of this recession, but the distress is not shared equally," said Alan Berube, co-author of the report.
Wednesday's report describes two "manufacturing belts," one in Michigan and Ohio that suffered massive job losses because of the struggling auto industry and the other in the Northeast. The Northeast has experienced fewer job losses because of its lesser exposure to the car industry, the report said.
New Haven's concentration of jobs in education, medicine and government — sectors that are generally considered less volatile — might have shielded the area from dramatic job losses, the report said. But wages in the region dropped more than most other metro areas in the country between the last quarter of 2008 and the first quarter of this year.
The rankings are based on six economic indicators: employment, unemployment rate, wages, metro gross domestic product, housing prices and foreclosure rates.
The areas with the strongest overall economic performance are San Antonio, Oklahoma City and Austin, Texas. Those with the weakest economic performance are Tampa, Fla., Bradenton, Fla., and Detroit.
Reprinted with permission of the Hartford Courant.
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