The Top Ten and it's not David Letterman's List!
Forbes.com has come out with the list of the 10 Recession-Proof Cities. That's right! Whn the media was reporting that the sky was falling and here Forbes has found TEN Cities in this Country that are holding steady or improving. Well, I can assure you that my hometown, Grand Rapids, Michigan is not on this list, there are ten that have.
The criteria for making the top ten was: Forbes.com examined the country's 50 largest metros and looked at several key measures.
They examined unemployment data supplied by the U.S. Bureau of Labor Statistics for the year ending in February 2008 to see which areas are most adding or subtracting jobs. Next, they looked at the BLS data on job growth in non-farm payrolls, through February 2008 for construction, education and health services, financial activities, information, leisure and hospitality, manufacturing, natural resources and mining, professional and business services, trade, transportation and utilities, and the BLS's catch-all category, "other services".
They also took into account the median price data from the National Association of Realtors - from the fourth quarter of 2006 to the fourth quarter of 2007 - to see which areas posted the largest annual gains. Their data didn't account for the impact for the declinSt. ing sales in the first several months of this year.
So, let's open up the envelope and announce the winners:
1. Raleigh, North Carolina
2. San Francisco, California
3. Austin, Texas (home to Gary Keller and the Keller Williams Corporation)
4. San Antonio, Texas
5. St. Louis, Missouri
6. Houston, Texas
7. Portland, Oregon (Say Hello to my friend, "Dr. Phil" at http://www.newportlandhomes.com)
8. Dallas, Texas
9. Denver, Colorado (Hello to my niece and her husband)
10. Baltimore, Maryland
I believe Forbes. com has said it best: "In his statements to Congress' Joint Economic Committee earlier this month, Federal Reserve Chairman Ben Bermanke predicted the economy would possibly move into recession in the first half of 2008 but begin to rebound in the second half." First, I'd like to interject here just a tad and say that maybe Mr. Chairman hasn't gotten the memo that we've been in a recession for quite some time and the rebound, I beg to differ. I'm a realist and from what is beening seen, talked about ..... we've got at least another two years before we head back up.
So, if you're tired of waiting, these might be the best places to go. BTW, I'm still rooting for Michigan and my Grand Rapids. Chicago, is my kind of town.
Until next time,
Barb Van Stensel