Since 2008, 13 municipalities have filed for bankruptcy. With Detroit’s bankruptcy trial approaching, and many other cities still struggling to recover from the Great Recession, personal finance social network WalletHub crunched the numbers to identify 2014's Most & Least Recession-Recovered Cities.
To evaluate the progress of local cities in propelling their economic growth, WalletHub compared the 150 largest U.S. cities to identify those that have experienced the most and least improvement since the recession. Using 18 key metrics — from the inflow of college-educated workers and number of new businesses to unemployment rates and home price appreciation — we examined how each city has evolved economically in the past several years. By doing so, WalletHub can help consumers assess how their present financial situations might be affected by the economic health of their cities.
|Most Recession-Recovered Cities||Least Recession-Recovered Cities|
|1.||Laredo, TX||141.||Riverside, CA|
|2.||Irving, TX||142.||Tempe, AZ|
|3.||Fayetteville, NC||143.||Glendale, AZ|
|4.||Denver, CO||144.||Tucson, AZ|
|5.||Dallas, TX||145.||Cape Coral, FL|
|6.||Corpus Christi, TX||146.||Detroit, MI|
|7.||Minneapolis, MN||147.||Modesto, CA|
|8.||Lubbock, TX||148.||Newark, NJ|
|9.||Garland, TX||149.||Stockton, CA|
|10.||Raleigh, NC||150.||San Bernardino, CA|
- Mobile, Ala., experienced the largest increase in its unemployment rate, at 4%. Toledo, Ohio experienced the largest decrease, at 1%.
- Cape Coral, Fla., experienced the largest increase in its poverty rate, at 8%. El Paso, Texas, experienced the largest decrease, at 5%.
- New Orleans registered the highest home price appreciation, at 64%. Detroit registered the highest home price depreciation, with a loss of 65%.
- Raleigh, N. C. experienced the highest population growth rate, at 21%. Detroit experienced the highest decline, at 16%.
- Orlando, Fla., experienced the largest decrease in its violent crime rate, at 1%. Springfield, Mo., experienced the largest increase, at 0.3%.
- Corpus Christi, Texas, experienced the largest increase in GDP, at 30%. Cape Coral, Fla., experienced the largest decrease, at 6%.
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